Coinbase Shares Plunge Over 13% After Q3 Revenue Drop Amid Binance $6.3 B Hack

Coinbase’s stock fell more than 13% on Friday after reporting a 34% year‑over‑year decline in third‑quarter revenue to $1.16 billion, even as net income rose to $719 million thanks to $715 million in gains on cryptocurrency holdings. The sell‑off was part of a broader market decline triggered by Binance’s disclosure of a $6.3 billion theft, which also pushed down shares of Circle Internet Group (CRCL) by over 9%, Strategy (MSTR) by about 8%, IREN and Figure Technology Solutions. Coinbase’s prediction‑markets business exceeded $200 million in annualized revenue, but the company’s adjusted net income—excluding investment gains—was only $78 million. The market reaction reflects heightened sensitivity to security breaches and earnings volatility in the crypto‑asset sector.