Coinbase Q3 profit surges 66% to $719 million, driven by crypto asset appreciation

Coinbase reported Q3 net income of $719 million, a 66% year-on-year increase, but total revenue fell 35% to $1.216 billion. Investment income from crypto assets contributed $715 million, accounting for 87% of pre-tax profit, while core trading revenue dropped 44% year-on-year. The company's core business barely broke even excluding asset appreciation.