Historical replay · COINB/USD
Coinbase's Quiet Quarter: −14% in 18 Hours (October 2026)
Tokenised Coinbase fell 14.4% from $160.89 to $137.71 on October 29–30, 2026, after third-quarter revenue fell 35% and October trading revenue started slowly. A profit beat built on crypto gains did not help. Replay a sell-off that the US open made worse.
COINB, the Binance token that tracks Coinbase's shares, started the replay on Thursday, October 29, in a market already under pressure: Binance had not yet announced its security incident, but crypto was weak and Alphabet was falling. The token slipped from $162.83 in the 14:00 UTC hour to $157.68 at 18:00 and ended the 19:45 quarter-hour, just before the US close, at $160.89. Coinbase's shares closed at $160.68, down 1.01%, with the token trading only $50,000 to $150,000 an hour.
The results came after the close, and they read two ways. Net income was $719 million, or $2.51 a share, against a consensus forecast of a loss of about 26 cents, but most of it came from gains on Coinbase's crypto holdings. Revenue of about $1.22 billion was flat from the second quarter and 35% lower than a year earlier, and transaction revenue of $590 million was down 44%, as spot trading volume fell 6% and derivatives volume 11% and crypto volatility dropped to multi-year lows. Subscription and services revenue, $570 million, now makes up 49% of the total, and prediction markets have reached an annualised run rate of more than $200 million. The 20:00 quarter-hour swung from $156.49 to $163.46 and closed at $162.49 on $302,852, as traders weighed the profit beat against the revenue.
The revenue won. By 20:45 UTC the token was at $155.91, and it kept falling overnight, to $150.19 by the midnight hour, as Binance's suspension of withdrawals and the bitcoin sell-off spread through crypto. The guidance gave sellers another reason: Coinbase said transaction revenue for the fourth quarter was about $165 million through October 25, a slow start for a quarter that would need more than $500 million to match the third. The European morning was flat, around $152 to $154.
The US open brought the second leg. The 13:30 UTC quarter-hour fell 4.11% from $148.25 to $142.15, with a low of $139.00, on $188,148, and the token reached $137.40 at 14:30 and $137.71 again late in the afternoon, 14.4% below Thursday's close, as the Nasdaq slid 2.86%. A late rally lifted it 2.08% in the 19:45 quarter-hour to $143.55, and it ended the replay at about $144, 10.5% below where it started. The reaction shows how the market values an exchange: profits from holding crypto are discounted as a one-off, while trading revenue, the part tied to customer activity, sets the price, and in a quiet market even a record share of global volume does not make up for less trading overall.