Coinbase announced on Wednesday during its third quarter earnings report that its board of directors has approved a $1 billion stock buyback plan.

In October 2024, our board of directors authorized and approved a stock repurchase plan that allows for the repurchase of up to $1 billion of outstanding Class A common stock without a deadline. Coinbase stated, "The timing and amount of any repurchase will depend on market conditions

Coinbase also stated that its balance sheet is "robust," with $8.2 billion in US dollar resources at the end of the third quarter, an increase of $417 million from the previous quarter.

The company added that the repurchase plan will be at its own discretion and there is no obligation to repurchase any amount or quantity of Class A common stock in US dollars, and the plan may be modified, suspended, or terminated at any time.

Coinbase (COIN) stock price fell 5.33% to $200.48 in after hours trading.

Profit mostly decreases

Due to cryptocurrency prices trading at a lower level in 2023, Coinbase's net income, net profit, and adjusted EBITDA have all increased compared to the same period last year. But compared to the previous quarter, only net profit increased, reaching $75 million, higher than the $36 million in the second quarter.

Coinbase's net revenue for the third quarter was $1.13 billion, lower than the previous quarter's $1.38 billion. The adjusted EBITDA for the third quarter was $449 million, compared to $596 million in the previous quarter.

Compared to the second quarter, stablecoin revenue is one of the few sources of income that has improved. Coinbase reported its stablecoin revenue of $247 million, a slight increase from the previous quarter's $240 million, and a slight increase in company interest and other income.

We have seen a significant increase in stablecoin trading volume between quarters. We believe that this growth is partly driven by a product update that allows advanced traders to trade stablecoins more conveniently on our platform, "Coinbase said in its statement." Although we have incurred almost no fees in stablecoin trading, the adoption growth of stablecoins (especially USDC) is at the core of our strategy, as we monetize USDC through commercial arrangements with USDC issuers

data source

(责任编辑：经济时评)

• · 易欧app官网下载
• · 欧易正规
• · 数字货币交易平台app
• · 欧易交易所 电脑
• · okx交易所app官网
• · 十大虚拟货币交易平台app
• · 加密货币交易所
• · okcoin交易平台