Coinbase Earnings Shows Uneven Growth in Ethereum, Solana and Cardano Staking

Coinbase has a ways to go before it becomes the “#1 staking provider.” The last time Coinbase reported quarterly earnings, in August, the company told shareholders it had prioritized development of its staking products and has a long-term goal of becoming the top provider. While reporting its Q3 earnings on Thursday, Coinbase (COIN) had mixed results for its “blockchain rewards” category. It saw $63 million in revenue for the quarter, down 18% from $77 million the same time last year. Keep in mind there’s hardly any asset that compares favorably to this time last year, when crypto markets had surpassed a $3 trillion market capitalization and Coinbase’s share price closed at $337.05.