Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.
GM!
Today’s top news:
Crypto exchange Coinbase smashed its Q3 earnings.
And now finds itself outperforming Bitcoin in 2025.
Coinbase announced its Q3 results yesterday after market closed, blowing past expectations.
Key takeaways:
Coinbase also bought ~$300M of Bitcoin in Q3.
🗣️ What They’re Saying
“We are accelerating payments through stablecoin adoption, which we anticipate will continue given policy tailwinds, and ongoing adoption from financial institutions and corporates for payment and treasury needs.” - Coinbase shareholder letter
Coinbase has a few factors in its favor right now: volatility, institutional demand, stablecoin adoption and favorable regulatory shifts.
Expanding on those:
Plus, their L2 Base continues to shine and drive meaningful revenue for the company.
It’s a strong combination.
And they will need it, with more and more big banks and institutions getting into the crypto game (custody, trading and more).
But maybe that turns into a tailwind for Coinbase as well, with their crypto-as-a-service offering starting to take off.
The stronger Coinbase is, the more appealing COIN stock is compared to crypto majors (even Bitcoin).
Many who are just exploring the space will be attracted to the revenue and fundamentals COIN offers). And it has outperformed Bitcoin YTD.
If that trend continues, expect more capitulation out of crypto tokens and into the picks and shovels (COIN stock).
A few Crypto and Web3 headlines that caught my eye:
Here’s a rundown of major token, protocol and airdrop news from the day:
Here is the list of other notable headlines from the day in NFTs:
