Coinbase Tumbles 11% Amid Binance Hack and Q3 Revenue Drop

A record-breaking heist at Binance and a weak trading quarter pulled crypto stocks lower overnight, with Coinbase Global stock tumbling 11% to $142.50 in morning trading. According to 24/7 Wall St., the downturn follows the company's Q3 2026 earnings report, which showed net revenue falling 34% year over year to $1.16 billion, missing analysts' expectations of $1.21 billion.

Transaction revenue took the heaviest hit, dropping 44% to $590 million as crypto volatility sat at multi-year lows. Coinbase reported headline net income of $719 million, though a $715 million crypto investment gain comprised the majority of that total. Excluding investment gains and tax effects, adjusted net income was $78 million, while adjusted earnings before interest, taxes, depreciation, and amortization fell 58% year over year to $333 million.

Binance Hack Fallout

Compounding the pressure on equity markets, hackers stole $6.3 billion in digital assets from Binance on the evening of October 29. Investigators indicate that North Korean hackers are likely behind the attack, which stands as the largest crypto theft on record. Binance reported that $3 billion of the affected assets have been frozen on-chain and that it will cover all losses.

Stablecoin issuers and major executives confirmed large-scale freezes in coordination with law enforcement. Tether CEO Paolo Ardoino stated that more than 1.567 billion USDT tied to the hack has been frozen, while Circle Internet Group CEO Jeremy Allaire announced the freezing of $800 million in USDC. Bitcoin traded down 4% to $77,118 over a 24-hour window following the news.

Broader Market Impact

Other prominent crypto-linked equities also sustained sharp losses. Strategy Inc. stock fell 12% to $125.25, Robinhood Markets dropped 10% to $82.60, and Circle Internet declined 9% to $72.41. Prediction markets remained a bright spot for Coinbase, passing $200 million in annualized revenue as daily active traders grew more than 60% from the previous quarter.

Key facts

• Coinbase net revenue fell 34% year over year to $1.16 billion in Q3 2026.
• Hackers stole $6.3 billion from Binance on October 29 in the largest crypto theft on record.
• Coinbase stock dropped 11% to $142.50 in morning trading.
• Tether froze over 1.567 billion USDT and Circle froze $800 million in USDC linked to the hack.