Coinbase’s third quarter shareholder letter reports a solid quarter with revenue of $1.2 billion and net income of $75 million. The company achieved its seventh consecutive quarter of positive adjusted EBITDA, a non-GAAP financial measure, at $449 million. The letter emphasizes the company’s commitment to expanding crypto utility and driving regulatory clarity, particularly in anticipation of the 2024 US elections. Coinbase details its efforts to grow revenue through derivatives, international expansion, custody, and the deeper integration of USDC. The company also highlights the growth of its Base network, its launch of Coinbase Wrapped Bitcoin (cbBTC), and its support for stablecoins like USDC and EURC to unlock new ways for users to engage with crypto. The shareholder letter also provides a Q4 outlook, an overview of capital and liquidity, and a description of Coinbase's ongoing litigation with the Securities and Exchange Commission.