The largest US crypto exchange closed the September quarter back in the black after a $359.5M net loss in Q2, when weaker trading pressured transaction revenue.

Net income reached $718.7M, or $2.51 per share, against analyst expectations of a small loss.

Revenue came in at about $1.22B, down from $1.87B a year earlier. Adjusted net income was a much smaller $77.7M, while adjusted EBITDA rose 60% quarter over quarter to $332.9M, the 15th straight positive quarter on that metric.

Subscription and services made up 49% of net revenue. Paid Coinbase One subscribers hit an all-time high (up 24% year over year), and Coinbase prediction markets passed $200M in annualized revenue.