Coinbase Leads Crypto Stock Fall After Binance’s $6.3B Hack

Binance confirmed Friday that hackers stole about $6.3 billion, the largest cryptocurrency theft on record, and said it was working with the FBI to recover assets. The Thursday disclosure preceded broad losses in publicly traded cryptocurrency companies, with Coinbase leading a selloff shaped by both the breach and pressure on its third-quarter revenue.

Yahoo Finance data at the time of writing showed:

• Coinbase: down more than 13%.
• Circle Internet Group (CRCL): down more than 9%.
• Strategy (MSTR): down about 8%.
• IREN: down more than 10%.
• Figure Technology Solutions (FIGR): down about 9%.

Coinbase recorded the largest decline and also reported weaker third-quarter revenue. For the other four companies, the report connected Friday’s losses to the timing of the Binance disclosure without quantifying each company’s exposure to the stolen assets.

How did Coinbase’s earnings compare?

Coinbase reported third-quarter net income of $719 million. About $715 million came from gains on cryptocurrency investments, while adjusted net income, which excludes investment gains and other items, was $78 million. Net revenue fell about 34% year over year to $1.16 billion.

Those figures show how sharply Coinbase’s reported profit depended on crypto investment gains rather than revenue growth. The exchange also said its prediction markets business had surpassed $200 million in annualized revenue, adding a separately disclosed operating line while total revenue contracted.

For listed crypto companies, that combination creates a specific disclosure problem: revenue can decline while investment gains lift net income, making the headline result less representative of recurring trading economics. Coinbase’s adjusted net income provides the narrower measure after excluding investment gains and other items.

What did Strategy’s results show?

Strategy reported third-quarter net income of $19.53 billion, largely driven by a $20.91 billion gain in the value of its Bitcoin holdings. Revenue declined 3% year over year to $125.4 million. Its holdings gain exceeded reported net income, while the revenue measure moved in the opposite direction.

Strategy also announced that Andrew Kang will step down as chief financial officer on Nov. 5. The departure adds a scheduled management transition to a quarter in which asset-price gains, rather than revenue growth, drove the headline profit figure.

Did the selloff extend across crypto business models?

Friday’s declines extended across stablecoin issuance, Bitcoin treasury management, mining and data-center operations, and blockchain-based financial services. Yahoo Finance did not quantify how much of each move came from the Binance breach, however, and it tied Coinbase’s decline to its revenue report as well. The data establish the breadth of the selloff, not a uniform cause for every company.

Circle’s business is issuing stablecoins; Strategy’s main disclosed profit driver was Bitcoin valuation gains; IREN operates mining and data centers; and Figure provides blockchain-based financial services. The report did not disclose changes in trading volumes, customer balances, fee schedules or asset recoveries, so it cannot establish whether Friday’s declines reflected measurable operating disruption at those firms.

What remains unresolved?

Binance’s recovery effort has no quantified offset in the report: no recovered amount, asset breakdown or timetable appeared. The immediate operational test is whether investigators can identify and return assets; the report offers no basis for estimating the outcome.

The next dated checkpoint is Nov. 5, when Andrew Kang will step down as Strategy’s CFO. For Binance, the recovery effort has no stated deadline, leaving the $6.3 billion unrecovered in the available report and making further asset-recovery disclosure the next material fact for the market.