Coinbase prediction markets reach $100M annualized run rate two months post-launch

Coinbase's prediction markets product reached $100 million in annualized revenue during the first quarter, just two months after its launch, according to a LinkedIn post from product lead Toni Gemayel. The milestone arrived as the crypto exchange reported overall Q1 revenue of $1.4 billion and adjusted EBITDA of $303 million, both figures missing Wall Street estimates and triggering a roughly 9% after-hours drop in Coinbase's share price. Executives are positioning the expansion into prediction markets, derivatives, and commodities as a deliberate strategy to build an 'everything exchange' and capture traders rotating away from cooling speculative crypto activity. The team also added commodities markets during the period, with the prediction markets line item emerging as a rare bright spot in an otherwise weak quarter.