Prediction markets
Event contracts run through Kalshi and went live in all 50 US states in January 2026. Annualized prediction-market revenue passed $100 million in Q2 2026, with contracts and revenue more than doubling quarter over quarter.
The numbers
What it is
Coinbase offers event contracts on sports, politics, culture and other real-world outcomes, supplied by Kalshi, a CFTC-regulated platform. Positions sit alongside a user's crypto, equity and cash balances, with trades starting at $1 in USD or USDC. Coinbase said it planned to add contracts from other platforms over time.
Why it matters to the stock. Prediction markets are a new, fee-bearing revenue line that trades differently from crypto. Traders watch the revenue run-rate and quarter-over-quarter growth to judge whether the line is material to the transaction revenue total.