A simple chat notification changed everything. Seconds before Coinbase’s third-quarter earnings call concluded on Thursday, CEO Brian Armstrong glanced at his phone screen, grinned, and unleashed a string of crypto buzzwords that instantly made dozens of bettors richer, as they had bet on the fact that these words would be mentioned in the call.
The bet titled “What will Coinbase say during their next earnings call?” drew $80,242 in bets on Kalshi and $3,912 on Polymarket. The bet was mainly centered around which terms Armstrong would mention. Several Kalshi and Polymarket users were ecstatic that their bets paid off in the final seconds. Armstrong rapid-fired a list of crypto terms—Bitcoin, Ethereum, blockchain, staking, and Web3—in the final moments of the Q3 earnings call, instantly settling all bets to a “yes.”
Spontaneous Decision Nets Winners
The Coinbase chief later explained on X that the move came spontaneously after a team member shared a prediction markets link during the call.
Twenty-four Polymarket participants walked away winners, with individual losses capped at just $12. While many traders celebrated their winnings, the incident sparked debate about potential market manipulation and insider advantages in prediction markets.
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Beyond the betting drama, during the call, Coinbase reported solid financials: $432.6 million in net income and $1.9 billion in revenue, marking a 55% year-over-year increase. The company also boosted its Bitcoin reserves by 2,772 BTC, reaching 14,458 BTC in total and thus rejoined the top 10 corporate Bitcoin holders.
