Coinbase CEO Says Earnings-Call Stunt Was ‘Fun’ After Triggering Prediction Markets

Brian Armstrong, the chief govt of Coinbase Global, disregarded a viral second from the corporate’s newest earnings name, writing on X that the episode “was enjoyable” and “occurred spontaneously when somebody on our crew dropped a [prediction markets] hyperlink within the chat.”

The remark got here a day after Armstrong ended Coinbase’s third-quarter earnings name by intentionally mentioning a number of crypto buzzwords, immediately deciding the end result of a number of prediction markets that had been monitoring whether or not he would say them.

A sentence that moved the end result

During the decision, after discussing the alternate’s monetary outcomes, Armstrong mentioned:

“I used to be just a little distracted as a result of I used to be monitoring the prediction market about what Coinbase will say on their subsequent earnings name. And I simply wish to add right here the phrases Bitcoin, Ethereum, blockchain, staking and Web3 — ensure that we get these in earlier than the top of the decision.”

That single line settled bets on two platforms — Kalshi and Polymarket — the place merchants had wagered on whether or not these phrases can be used.

$80,933 in complete quantity was traded on Kalshi, whereas roughly $4,000 was traded on Polymarket. The end result immediately paid those that had guess “sure” and worn out the opposing facet. One Polymarket consumer described the outcome as “Absolute cinema second.”

Strong outcomes overshadowed by a joke

The quip got here on the finish of an in any other case stable quarter for Coinbase.

  • Net income: $1.9 billion, up 83 % yr over yr.
  • Net earnings: $432.6 million.
  • Bitcoin holdings: 14,458 BTC, a rise of two,772 from the prior quarter.

The firm’s financials, nonetheless, have been rapidly eclipsed on-line by Armstrong’s closing phrases — a second that briefly turned an investor name into an interactive occasion for crypto merchants.

Both Kalshi and Polymarket promptly resolved the related contracts following the decision. There has been no indication that both platform considered the incident as a violation of its guidelines.

Armstrong’s follow-up publish on X confirmed that the choice to talk the phrases was unscripted, coming solely after somebody on the crew seen the reside wagers.

For most merchants, the alternate chief’s comment grew to become a unusual footnote — one which confirmed how even a number of seconds on a company name can ripple throughout the rising world of real-money prediction markets.

The publish Coinbase CEO Says Earnings-Call Stunt Was ‘Fun’ After Triggering Prediction Markets appeared first on DeFi Rate.

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