Coinbase CEO Brian Armstrong shook two prediction markets during the last few seconds of Thursday's third-quarter earnings call by mentioning a series of cryptocurrency buzzwords that users on Kalshi and Polymarket had bet would be mentioned in the call, instantly resolving all markets to "yes."
Several users from Kalshi and Polymarket were ecstatic about their bets paying off in the final seconds. In contrast, others felt understandably uneasy upon hearing that prediction markets could be so easily disrupted.
"I was a bit distracted because I was watching the prediction market on what Coinbase would say in the next earnings call, and I just wanted to add here, Bitcoin, Ethereum, blockchain, staking, and Web3—let's make sure we say all of these before the call ends," Armstrong said.
The "What will Coinbase say in the next earnings call" markets from Kalshi and Polymarket had bets worth $80,242 and $3,912, respectively.
This included 24 bettors on Polymarket, and fortunately, no one lost more than $12 on a single bet.
Armstrong later stated on X that this was "spontaneously happening when someone on our team dropped a [prediction market] link in the chat."
lol this was fun - happened spontaneously when someone on our team dropped a link in the chat https://t.co/tQiV3B9jUj
In the comments, nearly every bettor expressed satisfaction with Armstrong's last-minute decision to list previously unmentioned cryptocurrency buzzwords.
"Hahaha GOAT Brian," said Polymarket user TheMasterMind, while Kalshi users Redbullfool and Chungboy thanked Armstrong for the "gift."
While prediction markets are a powerful tool for gauging expectations, they rely on the trust that insiders will not exploit their knowledge for personal gain.
Such behavior has previously raised suspicions of insider trading and market manipulation.
Despite the unusual ending to the earnings call, Coinbase delivered another profitable quarter, with a net income of $432.6 million and revenue of $1.9 billion, a 55% increase from the same period last year.
Coinbase also increased its Bitcoin (BTC) holdings by 2,772 BTC to 14,458 BTC—according to data from BitcoinTreasuries.NET, this puts it back into the top ten corporate Bitcoin holders.
Related: Coinbase dismisses banking concerns: Stablecoin threat narrative "ignores real use cases"
Original article: “Coinbase CEO's Earnings Call Surprise Ignites Prediction Markets, Bettors Unexpectedly Profit”
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