Key Highlights

  • Coinbase Global posted Net Income of $718.7 million on net Revenue of $1,160.5 million.
  • Strategy posted Operating Income of $20.91 billion on revenue of $125.4 million.
  • Miami International posted net revenue up 20% to $131.0 million.
  • Federated Hermes posted EPS of $1.50 and record Equity Assets of $110.5 billion.
  • The Bancorp posted a 36.0% Return on Equity and Fintech fees of $41.8 million.

What do crypto-linked, market infrastructure and fintech results reveal?

Five companies with ties to digital assets, exchanges, asset management and card issuing released third quarter 2026 results on October 29, 2026, and their numbers point in different directions. Coinbase Global (NASDAQ:COIN) reported net income of $718.7 million, or $2.51 per diluted share, while net revenue fell to $1,160.5 million from $1,762.9 million.

Strategy (NASDAQ:MSTR) posted operating income of $20.91 billion and diluted EPS of $44.75 on revenue of $125.4 million. Miami International (NYSE:MIAX) reported net revenue of $131.0 million and GAAP diluted EPS of $0.47. Federated Hermes (NYSE:FHI) reported EPS of $1.50 and total managed assets of $884.4 billion. The Bancorp (NASDAQ:TBBK) reported net income of $62.8 million, or $1.53 per diluted share.

Coinbase Global: How did net income hit $718.7 million while revenue shrank?

The crypto trading and custody platform recorded a $715.0 million net gain on crypto assets held for investment, compared with a $423.9 million gain a year earlier, mainly from Fair Value remeasurement of Bitcoin and Ethereum. Net income was $718.7 million, against $432.6 million.

Operating revenue told a weaker story. Transaction revenue fell 44% to $590.2 million, subscription and services revenue fell 20% to $570.2 million, and Adjusted EBITDA dropped to $332.9 million from $800.7 million. Cash, cash equivalents and marketable investments totaled $8.8 billion at September 30, 2026, after the company repaid $1.3 billion of 2026 convertible notes. Assets on platform were $376.6 billion, against $515.9 billion, monthly transacting users were 7.4 million, versus 9.3 million, and Stablecoin revenue slipped 5% to $306.9 million.

Strategy: What generated $20.91 billion of operating income?

The company said the full operating income figure came from a gain on digital assets, versus a $3.89 billion gain a year earlier. Net income was $19.53 billion, and net income attributable to common stockholders was $19.12 billion after $419.6 million of preferred dividends.

Total revenues of $125.4 million fell 3% from $128.7 million, with a 71% gross margin. Holdings were approximately 848,517 bitcoin as of October 25, 2026, up 26% year to date, at an original cost basis of $64.02 billion. USD Assets reached $5.07 billion, which the company said covers about 3.4 years of Dividend and interest obligations. Year to date it bought back 20,980,508 STRC shares for about $2.04 billion, and the STRC dividend rate was held at 12.00%.

Miami International: What lifted adjusted EBITDA by 47%?

Net revenue grew 20% to $131.0 million, led by the Options business, where net revenue rose 19% to $112.6 million. Options Average Daily Volume increased 15.2% to 11.1 million contracts, and Market Share was 17.4%, against 17.2%.

Adjusted operating expenses of $60.3 million fell 2%, so adjusted EBITDA rose 47% to $70.8 million. GAAP net income was $52.5 million, compared with a net loss of $102.1 million a year earlier, a swing the company tied mainly to IPO related expense in 2025. Cash was $698.9 million, against total Debt of $1.5 million. Equities net revenue grew 53% to $6.7 million, while Futures posted an adjusted EBITDA loss of $8.4 million.

Federated Hermes: What pushed equity assets to a record $110.5 billion?

Equity assets rose 17% from $94.7 billion, and the company reported positive equity net sales of $1.9 billion, compared with net redemptions of $130 million a year earlier. Revenue increased 8% on higher average equity assets and the second quarter 2026 Acquisition of FCP Fund Manager.

Net income was $111.9 million, versus $104.1 million. Money Market assets were $649.9 billion, down 4% from June 30, 2026, and total managed assets were $884.4 billion, up 2% year over year. Operating income rose 18% to $153.3 million, and the company bought 992,312 class B shares for $57.4 million. The board declared a dividend of $0.38 per share.

The Bancorp: What drove return on equity up to 36.0%?

Return on equity improved to 36.0% from 26.6%, with Return on Assets near flat at 2.51%. Diluted EPS of $1.53 compares with $1.18 a year earlier, helped by weighted diluted shares of 41.1 million, against 46.5 million.

Fintech fees reached $41.8 million, up from $35.1 million, and card gross dollar volume was $54.3 billion, compared with $44.0 billion. Net interest Margin fell to 3.75% from 4.45%, and net interest income was $90.1 million, against $94.2 million. Non-interest expense included $4.3 million of restructuring costs. Income tax expense was $8.9 million, versus $18.2 million, including $10.3 million of benefits from purchased transferable tax credits.

How do the five reports line up on a calculated basis?

Net revenue at Coinbase Global fell about 34% (calculated), from $1,762.9 million to $1,160.5 million, while Adjusted EBITDA was about 28.7% of net revenue (calculated). Miami International's adjusted EBITDA equaled 54% of net revenue, which reconciles to $70.8 million over $131.0 million at about 54.0% (calculated).

Strategy's operating income was about 167 times its revenue (calculated: $20.91 billion divided by $125.4 million), which shows how far the headline reflects digital asset valuation rather than software sales.

Liquidity also varies: Coinbase Global reported $8.8 billion of cash and marketable investments, Strategy $2.50 billion of cash and cash equivalents, and Miami International $698.9 million.

Share counts shaped two reports. At The Bancorp, EPS grew 29.7% while net income grew about 14.4% (calculated). At Federated Hermes, EPS grew about 11.9%, against net income growth of about 7.5% (calculated).

What to Watch Next: Payouts, Leadership Changes and Guidance

Several dated items follow from these reports. Strategy switches its STRC preferred to daily dividends starting November 1, 2026, and STRF, STRK and STRD follow on January 1, 2027. CFO Andrew Kang steps down effective November 5, 2026, Phong Le serves as principal financial officer from November 6, and Reza Virasteh takes over as CFO on January 1, 2027.

Federated Hermes will pay its $0.38 dividend on November 13, 2026, to shareholders of record on November 6, 2026. Miami International lowered 2026 adjusted Operating Expense guidance to $254 million to $257 million, from $260 million to $270 million. Coinbase Global expects certain 2026 expenses to be slightly lower than in 2025, and The Bancorp is working through restructuring in its Small Business Lending line.