Dear Reader,
Based on my 55 years of watching the market, I’m deeply concerned that we’re in the early stages of a financial crisis that could be larger than the Great Financial Crisis of 2008.
This has very little to do with the national debt, as bad as that is.
Nor is it another debt crisis in the housing market like the one that tanked the markets in 2008.
In fact, it doesn’t even involve the “AI bubble” or the high-flying stock market, although major, widely held stocks will almost certainly be among the first to crash.
No, this is something far worse, and even more dangerous.
I’m Dr. Martin D. Weiss, New York Times best-selling author, named “Mr. Independence” by Forbes and founder of Weiss Ratings, rated #1 in the Wall Street Journal.
Why #1? Because for 55 years, I have run Weiss Ratings as the nation’s only 100% conflict-free, independent financial rating agency in America.
We have never accepted a dime from rated companies for the grades we issue, and we never will. We answer to no one but our members.
Since 1971, when I founded this company, I have publicly predicted six major American crashes before they happened, always naming the companies most likely to fail with ample warning.
And today I’m issuing a public warning about what could be the biggest crisis to ever hit America.
In previous financial crises, many have lost half, or even most of their retirement savings.
My job – and my family’s job for nearly one hundred years – has been to give Americans the warning before the warning is too late.
And that’s what I’m doing in a free video you can watch today.
>> Go here now to see the most important warning of my career. <<
Good luck and God bless!
Martin D. Weiss, PhD
Weiss Ratings Founder
Coinbase Made $719M. The Real Engine Isn’t Bitcoin.
The headline looked great. $718.7 million in net income, up 66% year over year. Shares moved. Crypto Twitter celebrated. But the number that actually matters for Coinbase’s long-term valuation barely got a mention.
Strip out the balance-sheet effect and the picture changes fast. Net income of $718.7 million compares with adjusted net income of $77.7 million, and the difference is mostly the $715 million gain on crypto held for investment. In other words, nearly the entire GAAP profit came from Coinbase’s own crypto investment marks, not from running a better exchange business. Profit this quarter leaned on an investment mark more than on trading fees.
That distinction matters because Coinbase said total market crypto spot trading volume was down 6% and total market crypto derivatives trading volume was down 11% quarter over quarter, alongside a 15% decline in crypto asset volatility to multi-year lows. A company whose income rises 66% while the underlying market shrinks is either doing something right structurally, or it is riding a paper gain. In Q3, it was both.
Here is where the more durable story sits. Subscription and services represented 49% of net revenue, providing diversification and support independent of transaction revenue. A year ago that share was 41%. The mix shift is deliberate and meaningful: Coinbase is building revenue that does not require a volatile Bitcoin quarter to show up.
Prediction markets are the fastest-moving piece of that. In its Q3 2026 results materials, Coinbase said prediction markets are one of the fastest-growing products by revenue in the company’s history, surpassing $200 million in annualized revenue, with 82% compound quarterly growth since launch. The product reached that $200 million annualized run rate in roughly eight months. For context, Coinbase said paid Coinbase One subscribers grew 24% year over year to an all-time high in Q3 2026.
Coinbase is not the only crypto-adjacent company trying to grow non-trading revenue faster than the underlying market. Circle’s stablecoin and reserve-income model faces the same tension between a compelling long-term vision and near-term numbers that have not yet caught up.
On derivatives, Coinbase reported $963 billion in crypto derivatives trading volume in Q3, down 6% quarter over quarter against an 11% decline for the market, marking a fourth consecutive quarter of derivatives market share gains. Gaining share in a shrinking market is not glamorous, but it compounds.
The risk here is straightforward. For the nine months ended September 30, 2026, Coinbase reported a net loss of $34.9 million. When Bitcoin gives back its Q3 gains, the balance-sheet buffer disappears, and the adjusted numbers are all that remain. At $77.7 million in adjusted net income on $1.2 billion in total revenue, the core business is thin.
What Coinbase is building underneath the Bitcoin noise could eventually justify a re-rating. Subscription at nearly half of revenue, prediction markets scaling at an unusual pace, four straight quarters of derivatives share gains: these are the numbers worth tracking. The 66% profit surge was real. It just was not the story.
Rising Star Stocks