Who saw this coming? Bettors, apparently.

Coinbase Global, one of the largest crypto exchanges on the market, announced its third-quarter 2025 earnings on Thursday—a relatively benign event by most measures.

But it wasn’t the revenue or profit numbers that caught many people’s attention. It was some specific comments and words spoken by CEO and cofounder Brian Armstrong.

Armstrong, near the end of Coinbase’s earnings call, squeezed in a last-second barrage of keywords.

“I was a little distracted because I was tracking the prediction market about what Coinbase will say on their next earnings call, and I just want to add here the words Bitcoin, Ethereum, blockchain, staking, and Web3 to make sure we get those in before the end of the call.”

While that may not have meant a lot to most li

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