In the second quarter, cryptocurrency exchange Coinbase reported a net loss of $359 million on revenue of approximately $1.2 billion, falling short of Wall Street's expectations. Despite this, the platform's share of the global trading volume for digital assets surged to a record 10.3%.
Transaction revenue decreased to $599 million, compared to the anticipated $636 million, while subscription and service revenue totaled $555 million against a consensus estimate of $590 million. The company attributed the decline to a slowdown in spot trading, reduced volatility, and falling cryptocurrency prices. Following the report, Coinbase's stock dropped by over 5% in after-hours trading.