Coinbase Reports Lower Q2 Revenue, Shares Drop 7% in Aftermarket
Coinbase (COIN) reported second-quarter results below expectations, leading to a 7% decline in shares during post-market trading.
- Total revenue reached $1.5 billion, up from $1.45 billion year-over-year but lower than FactSet's estimate of $1.59 billion.
- Adjusted EBITDA was $512 million, down from $596 million last year.
- Despite rallies in bitcoin and ether prices, transaction volume decreased, resulting in transaction revenue of $764 million, a 39% drop from the previous quarter.
- This report follows positive quarterly results from rival Robinhood (HOOD), which reported $28.3 billion in crypto trading volume, up 160% year-to-date.
- Coinbase continues to diversify its services, launching custody for spot bitcoin ETFs and expanding staking offerings, though trading revenue remains primary.
- In its earnings release, Coinbase highlighted advancements in on-chain financial systems and global market access.