Coinbase Q2 Revenue $1.22 Billion, Net Loss $359 Million

Odaily Planet Daily News: Crypto exchange Coinbase reported Q2 revenue of $1.22 billion, down 14% quarter-over-quarter and below the market expectation of $1.29 billion. Its net loss stood at $359 million. Transaction revenue was $599 million, falling short of the anticipated $628 million.



Coinbase stated that total crypto spot trading volume in Q2 decreased by over 20% quarter-over-quarter, citing a decline in crypto asset prices and market volatility falling to multi-year lows. Its market share in crypto trading reached a record high of 10.3%, marking the third consecutive quarter of growth.



Subscription and services revenue was $555 million, accounting for 48% of net revenue, which was below the previously forecasted range. Stablecoin revenue amounted to $292 million. The average amount of USDC held across Coinbase products reached $20 billion, representing over 30% of the total USDC circulating supply at the end of the quarter.



At the end of the quarter, Coinbase had $8.6 billion in cash and cash equivalents, with total available resources of $10 billion. The company expects Q3 subscription and services revenue to be between $500 million and $580 million, and adjusted expenses to range from $980 million to $1.08 billion.