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Benchmark trims Coinbase earnings estimates as spot volumes weaken

Benchmark said Coinbase trading activity stabilized in June after spot volumes fell for most of the second quarter.

Reported · Written up by our desk · Market Structure

Benchmark lowered its earnings estimates for Coinbase after assessing the impact of weaker crypto spot volumes during the second quarter, The Block reported. The analyst pointed to ongoing softness in trading conditions as a key driver of the estimate changes.

The Block said Coinbase trading activity stabilized in June. That stabilization followed a period in which spot volumes slumped for most of the quarter, suggesting near-term activity improvement but not enough to offset the broader decline.

The Block added that the analyst expects the potential passage and implementation of the Clarity Act could become a bigger factor than the weak quarter in Coinbase's outlook. Benchmark indicated the regulatory path may ultimately outweigh near-term volume pressure.

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