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Coinbase posts $359M net loss as Q2 revenue misses estimates
Second-quarter spot trading volume fell more than 20% and transaction revenue came in below expectations, contributing to a net loss.
Coinbase reported $1.22 billion in second-quarter revenue and a net loss of $359 million, coming in below expectations of $1.29 billion. Decrypt reports the results missed earnings estimates, and Coinbase shares fell about 5% in after-hours trading.
The exchange said subscription and services revenue totaled $555 million, or 48% of net revenue. It also reported crypto spot trading volume declined more than 20% from the previous quarter, citing falling crypto asset prices and volatility reaching multi-year lows.
Coinbase said transaction revenue was $599 million, below the expected $628 million, and that subscription and services revenue was under its prior forecast range due to USDC-related commercial agreements closing later than expected and lower crypto asset prices reducing staking revenue. It reported stablecoin revenue of $292 million.
On the firmwide mix, Coinbase said stablecoin held across its products reached a record $20 billion during the quarter, representing more than 30% of USDC in circulation at quarter-end. The company also said its crypto trading market share reached a record 10.3% during the quarter and that its prediction markets contracts and revenue grew 106% quarter over quarter, exceeding a $100 million quarterly annualized net revenue run rate.