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Coinbase posts weak quarter as crypto trading volumes stay subdued

Coinbase reported $1.22 billion in revenue and $208 million in adjusted EBITDA, while saying it captured a record 10.3% share of global crypto trading volume.

Reported · Written up by our desk · Market Structure

CoinDesk reports that Coinbase’s second-quarter results missed expectations, with most analysts pointing to weak crypto market conditions rather than operational execution issues.

The company posted $1.22 billion in revenue and $208 million in adjusted EBITDA as lower crypto prices and subdued trading volumes weighed on transaction revenue and its growing subscription business, and its third-quarter guidance also came in below consensus.

According to CoinDesk, the street debate now focuses on whether trading activity will rebound quickly enough to restore earnings momentum after the selloff. Cantor Fitzgerald characterized the quarter as soft, while Oppenheimer said the miss reflected broader market weakness.

Even some bullish views centered on Coinbase’s share gains during a contracting industry, CoinDesk notes. Coinbase said it captured a record 10.3% share of global crypto trading volume for the quarter, marking its third consecutive quarterly gain, and analysts cited consolidation onto larger regulated exchanges during periods of stress.

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