Coinbase Hits Historic Market Share Amid Losses
Coinbase has reached a historic market share of 10.3% in the global cryptocurrency trading market, according to Finway. This marks the third consecutive quarter for the exchange to set a new record in this metric.
The company's financial results were mixed: despite a net loss of $359.5 million, its adjusted EBITDA remained positive at $207.8 million. Total revenue for the quarter reached $1.22 billion, down 14% from the previous quarter and 19% year-over-year.
Coinbase attributes this decline to market weakness: cryptocurrency trading volume fell by 15%, spot volume by 25%, market capitalization by 11%, and Coinbase's volatility indicator decreased by 14%. However, the company emphasizes that a significant portion of its revenue is no longer dependent on Bitcoin trading.
The main drivers of Coinbase's growth were subscription services and products based on the USDC stablecoin. Revenue from this segment reached $555 million, with average USDC volume on the company's platforms growing to a record $20 billion.