Coinbase Losses Deepen Amid Market Downturn

Coinbase reported a net loss of $359.5 million in its second quarter, its third consecutive losing quarter.

The company's revenue declined 14% to $1.22 billion, with 88% coming from sources other than Bitcoin spot trading.

Despite the decline, Coinbase held up better than the market around it, maintaining a record 10.3% share of global crypto trading volume and a 9.3% share of total revenue.

The company's diversification efforts showed promise, with derivatives and prediction markets growing faster than expected.