Coinbase Losses Mask Record Market Share in Q2

Coinbase reported a significant loss of $359.5 million in the second quarter, missing analysts' expectations of $1.29 billion in revenue.

The company's GAAP net loss was $1.36 per share, and shares fell by 14% to $140.09 after the numbers were released.

Despite this, Coinbase still managed to grab a record 10.3% share of global crypto trading volume, according to the company's quarterly report.

This is a notable shift for Coinbase, which used to be heavily reliant on Bitcoin spot trading fees.

However, the company has diversified its revenue streams and now gets about 88% of net revenue from sources other than Bitcoin spot trading, as noted by CEO Brian Armstrong during the earnings call.