Coinbase Misses Estimates for Third Straight Quarter Amid Weak Trading Activity

Coinbase reported its Q2 earnings, revealing $1.2 billion in revenue and missing Wall Street estimates on sales and profits for a third straight time.

The exchange blamed low spot trading volumes and low volatility for missing earnings expectations, with CEO Brian Armstrong stating that 'Coinbase is no longer a bet just on the price of Bitcoin.'

Coinbase lost $1.36 per share, significantly higher than Wall Street's estimate of a loss between 17 cents and 44 cents.

The company reported a GAAP net loss of $359 million, which was much higher than market expectations of a $122 million loss.

Coinbase's share of the cryptocurrency market jumped to an all-time high of 10.3%, despite weak trading activity and low spot trading volumes dropping by 25% quarter-over-quarter.