Coinbase Misses Q2 Earnings as Crypto Trading Activity Slows

Coinbase reported disappointing Q2 earnings on Thursday, missing its expected revenue of $1.29 billion and posting a net loss of $359 million.

The company's revenue of $1.22 billion was down 14% from the previous quarter, with total crypto spot trading volume declining more than 20%. Transaction revenue came in at $599 million, below the expected $628 million.

Coinbase did report a record 10.3% crypto trading market share during the quarter, its third consecutive quarter of market share gains. The company said it gained share in both spot and derivatives trading.

Despite the weaker-than-expected earnings report, Coinbase CEO Brian Armstrong remained optimistic about the future of the company.