Coinbase Posts Record Trading Share Amid Quarterly Loss
Coinbase reported its second quarter loss despite reaching a record share of global crypto trading volume. The exchange's shares fell about 5% in after-hours trading, while revenue decreased to approximately $1.2 billion from $1.5 billion a year earlier.
The company posted a net loss of $1.36 per share compared to earnings of $5.14 per share during the same period last year. However, its share of global crypto trading volume reached 10.3%, up from 9.1% in the first quarter and marking its third consecutive quarter of market share gains.
Coinbase also saw growth in derivatives trading, with related event contracts and revenue increasing by 106% from the previous quarter. The company's stablecoin USDC continued to perform well, with average holdings across Coinbase products reaching a record $20 billion, representing over 30% of the stablecoin's circulating supply.
The exchange also reported its 14th consecutive quarter of positive adjusted EBITDA and lowered its projected adjusted expenses for the full year. Additionally, Coinbase noted that wider use of artificial intelligence was improving engineering efficiency, with a 2.2 times increase in code changes processed per engineer from a year earlier.