Coinbase Posts Stunning $359M Loss Amid Crypto Market Downturn

Coinbase posted a net loss of $359.4 million for the April-June quarter, a significant reversal from its $1.4 billion profit in the same period last year.

The company's revenue declined to $1.22 billion from $1.5 billion a year earlier, while trading revenue fell 21% to $599 million due to the cooling of the overall cryptocurrency market.

Coinbase CEO Brian Armstrong highlighted its 'Everything Exchange' strategy, which aims to create an AI agent economy where machines will directly transact services and goods through crypto infrastructure rather than traditional bank accounts.