Coinbase Posts Third Straight Quarterly Loss Amid Retail Crypto Trading Downturn

Coinbase posted its third straight quarterly loss as retail crypto trading dried up.

The largest US crypto exchange reported a net loss of $359.5 million, or $1.36 per share, for the three months ended June 30.

This is in contrast to the same period last year when Coinbase earned a profit of $1.43 billion.

Revenue fell 19% to $1.22 billion, below Wall Street's expectations of around $1.29 billion.

Coinbase's own spot trading volume was $146.4 billion for the quarter, but this wasn't enough to compensate for the drop in retail trading fees.