Coinbase Takes Hit as Crypto Trading Dries Up

Coinbase posted a surprise loss in Q2 earnings, despite a revenue of $1.22 billion, which is down 14% from the prior quarter and 19% from a year ago.

The company's net loss was $359 million, with a loss per share of $1.36, far worse than the break-even result analysts had modeled.

Crypto spot trading volume fell more than 20% from the prior quarter, dragging transaction revenue down 21% to $599 million.

However, stablecoin revenue reached $292 million, and prediction-market revenue more than doubled quarter over quarter, up 106%, crossing a $100 million annualized run rate.