Coinbase Takes Record Trading Share Amid $359M Quarterly Loss

Coinbase's efforts to diversify its revenue streams have shown some success in the second quarter, but the company still reported a net loss of $359.5 million.

The company has been working to reduce its dependence on Bitcoin spot trading, which now accounts for only 12% of its net revenue, down from 55% in the same period last year.

Coinbase's total revenue declined by 14% to $1.22 billion, but the company still managed to take a record 10.3% share of global crypto trading volume.

The growth of derivatives and prediction markets has been particularly promising, with derivatives volume holding flat while the broader derivatives market fell by 12%, and prediction market contracts growing 106% quarter over quarter.