Key facts
- Coinbase reported a loss of $359.5 million ($1.36 per share) for the quarter ended June 30.
- This marks the exchange's third consecutive quarterly loss.
- Transaction revenue fell significantly due to decreased trading activity in a down crypto market.
- Subscription and services revenue increased by 13.5% to $727.4 million.
- Stablecoin revenue grew to $364.1 million.
Coinbase Global reported a third consecutive quarterly loss, totaling $359.5 million, or $1.36 per share, for the quarter ending June 30. This performance was impacted by a significant slowdown in crypto trading activity, which reduced transaction revenue. A year prior, the company had posted a profit of $1.43 billion.
The exchange's transaction revenue fell to $982.7 million from $1.56 billion in the same period last year, with consumer transaction revenue seeing a drop of over 45 percent. This decline occurred during a period of broad digital-asset selloff, with Bitcoin's price nearly halving from its October peak.
Despite the trading revenue slump, Coinbase saw a rise in subscription and services revenue, which increased by 13.5 percent to $727.4 million. Stablecoin operations contributed to this growth, with stablecoin revenue climbing to $364.1 million from $225.9 million. Analysts noted that diversification into stablecoins and subscription services helps to lessen revenue volatility.