Coinbase Global Inc (COIN), one of the world’s largest cryptocurrency exchanges, released its second financial report after closing on Tuesday since it was public on the Nasdaq.
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Coinbase shares were valued at over $380 on the first day of trading (April 14), but have since fallen 29%, with little gain in the past five days. Coin stock closed down 3.85% on the Tuesday before the report but rose 0.8% outside business hours after the report was released.
The decline in stocks during those months was due to the drop in the price of Bitcoin – the largest cryptocurrency by market cap hit an all-time high of over $64,000 when Coinbase went public but has since fallen to a hollow, less than $30,000 per year, in mid-July. The price of Bitcoin was around $45,840 on Tuesday.
This fact lowered analysts’ expectations for Coinbase’s quarterly results (March to June), as Bitcoin trading on the company’s platform in the first quarter accounted for 39% of the total trading volume. Ethereum cryptocurrency trading accounted for a 21% share.
Earnings per share were $3.45, above the analyst’s average of $2.33. Coinbase Global Inc (COIN) posted a quarterly profit of $1.6 billion, almost 4,900% more than a year earlier, thanks to the boom in cryptocurrency trading. Total revenue was $2.23 billion, also beating Wall Street estimates of $1.78 billion. The company collects transaction fees, subscription revenue, and services.
Despite Bitcoin’s decline, the number of Coinbase platform users making monthly transactions rose 44% in the second quarter to 8.8 million, and revenue increased 38% to 462 billion dollars. in the previous quarter.
Coinbase Global Inc (COIN) has predicted that trading volumes on the platform will decline in the current third quarter compared to the second quarter.
