Coinbase’s Q2 revenue more than doubled year-over-year, but was down slightly from the previous quarter.
The company’s total revenue for the second quarter was $1.45 billion, down 11% from the first quarter. The decline was partly due to lower consumer transaction revenue.
Coinbase reported $665 million in consumer transaction revenue in Q2, down 29% from the $1.07 billion it reported in Q1. However, the exchange’s stablecoin revenue increased to $240.4 million from $197.3 million in the previous quarter.
Interestingly, the exchange also reported: Solana brush
-2.32%
The company’s adjusted EBITDA was $596 million, down from $1.01 billion in the prior quarter. Net income also fell to $36 million, down from $1.2 billion in the first quarter.
“The net gain included a pre-tax loss of $319 million on crypto assets from our cryptocurrency investment portfolio, most of which was unrealized as a result of the decline in cryptocurrency prices on June 30,” the company said in a statement.
Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.
About the Author
RT Watson is a senior reporter at The Block, covering a wide range of topics including corporate America, blockchain gaming, and NFTs. Previously, he covered entertainment at The Wall Street Journal, writing about Disney, Netflix, Warner Bros., and the creator economy, with a focus on technological disruption across media. Prior to that, he covered corporate, economic, and political news in Brazil at Bloomberg. RT has interviewed a wide range of people, including CEOs, media moguls, major influencers, politicians, blue-collar workers, drug dealers, and convicted criminals. He holds a Master’s degree in Digital Sociology.