Coinbase shares jumped 2.1% in extended trading on Tuesday after reporting stronger Q2 revenue than expected, according to a press release by Coinbase on Tuesday.
- The company’s net profit for the quarter was $1.6 billion, close to 4,900% from a year earlier, following a volatile stretch of trading for cryptocurrencies.
- Coinbase’s fate is linked to the performance of digital assets like Bitcoin. The company posted $2.0 billion net revenues, including $1.9 billion in transaction revenue and over $100 million in subscription and services revenues.
- Monthly active users increased to 8.8 million, up 44% from the first quarter, while trading volume increased by 38% to $462 billion from the previous quarter.
- The largest cryptocurrency exchange in the U.S. reported that total trading volume diversified past bitcoin into Ethereum and other crypto assets.
Close to 22% of the company’s total trading volume for the quarter was highly concentrated in Bitcoin, down from 39% in Q1. Coinbase forecasts that the trading volume would be lower in the third quarter compared with Q2.
COIN +2.38%, BTCUSD up +0.94%.