Coinbase reported strong financial results in the second quarter, gaining 3.2% per share and generating $1.4 billion in revenue. Total crypto transaction volume reached $266 billion, including both consumer and institutional participants; however, that figure was down slightly from the $312 billion in the first quarter.

Revenue growth was primarily driven by subscription and services revenue, which includes stablecoin revenues and transaction fees. This revenue increased by 17% compared to the previous quarter and almost doubled compared to the same period last year. Custody services provided to asset managers for spot Bitcoin ETFs played a significant role in this growth.

However, although transaction revenues doubled from the previous year, they decreased compared to the first quarter and were recorded at $780.9 million. Consumer transactions generated $664.8 million in revenue, below the $695 million expected. Corporate transaction revenues were determined as $63.6 million. Despite this, Coinbase remained profitable in the third quarter, reporting net revenue of $36 million. This was its sixth profitable period on an adjusted EBITDA basis.

In particular, significant revenue growth has come from subscription and service fees, and large financial returns have been achieved by gatekeeping Bitcoin ETFs. Despite a quarter-to-quarter decline in transaction revenue, Coinbase remained profitable. Regulatory advances in the United States offer promising ground for future expansion.

The market reaction initially caused a 5.2% drop in Coinbase's share price before the results were announced, falling to $212.6. However, there was a 3% increase after hours after the financial results were announced. Additionally, Coinbase managed a pre-tax crypto loss of $319 million in the quarter. Perhaps the most important development may be Coinbase's progress in gaining regulatory clarity in the US and globally. Bipartisan support for crypto legislation in the House and Senate is considered a major milestone for long-term growth

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I EXPLAIN IN DETAIL.

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