Total revenue for the quarter came in at $1.45 billion, down 11% from the first quarter.
Solana accounted for 10% of the exchange’s total transaction revenues.
Despite a year-over-year increase of more than 100%, Coinbase’s second-quarter revenues were down slightly from the previous quarter. Total revenue for the quarter came in at $1.45 billion, down 11% from the first quarter. Declining consumer transaction revenues contributed to this decline.
Q2 customer transaction revenues for Coinbase were $665 million, down 29% from Q1’s $1.07 billion. While stablecoin revenue for the exchange was $197.3 million in Q1, it jumped to $240.4 million in Q2.
Below Par Performance
Solana accounted for 10% of the exchange’s total transaction revenues, which is an interesting point to note. Adjusted EBITDA for the quarter came in at $596 million, down significantly from $1.01 billion in the prior quarter. Additionally, net income decreased to $36 million from approximately $1.2 billion in Q1.
The company stated:
“Net income … included $319 million in pre-tax crypto asset losses on our crypto investment portfolio — the vast majority of which were unrealized — as crypto prices were lower on June 30.”
Cathie Wood’s Ark Invest had dumped a ton of Coinbase (COIN) stock just before the crypto exchange announced its Q2 earnings. The recent sale of almost 12,000 COIN shares, as revealed in today’s public statistics, has caused some to worry that the cryptocurrency stock price would fall.
Market watchers are still wondering how Wood’s company stands to benefit from the COIN stock’s recent surge in value. As of July 31st, the company had sold 12,077 shares of Coinbase Global Inc., which was worth $2.7 million. This was stated in a public post made by Ark Invest, on X.
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