Coinbase, the main cryptocurrency exchange in the United States, revealed mixed results for the second quarter of 2024. Year over year, total sales increased to $1.45B. However, it fell 11% from Q1.
Consumer transaction revenue fell 29%, to $665M. Stablecoin revenue rose to $240.4M. Solana generated 10% of overall transaction income.
CFO Haas Alesia recognized market volatility but stressed Coinbase's commitment to diversified revenue streams. The company reported $596M in adjusted EBITDA, a decrease from $1B in Q1.
Coinbase suffered a $319M pre-tax loss on digital assets, most of them unrealized. Bitcoin's price has dropped 25% since its March peak of $74,000.
The exchange transformed its Q2 earnings report into NFTs that may be minted on Base, its Layer 2 network. It also introduced Coinbase Summer Shop, a Web3 marketplace for tangible items. Coinbase shares climbed to $212 on the report, marking a 35% increase this year despite recent losses.
