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Coinbase Q2 Revenue Doubles Year Over Year

Coinbase's Q2 revenue doubles YoY to $1.45B, but falls 11% from Q1. Net income drops to $36M.
Coinbase Q2 Revenue Doubles Year Over Year

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.

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