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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/coinbase-shares-rise-after-financial-report-release/" data-wpel-link="internal">Coinbase Shares Rise After Financial Report Release</a> 
Coinbase shares rose by 3.2% after the financial report results were announced, reporting $1.4 billion in revenue and a significant year-over-year increase in crypto trading volume for the second quarter. The crypto exchange reported $266 billion in consumer and institutional trading volume, up from the previous year and in line with analyst estimates, but noted a significant decline from the $312 billion reported in the first quarter. 
<h2 class="p1" style="text-align: justify" id="coinbase-s-financial-report-released">Coinbase’s Financial Report Released</h2> 
In terms of revenue, Coinbase benefited the most from subscription and service revenues, including stablecoin revenue, blockchain rewards, and transaction fees. This was a 17% increase from the first quarter and nearly doubled compared to the second quarter of 2023. 
Coinbase attributed this increase partly to serving as a custodian for several asset managers issuing spot <a href="https://en.coin-turk.com/predicted-price-movements-in-bitcoin-ethereum-and-ripple-after-turbulence-in-crypto-markets/" data-wpel-link="internal">Bitcoin</a> exchange-traded funds. The exchange’s transaction revenue from crypto trading activities doubled to $780.9 million compared to the second quarter of 2023, but showed a decline from the first quarter. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-376361 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/coinbase.webp" alt="" width="1072" height="595"> 
Of this, $664.8 million came from consumer-based transaction revenues, falling short of investment research firm Zacks‘ estimate of $695 million. However, institutional transaction revenues amounted to $63.6 million. This marked Coinbase’s third consecutive quarter of profitability and the sixth quarter on an adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) basis. Net income for the quarter was recorded at $36 million. 
<h2 class="p1" style="text-align: justify" id="details-on-the-subject">Details on the Subject</h2> 
Coinbase stated that this period included a pre-tax crypto loss of $319 million in its investment portfolio. However, Coinbase’s biggest gain in the second quarter may have come from regulatory progress recorded in Washington DC, rather than its balance sheet: 
<blockquote> 
 “In the second quarter, we made outstanding progress towards achieving regulatory clarity in the US and worldwide. Crypto legislation has become a mainstream topic in the US, garnering bipartisan support, with real energy to pass meaningful legislation in both the House of Representatives and the Senate.” 
</blockquote> 
Coinbase’s (COIN) <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">stock price</a> fell by 5.2% to $212.6 before the report on August 1, but according to <a href="https://newslinker.co/category/technology/" target="_blank" rel="noopener" data-wpel-link="exclude">Google</a> Finance data, the company recovered by 3% after releasing its financial results after hours. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-376360 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/coin.webp" alt="" width="830" height="556"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/coinbase-shares-rise-after-financial-report-release/" data-wpel-link="internal">Coinbase Shares Rise After Financial Report Release</a></h5>
The post <a href="https://en.coin-turk.com/coinbase-shares-rise-after-financial-report-release/" data-wpel-link="internal">Coinbase Shares Rise After Financial Report Release</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Coinbase Shares Rise After Financial Report Release

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