United

Bitcoin

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  The company beat estimates while non-trading revenue beat trading revenue. 
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<div class="cointelegraph"> 
 <p>New York-based crypto exchange Coinbase reported revenue in the amount of $708 million in the second quarter of 2023, despite the regulatory issues it's faced in recent months, boosted by a <a rel="noopener noreferrer nofollow" title="custody" href="https://thebittimes.com/tag/custody.html">custody</a> deal with Blackrock and <a rel="noopener noreferrer nofollow" title="institutional" href="https://thebittimes.com/tag/institutional.html">institutional</a> <a rel="noopener noreferrer nofollow" title="focus" href="https://thebittimes.com/tag/focus.html">focus</a>.</p> 
 <p>The exchange said Q2 net revenue reached $663 million, down 10% versus the same period last year, yet beating early estimates on its growing market dominance in the United States as competitors such as Binance are bogged down by regulatory trouble. </p> 
 <p>The crypto exchange’s impressive performance was also attributed to the strong crypto price cycle last quarter where the likes of Bitcoin and other altcoins posted new yearly highs. </p> 
 <p>Early <a rel="noopener noreferrer nofollow" title="estimate" href="https://thebittimes.com/tag/estimate.html">estimate</a>s from the Zacks Consensus Estimate put crypto exchange’s <a rel="noopener noreferrer nofollow" title="earnings" href="https://thebittimes.com/tag/earnings.html">earnings</a> at $643.4 million, a 20.4% decline from the past year during the same time. Another report from Messari suggested that&nbsp; for the first time, Coinbase's non-trading revenue may exceed its trading revenue.&nbsp;</p> 
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  <img src="https://cdn.thebittimes.com/images/2023/08/04/10b75a53d72666ac040b692a3b59ddd4.webp"> 
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 <p>According to Coinbase, the predictions were correct. Non-trading revenue for Q2 2023 reached $335.4 million against transaction revenue of $327.1 million for the quarter.&nbsp;</p> 
 <p><em>Tristan Greene contributed to the story.</em></p> 
 <p class="post-content__disclaimer">This is a developing story, and further information will be added as it becomes available. </p> 
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Coinbase Q2 earnings beat estimates amid Blackrock custody deal, institutional focus

TheBitTimes

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