.August 2, 2024 12:19 PM

Coinbase Global (NASDAQ:COIN) exceeded revenue expectations in Q2 despite a drop in trading volumes post BTC-spot ETF boost. Q2 earnings were $0.14 per share on $1.40 billion revenue, beating analysts’ predictions. Total transaction revenue fell 27% to $781 million due to lower trading volumes as funds exited the crypto markets. Total trading volume for the quarter was $226 billion, down 28% sequentially, with consumer trading volume dropping 34% and institutional trading volume falling 26%.

Looking ahead, Coinbase projects Q3 subscription and services revenue between $530 million to $600 million. Transaction expenses for Q3 are expected to be in the mid-teens as a percentage of net revenue, with sales and marketing expenses rising to $160 million to $210 million sequentially.