Coinbase Swings to Loss After Another Challenging Quarter for Crypto

Dow Jones04:48

Coinbase Global swung to a loss in the second quarter, reflecting another challenging quarter for crypto trading activity and digital asset prices.

The largest crypto exchange in the U.S. on Thursday posted a loss of $359 million, or $1.36 a share, compared with a profit of $1.4 billion, or $5.14 a share, a year earlier. The loss included a $209.5 million unrealized loss on the value of crypto assets held for investment.

The results missed analyst estimates, which were expecting a loss of $104 million, or 44 cents, for the second quarter.

Revenue fell to $1.2 billion from $1.5 billion a year ago. Analysts were expecting $1.3 billion in revenue. While transaction revenue fell 22% year-over-year, the company said it reached a new all-time high of 10.3% in crypto trading volume market share.

As part of its broader push to build an "everything exchange," Coinbase has expanded into new financial products such as stock trading and prediction markets, which allow users to bet on yes-or-no questions about outcomes ranging from sports games to elections. The exchange said its prediction-markets contracts and revenue more than doubled quarter-over-quarter, surpassing $100 million in annualized revenue.

Shares recently fell about 5% in after-hours trading Thursday.

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