Coinbase's third-quarter earnings report fell short of Wall Street expectations, causing a nearly 7% decline in its stock during after-hours trading.
The crypto exchange reported total revenue of $1.2 billion, missing the $1.26 billion estimate, while earnings per share were $0.28 compared to an expected $0.45. Adjusted EBITDA of $449 million also came in below the projected $469.2 million.
In a shareholder letter, the company attributed its challenges to tough market conditions, despite seeing some areas of growth.
Anil Gupta, Coinbase’s VP of investor relations, noted that volatility impacted trading revenues, which dropped 27% from the second quarter due to decreased trading volumes across U.S. exchanges.
Year-to-date, Coinbase’s stock has risen about 22%, but the regulatory landscape remains uncertain. The exchange is diversifying its revenue sources, recently launching a feature for instant fund transfers for Visa debit card users and expanding its custody services and participation in tokenizing real-world assets.
Furthermore, Coinbase is focusing on enhancing its user experience and integrating innovative solutions to attract more users, showcasing its commitment to adapting in a challenging market while seeking to position itself as a leader in the evolving crypto space.
Arkansas City has officially canceled its planned crypto mining project following intense opposition from residents and key stakeholders.
As global sanctions continue to isolate Russia from traditional financial networks, the country’s top financial bodies — the Central Bank and the Ministry of Finance — are preparing to launch a government-backed cryptocurrency exchange.
Following the April 14 exploit that disrupted operations, KiloEx has revealed a compensation plan for impacted users. The plan covers three core groups: traders, Hybrid Vault stakers, and VIP users.
Ripple Labs quietly emerged as one of the largest financial backers of Donald Trump’s presidential inauguration, contributing nearly $5 million just months before federal regulators began softening their stance toward the company.