Coinbase Global’s second-quarter results show that the crypto exchange recorded a net loss of $1.10 billion during the period. This compares to a loss of $430 million in the first quarter and net income of $1.61 billion in the second quarter of 2021.
Net revenue for Q2 came in at $803 million, down from $1.17 billion in Q1 and $2.03 billion in Q2 2021. Further, the value of crypto assets on the exchange fell to just $96 billion in Q2 from $256 billion in Q1. A year ago in Q2 2021, the assets on the exchange totaled $180 billion.
In the supporting shareholder letter, the company compared recent data to 2020, where it saw massive growth. From 2020 to 2022, verified users have tripled, monthly volume is up 6x, and assets on the platform have increased 4x.
Coinbase stated that “down markets are not as bad as they may seem.” It continued, “it can feel scary and near-term financials can be heavily impacted” but that it will “emerge stronger than ever before.”
This is a developing story and will be updated with more details
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