Coinbase Underperforms in Q2; Near-term Volatility Likely

Coinbase posted a double miss in Q2 with revenue growth of just 3.3% YoY, with both transaction revenue and trading volumes both underperforming the spot market in the quarter. Despite the soft growth, especially in transaction revenues, Coinbase made significant progress on multiple fronts in the crypto world. This included bringing USDC on the Base chain live in Shopify Payments, launching the Coinbase One Card, reaching all-time high average market share of assets on its custody platform, and significantly expanding its derivatives presence. In addition, Coinbase will be positioned at the center of bringing equities on-chain. There were many interesting discussions about the vision for the company in the earnings call, as noted below.

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