Coinbase earns $2 billion in profits in Q2
Leading crypto exchange Coinbase reported its second-quarter earnings during an investor call yesterday. The company beat analysts’ expectations by posting a revenue of $2.23 billion and a profit of $1.6 billion.Analysts had expected Coinbase to generate a revenue of $1.78 billion. However, it generated over $2 billion as the prices of Bitcoin, Ether, and other cryptocurrencies slowly recover towards the end of the second quarter. Furthermore, the earnings per share came in at $3.45, compared to estimates of $2.33.
From the revenue generated, Coinbase reported a whopping profit of $1.6 billion in Q2, representing an increase of 4,900% from the same quarter last year. An interesting fact from the quarterly earnings report is Ethereum surpassing Bitcoin in terms of trading volume for the first time on Coinbase.
According to Coinbase, the surge in interest in decentralized finance (DeFi) and nonfungible tokens (NFTs) is the key reason why Ether’s trading volume surpassed that of Bitcoin on the cryptocurrency exchange.
Coinbase has ten leading hedge funds amongst its clientele
During the earnings call, Coinbase reported that ten of the leading hundred hedge funds by assets under management are amongst its clientele. Although Coinbase didn’t reveal their names, the cryptocurrency exchange seems to be attracting some of the leading institutional investors in the world.Coinbase’s stock price is up by 6.39% at Wednesday’s pre-market trading session. At the time of this report, COIN is trading at $286 per share.
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