In the quarter ended June 30, Coinbase net income rose to $1.43 billion, or $5.14 per share, from $36.13 million, or 14 cents per share, a year ago. Earnings in the latest period benefited from a gain $1.5 billion, including an unrealized one related its Circle investment, and $362 million from its crypto investment portfolio.
On an adjusted basis, Coinbase earned $1.96 per share, topping estimates of $1.26 reported by LSEG.
Revenue rose slightly to $1.5 billion from $1.45 billion in the same quarter last year, coming in just under analysts’ expectations of $1.6 billion. Revenue tied to transactions came in at $764 million, missing StreetAccount estimates of $787 million.
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Coinbase reported that retail trading volume, which is typically more profitable than institutional volume, grew 16% year-over-year to $43 billion, but missed the $48.05 billion expected by analysts surveyed by StreetAccount.
Subscriptions and services offerings – which include stablecoins, staking, interest income and custody – grew 9% from the same period a year ago to $655.8 million, short of analysts’ projection of $705.9 million.
Revenue from stablecoins, which became a dominant theme and major driver of crypto market action in the second quarter, came in at $332.5 million, about in line with estimates of $333.2 million, per StreetAccount. That was a 38% increase from the same period a year ago and a 12% increase from the first quarter.
