Why Shares of Coinbase Are Rising Today
Shares of the large cryptocurrency exchange Coinbase Global (NASDAQ: COIN) traded roughly 6% higher as of 11:43 a.m. ET today after reporting disappointing second-quarter results last night. However, the broader crypto market is enjoying a good day due to a better-than-expected inflation report.
Coinbase reported a net loss of $4.98 per share on net revenue of $803 million in the second quarter, both numbers that missed analyst estimates. Trading volume on Coinbase fell to $217 billion, down from $462 billion in the second quarter of 2021. Assets on the platform also fell to $96 billion, down from $180 billion one year ago.
"Despite crypto market capitalization declining $1.3 trillion or ~60% in Q2, primarily driven by macroeconomic conditions and shocks to the crypto credit environment, we remain as bullish as ever on the future of this technology," Coinbase executives said in a letter to shareholders.
Source Fool.com
