America’s largest digital asset exchange has just released its second quarterly Coinbase earnings report. The company has beaten analyst estimates with earnings boosted by its custody deal with BlackRock despite regulatory pressure.
On Aug. 3, Coinbase reported $663 million in net revenue for the second quarter of 2023, beating analysts’ expectations.
Coinbase Revenue Over $700M
In its second quarterly shareholder letter, Coinbase reported a positive $194 million Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) despite a $97 million net loss for the exchange.
Total revenue was $708 million, down 8% from last quarter. It stated that net revenue was $663 million, down 10% due to multi-year low crypto volatility.
Coinbase chief financial officer Alesia Haas said, “Volatility has been a key driver of our transaction revenue,” before adding, “This is the lowest volatility we have seen in…
