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Despite the crypto market’s correction in May, Coinbase posted a strong performance for the second quarter. The U.S. crypto exchange posted transaction revenue of almost $2 billion beating previous analyst estimates.
In its second-quarter earnings report, Coinbase’s transaction revenue soared to $1.9 billion for the second quarter. The figure is significantly higher than the $1.57 billion estimates by analysts, according to Cointelegraph.
“Total revenue for Q2 was $2.2 billion,” Coinbase said in its report. “Net revenue was $2.0 billion, of which $1.9 billion was transaction revenue and $103 million was subscription and services revenue.” The company announced a net income of $1.6 billion and an adjusted EBITDA of $1.1 billion for the second quarter.
The crypto exchange increased its number of monthly transacting users (MTUs) to 8.8 million during the second quarter, a 44 percent spike from the previous quarter’s figure. Coinbase now has 68 million verified users.
Coinbase was able to beat analysts' estimates in both areas. Analysts previously predicted the crypto platform to increase its MTUs to 6.7 million and total users to 62.8 million for Q2.
Second-quarter trading volume rose by 38 percent to $462 billion. The company reported a total trading volume of $335 billion for the first quarter.
Of the $462 billion Q2 volume, $145 billion came from retail investors, a 21 percent increase from Q1’s retail volume of $120 billion. Meanwhile, crypto trading volume by institutional investors soared to $317 billion in Q2, a 47 percent rise from the Q1 institutional volume of $215 billion.
The trading volume data shows that investors have diversified trading from Bitcoin into Ethereum and other altcoins during the second quarter. BTC trades, which comprised 39 percent of trading volume in the first quarter, dropped to 24 percent of the total during the second quarter. Conversely, ETH and altcoin trades accounted for 76 percent of Q2’s volume, up from their 61 percent share in the first quarter.
