Coinbase’s earnings for the third quarter of the year reflect a cooler period in the crypto market after a strong spring, with trading volumes, revenue and the number of monthly transacting users all declining.
The publicly traded exchange company said net revenue came in at $1.31 billion for the period, down from Q2’s $2.27 billion. Per the earnings report, adjusted EBITDA was $618 million compared to Q2’s $1.15 billion.
Trading volume fell from $462 billion to $327 billion, with the bulk of the volume coming from the institutional segment. The share of volume and transaction revenue from non-BTC and ETH digital assets inched upward during the period. Assets held on its platform rose from $180 billion to $255 billion, according to Coinbase.
Coinbase also reported that the number of monthly transacting users on its platform was 7.4 million for the quarter, down from