.coinbase results and outlook were worse than already trimmed expectations. Shares are volatile in after-hours action, but currently down just 1%. $COIN mikeybellusci reports
that lets customers of BlackRock – the world's largest asset manager, with $10 trillion – trade crypto through Coinbase.
"While we do not take a decline in trading volume market share lightly, the shift in Q2 trading volume to high volume retail traders, market makers, and high-frequency trading firms did not translate into a corresponding revenue impact for Coinbase, as these customers trade high volumes but generate low fees," the company said.
"Q2 was a test of durability for crypto companies and a complex quarter overall. Dramatic market movements shifted user behavior and trading volume, which impacted transaction revenue, but also highlighted the strength of our risk management program," Coinbase said. The exchange posted a net loss of $1.1 billion during the second quarter, versus the $430 million loss in the first quarter. In addition, Q2 adjustedCoinbase said results were"heavily impacted by non-cash impairment charges" stemming from crypto and venture investments., Coinbase said it's unsure whether or not it will turn into a formal investigation.
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