Crypto exchange Coinbase (NASDAQ: COIN) reported strong earnings for the second quarter of 2024 on Thursday, August 1. The exchange managed to beat Street expectations with the COIN stock soaring by 3% during the after-market hours. In Q2, the crypto exchange clocked a revenue of $1.4 billion.,During the last quarter, the crypto exchange surprised everyone with strong trading volumes despite the low crypto market volatility. As we know, crypto exchange revenues usually thrive during the bull and the bear phase, and the periods of high volatility. Throughout Q2, the Bitcoin price has been trading in a narrow trading range, thereby pushing many traders to the sidelines.,During Q2, the crypto exchange’s retail and institutional trading volumes stood at $236 million, up year-over-year. However, these numbers dropped from the $312 billion trading volumes reported during the first quarter. It will be interesting to see whether the trading volumes pick up once again in Q3 with the expected Fed rate cut in September.,From Q2 2023, the exchange’s transaction revenue, derived from the crypto trading activity, surged by 2x to a staggering $780.9 million. The consumer-based transactions contributed $665 million, falling short of the expected $695 million. However, the institutional transactions surprised on the upside recording $63.6 million in revenue, against the expected $55 million.,This is the third straight quarter of Coinbase reporting a profit with a net income of $36 million. Over the past few months, the COIN share price has remained range bound oscillating between $200 on the downside and $280 on the upside.,The COIN stock has been facing selling pressure from top players such as Cathie Wood’s Ark Investments which has been offloading its COIN holdings in July last month.,Also Read: Coinbase Reveals Major Support For MEW, JASMY, & MEME,The Layer 2 network is becoming a core part of the Coinbase ecosystem registering 300% growth quarter-over-quarter while becoming the number one L2 network in total transactions processed. The Base network mints a median daily fee of $0.01 per transaction, which contributes to its strong growth.,A large part of the exchange revenue also came from subscriptions and services revenue, which includes blockchain rewards and fees, stablecoin revenue, etc.,Furthermore, the exchange is focusing more on regulatory developments and its push for regulatory clarity in the US. “Crypto legislation has become a mainstream issue in the US, garnering bipartisan support, and there is real energy within both the House and the Senate to pass meaningful legislation,” noted the exchange.,Also Read: MicroStrategy Reports 12.2% YTD Bitcoin Yield, 226,500 BTC Balance,
https://coinniu.com/coinbase-coin-stock-surges-3-with-strong-institutional-activity-in-q2/
