Coinbase reported $1.22 billion in second-quarter revenue, down 14% from the previous quarter, and a net loss of $359 million, missing Wall Street estimates of $1.29 billion. Shares fell roughly 5% in after-hours trading. Total crypto spot trading volume declined more than 20% quarter over quarter, while Coinbase’s crypto trading market share reached a record 10.3%. Subscription and services revenue totaled $555 million, representing 48% of net revenue. The company ended the quarter with $8.6 billion in cash and cash equivalents.
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