Coinbase reported mixed second-quarter results, posting a GAAP net loss of $359 million, significantly wider than analysts’ expectations for a roughly $122 million loss. Net revenue reached approximately $1.2 billion, down 19% year-over-year. Despite these losses, the exchange captured a record 10.3% share of global crypto trading volume, up from 9.1% in the first quarter, amid a 25% quarter-over-quarter decline in spot trading volume. Transaction revenue totaled $599 million, below the $636 million expected, while subscription and services revenue came in at $555 million versus a $590 million consensus estimate. Shares fell more than 5% in after-hours trading.
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