Coinbase posted a net loss of $359.5 million in the second quarter, its third consecutive quarter in the red, even as 88 % of its net revenue now comes from activities outside Bitcoin spot trading. Total revenue fell 14 % to $1.22 billion, while the company’s market share in trading volume reached a record 10.3 %. Transaction revenue dropped 21 % to $599 million, still outpacing subscription and services revenue which declined 5 % to $555 million. Coinbase cut its workforce by 14 % in May and ended the quarter with $8.6 billion in cash, yet remains exposed to the same market conditions that have historically weighed on its results.
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