Coinbase Posts Record Profit of $1.6 Billion, Revenues of $2 Billion for Q2
- Coinbase posted record quarterly profit and revenue numbers
- In a sign it is diversifying its business, it announced $100 million in non-transaction revenue
Coinbase announced second quarter earnings on Tuesday, posting a profit of slightly over $1.6 billion, which is nearly double what it posted in the first quarter. The company also announced revenue of $2.03 billion, which exceed analyst predictions of predictions of $1.88 billion.
The company also reported a spike in user activity, noting that retail “Monthly Transacting Users (MTUs) grew to 8.8 million, up 44% from Q1 2021,” and that its total base of verified users had climbed to 68 million.
And in a sign Coinbase may finally be finding a way to diversify its revenue streams, the company reported bringing in over $100 million in subscription and services—that figure, however, is still dwarfed by the $1.9 billion in revenue from transaction fees, which remains the company’s bread and butter.
Coinbase’s share price has rallied in recent weeks, brushing $280 on Tuesday morning. This is a marked improvement for the stock, which had traded as low as $220 in June, but is still a far cry from the $342 all-time-time it reached shortly after the company went public in May.
Coinbase CEO Brian Armstrong will be hosting an earnings call at 5:30pm ET today on which he is expected to answers questions about NFTs, the blockchain Solana and other queries. Decrypt will post an account of the call.
This story will be updated with further details shortly.