Coinbase Revenue Report

While Coinbase more than doubled its second-quarter revenues year-over-year, it registered a slight decline compared to the previous quarter.

The company’s total Q2 revenue was $1.45 billion, an 11% decrease from Q1. This drop was partially driven by falling consumer transaction revenues.

Coinbase registered consumer transaction revenues of $665 million for Q2, a 29% decline from the $1.07 billion it reported in Q1. The exchange’s stablecoin revenue, however, increased to $240.4 million, up from $197.3 million in the previous quarter.

Interestingly, the exchange also reported that Solana made up 10% of its overall transaction revenues.

The company’s adjusted EBITDA came in at $596 million, a significant decline from the previous quarter’s $1.01 billion. Net income also dropped to $36 million compared to nearly $1.2 billion in Q1.

“Net income … included $319 million in pre-tax crypto asset losses on our crypto investment portfolio — the vast majority of which were unrealized — as crypto prices were lower on June 30,” the company said in a statement.