Shares of Coinbase Global (COIN) fell about 5% after the cryptocurrency exchange said trading volume dropped substantially during the second quarter.
Customer trading activity amounted to $217 billion during the period, down from $309 billion in the first quarter of this year, according to a shareholder letter released Tuesday. Coinbase’s overall revenue came in at $803 million, missing the average analyst estimate of $873.8 million, according to data compiled by FactSet.
Coinbase’s stock has plunged since its IPO last year as the crypto and equity market rout prompted a slowdown in retail trading, forcing the company to slash jobs and focus on controlling costs. Even amid the current crypto winter, though, Coinbase continues to press ahead toward its goal of being a one-stop shop for crypto trading. Last week, it announced a partnership that lets customers of BlackRock, which at $10 trillion is the world’s largest asset manager, trade crypto through Coinbase.
Wall Street analysts weren’t expecting fireworks last quarter from Coinbase, though cryptocurrency prices have stabilized recently, which may lead some to ponder whether the second quarter marked the low point for the crypto exchange.
Read More: BlackRock to Offer Crypto for Institutional Investors Through Coinbase Prime
