Owen Lau News

Coinbase Global Inc.’s spot trading volume likely plummeted by more than half during the recently completed third quarter. The largest US digital-asset platform registered about $76 billion in spot trading volume, a drop of 52% from the year-ago period, according to data compiled by researcher CCData. The tally is also likely the least since before the company’s much ballyhooed direct listing on the Nasdaq Stock Market in April 2021, or just months before prices of cryptocurrencies peaked. Trading volume is a key metric for exchanges, with Coinbase deriving the biggest portion of its revenue from trading fees. In the second quarter, Coinbase said so-called transaction revenue accounted for 54% of total revenue. The decline is part of a year-long slide across the crypto industry following a spate of scandals, bankruptcies and regulatory actions. “Overall it looks like a challenging quarter” for Coinbase, said Owen Lau, an analyst at Oppenheimer & Co., who has a “market perform” rating on the company’s shares.

By Jaiveer Shekhawat and Laura Matthews

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Nasdaq Inc. on Friday said it won approval from the U.S.

Coinbase Global beat second-quarter revenue expectations on Thursday on higher interest income while its executives said the crypto exchange expects to win its legal battle with the U.S. securities regulator. The company and its rival Binance were sued by the U.S. Securities and Exchange Commission in June. It alleged that Coinbase traded at least 13 crypto assets that are securities without registering them with the regulator. The SEC action marked a dramatic escalation of a crackdown on the crypto industry. «With respect to the litigation with the SEC, I want to be very clear, we do think we can win. We expect to win,» said Chief Legal Officer Paul Grewal in a post-earnings call.

Coinbase Global beat second-quarter revenue expectations on Thursday on higher interest income while its executives said the crypto exchange expects to win its legal battle with the U.S. securities regulator. The company and its rival Binance were sued by the U.S.

Amid the FTX and crypto market chaos, Cathie Wood-led Ark Investments has increased its Coinbase (COIN) holdings with a purchase of 237,675 COIN shares worth about $12.1 million on Nov. 9. 

Coinbases results came amid a sell-off of speculative assets from stocks to crypto across global markets.

Coinbase, the largest cryptocurrency exchange in the United States, is expected to release its fourth-quarter earnings report on February 24, 2022, EST. Wall Street analysts project a brief winter in the cryptocurrency market due to the war occurred between Russia and Ukraine.