NEW YORK, Aug 11 — US cryptocurrency exchange Coinbase Global Inc yesterday beat market estimates for second-quarter profit boosted by a near 38 per cent jump in trading volumes on a sequential basis, but forecast a drop in current-quarter volumes.

Coinbase, which has benefited from the growing adoption of digital assets, said the reported quarter illustrated the volatility of the still nascent sector that faces calls for more regulation.

Chief Financial Officer Alesia Haas said Coinbase is paying close attention to the US Securities and Exchange Commission (SEC) Chair Gary Gensler’s comments, who called on Congress last week seeking more authority to better police cryptocurrency trading, lending and platforms.

“We’re eager to understand the legal framework for the concerns that he has raised and how any of those may impact our product roadmap,” Haas said in a post-earnings conference call with analysts.

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The exchange also plans to grow the number of assets listed on its platform, with Chief Executive Officer Brian Armstrong stating that he wants Coinbase to be the “Amazon of assets” and list every legal crypto asset on its platform.

For the quarter ended June 30, the company’s trading volumes rose to US$462 billion (RM1.9 trillion), from US$335 billion in the quarter ended March. Bitcoin trades comprised 24 per cent of Coinbase’s trading volumes for the quarter, down from 39 per cent in the first quarter.

However, for the third quarter, it expects trading volumes to be lower than the second quarter, as August month-to-date volumes have improved compared to July, but remain lower than what was seen earlier in the year.

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On an adjusted basis, the crypto exchange earned US$3.45 per share. Analysts were expecting a profit of US$2.33 per share, according to IBES data from Refinitiv.

Coinbase, one of the largest cryptocurrency exchanges in the world, went public through a direct listing in April. — Reuters