U.S. cryptocurrency exchange Coinbase Global Inc on Tuesday reported a nearly 30% fall in third-quarter trading volumes on a sequential basis, hit by lower volatility and declining prices for bitcoin and other cryptocurrencies.
Trading volumes fell to $327 billion in the quarter from $462 billion in the second. Of this, bitcoin comprised 19%, down from 24% last quarter.
The company’s shares tumbled 13% in trading after the bell.
Total revenue fell to $1.31 billion from $2.23 billion in the prior quarter, also missing estimates of $1.57 billion.
Crypto exchanges have benefited from the mainstreaming of digital assets, with businesses across the globe investing heavily into growing their crypto infrastructure.
However, calls for more oversight on crypto trading and products triggered a punishing slide in bitcoin prices earlier this year.
Net income attributable to common shareholders of $405.34 million, or $1.62 per share. Analysts had expected a profit of $1.57 per share, according to IBES data from Refinitiv.
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