Coinbase just dropped a bombshell: a surprise Q2 loss of $359 million, despite $1.22 billion in revenue — down from both prior quarters and last year. Trading volume plunged 20%, crushing transaction revenue, while even their supposedly stable subscription and services arm underperformed, hit by late-stage deals and lower staking income. Unlike Robinhood, which still turned a profit despite crypto revenue dips, Coinbase remains heavily exposed to market swings. But there’s some silver lining — stablecoin revenue hit a record, and Coinbase’s share of global crypto trading volume grew. Next quarter’s guidance looks cautious. Meanwhile, Bitcoin ETFs saw decent inflows, but the crypto market itself dipped slightly. On a regulatory front, New York’s AG has filed to shut down prediction market Kalshi, calling it illegal gambling and seeking massive damages — a major blow to the platform.
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