Shares in Coinbase Global Inc. and Block Inc. rose in late trading today as they both impressed investors and Block announced a new sales strategy.
For its second quarter that ended June 30, Coinbase reported adjusted earnings per share of 14 cents, up from a loss of 42 cents in the same quarter of the previous year, on revenue of $1.45 billion, up 105% year-over-year. Earnings were a big miss, as analysts were expecting 95 cents per share, but revenue came in ahead of an expected $1.398 billion.
Coinbase’s strong revenue figure was driven by a 146% increase in cryptocurrency trading volume, to $226 billion in the quarter, in line with estimates, with institution trading volume growing 142%, to $189 billion. Retail trading volume jumped 164%, to $37 billion.
Subscription and services revenue came in at $599 million in the quarter, custodial fee revenue rose to $34.5 million, up from $17 million a year prior and total…
