Coinbase Q2 2024 revenue is $1.4 billion, with a net income of $36 million

ChainCatcher news, Coinbase's second-quarter revenue was $1.4 billion, a year-on-year increase of over 100%, down 11% quarter-on-quarter, nearly in line with analysts' expectations of $1.37 billion. Net income was $36 million, and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was $596 million. Coinbase achieved positive revenue growth for four consecutive quarters.

In the second quarter, Coinbase's total trading volume was $226 billion, a 28% decrease from the first quarter, with trading revenue of $781 million, down 27% quarter-on-quarter. Subscription and service revenue grew by 17% to $599 million. Total operating expenses were $1.1 billion, up 26% quarter-on-quarter. Coinbase made good progress in revenue diversification in the second quarter, with subscription and service revenue reaching nearly $600 million. The balance sheet increased to $7.8 billion.

It is worth mentioning that Coinbase's custody fee revenue in the second quarter was $35 million, up 7% quarter-on-quarter. The main driver was the average cryptocurrency asset price in the second quarter being higher than in the first quarter, also benefiting from its role as a custodian for BTC ETF products related to fund inflows. Additionally, Coinbase generated $240 million in USDC stablecoin interest income in the second quarter, up 22% quarter-on-quarter.