US cryptocurrency exchange Coinbase on Tuesday reported a nearly 30 percent 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 (roughly Rs. 24,38,041 crore) in the quarter from $462 billion (roughly Rs. 34,44,572 crore) in the second. Of this, Bitcoin comprised 19 percent, down from 24 percent last quarter.
The company’s shares tumbled 13 percent in trading after the bell.
Total revenue fell to $1.31 billion (roughly Rs. 9,767 crore) from $2.23 billion (roughly Rs. 16,626 crore) in the prior quarter, also missing estimates of $1.57 billion (roughly Rs. 11,705 crore).
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. Bitcoin price in India as of November 11 at 1:14pm was Rs. 52.77 lakh.
Net income attributable to common shareholders of $405.34 million (roughly Rs. 3,022 crore), or $1.62 (roughly Rs. 120) per share. Analysts had expected a profit of $1.57 (roughly Rs. 117) per share, according to IBES data from Refinitiv.
© Thomson Reuters 2021
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