Coinbase (COIN) is down 5% on Thursday after announcing a strong Q2 earnings report that surpassed market expectations.
Coinbase beat market expectations, with Q2 revenue hitting $1.45 billion. ETF cannibalization could affect Coinbase future earnings.
and ETH showed slight increase as the report was largely positive. Coinbase is down 5% on Thursday after announcing a strong Q2 earnings report that surpassed market expectations. The company's positive Q2 report led to a slight rise in Bitcoin and Ethereum . Coinbase earnings beat expectations, but profit lags Coinbase announced positive Q2 earnings on Thursday as its revenue rose to $1.45 billion, beating market expectations of $1.39 billion, a 104.7% rise from Q3 2023.
is down 5.22% on the day but showed positive strength before the market closed. Following its decline, Cathie Wood's Ark Invest sold $2.7 million before Coinbase's earnings report. This adds to its earlier $4.3 million offload of on July 19. Meanwhile, the crypto market gained slightly after Coinbase's positive report. Bitcoin reclaimed $65,000, and Ethereum rose above the $3,200 mark as they attempted to shrug off bearish sentiment about the Federal Reserve's decision to keep interest rates steady. Related news Bitcoin, crypto may rebound in August: Insights from Santiment's July roundup Ethereum declines amid ETH ETF outflows and potential whale dump SEC vs.
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Coinbase Shares Rise After Q2 Revenue Beats Wall Street Estimates Amid Falling Trading VolumeHelene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
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