Coinbase shatters earnings estimates, quarterly profit rises from $36.13 to $1.43 billion

Coinbase Global reported a sharp rise in second-quarter profit on Thursday, as gains in its subscription and services business offset a dip in trading revenue. Net profit attributable to common stockholders rose to $1.43 billion, or $5.14 per share, in the three months ended June 30, compared with $36.13 million, or 14 cents apiece, a year earlier.

Retail trading volumes remained sluggish in the second quarter as investor appetite remained muted amid regulatory and market uncertainty, despite a rebound in crypto prices.