financemagnates.com
Nasdaq-listed digital exchange, Coinbase yesterday released its financial metrics for the third quarter of 2021. The company’s overall crypto trading volume dropped sharply during Q3 as the number touched $327 billion.
In Q3 2021, the net revenues of Coinbase reached $1.2 billion. The figure includes $1.1 billion in transaction revenue and $145 million in subscription revenue. Net income and adjusted EBITDA came in at $406 million and $618 million, respectively.
Coinbase saw growth in the total number of users during the latest quarter. The verified users at the crypto trading platform reached 73 million. Monthly Transacting Users (MTUs) touched 7.4 million in the third quarter.
“While we entered Q3 with softer crypto market conditions, driven by low volatility and declining crypto asset prices, market conditions improved meaningfully later in the quarter which we have continued to see into early Q4. This backdrop led to global crypto spot trading volumes declining 37% in Q3 as compared to Q2, however, Coinbase outperformed the market with total trading volumes of $327 billion, a 29% decline in the same period,” Coinbase highlighted.
COIN Stock
Earlier this year, Coinbase made its debut on Nasdaq with the listing of COIN stock. The crypto exchange saw a surge in demand for COIN stock in the first few days. However, the price decreased gradually between July and October. The current price of COIN stock stands at around $358. Following the latest Q3 report from the crypto exchange, COIN stock fell as much as 15% in after-hours trading.
“We are in the early stages of the development of the crypto economy and are focused on investing for long-term growth. As our year-to-date results have clearly demonstrated, our business is volatile. Coinbase is not a quarter-to-quarter investment, but rather a long-term investment in the growth of the crypto economy and our ability to serve users through our products and services. We encourage our investors to take this point of view,” Coinbase added.