Coinbase Falls After Revenue Misses Estimates on Lower Volumes

Shares of Coinbase Global Inc. fell after the largest US crypto exchange reported lower-than-estimated second-quarter revenue amid a drop in digital-asset market volatility.

While revenue increased 3.3% year over year to $1.5 billion, that was still lower than analysts’ estimates of $1.59 billion and down from $2 billion in the first three months of the year. Net income jumped to $1.43 billion after an unrealized gain to account for the increase in the value of its crypto holdings and from strategic investments such as Coinbase’s minority stake in Circle Internet Group Inc.