TradingKey – On Thursday, July 31 (ET), U.S.-based crypto giant Coinbase (NASDAQ: COIN) reported disappointing Q2 earnings, sending its stock down 9.23% in after-hours trading to $342.91, touching its July 2 low.
Q2 Financial Snapshot
- Revenue: $1.5 billion (vs. $1.59B expected)
- EPS: $0.12 (vs. $1.49 expected)
- Net Income: $1.4 billion
- Adjusted Net Income: Just $33 million, weighed down by a $307 million data breach loss
Strategic Pivot: “Universal Exchange” in the Works
To counter slowing growth, Coinbase announced plans to launch a “universal exchange” in the coming months:
- Will offer tokenized stocks, prediction markets, and early-stage token sales
- 🇺🇸 Initial rollout in the U.S., followed by international expansion based on regulatory approvals
- Designed to compete with platforms like Kalshi, Polymarket, and Robinhood