Coinbase Global Inc (NAS:COIN)
$ 258.78 -1.23 (-0.47%) Market Cap: 64.79 Bil Enterprise Value: 56.50 Bil PE Ratio: 43.49 PB Ratio: 7.42 GF Score: 48/100
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Q2 2024 Coinbase Global Inc Earnings Call Transcript

Aug 01, 2024 / 09:30PM GMT
Release Date Price: $212.64 (-5.22%)

Key Points

Positve
  • Coinbase Global Inc (COIN) reported its sixth consecutive quarter of positive adjusted EBITDA, showcasing strong financial discipline.
  • Subscription and services revenue reached an all-time high, indicating successful diversification of revenue streams.
  • The company saw significant progress in regulatory clarity, with major wins in both judicial and executive branches.
  • Coinbase Global Inc (COIN) is investing heavily in building great products, including Layer 2 solutions like Base and smart wallets, to drive utility and adoption.
  • The company has a strong balance sheet with $7.8 billion in USD resources, providing financial stability and flexibility for future investments.
Negative
  • Total spot trading volume declined 28% quarter over quarter, primarily due to lower crypto asset volatility.
  • Transaction revenue was down 27% quarter over quarter, reflecting the decline in trading activity.
  • Operating expenses increased by $229 million quarter over quarter, driven by various factors including higher marketing spend and policy expenses.
  • Net income was impacted by $319 million in pretax crypto asset losses, the majority of which were unrealized.
  • The company anticipates modest headwinds in subscription and services revenue for the third quarter, due to factors like Ethereum price decline and expected interest rate cuts.
Operator

Good afternoon. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase second quarter 2024 earnings conference Call. (Operator Instructions) Anil Gupta, Vice President, Investor Relations, you may begin your conference.

Anil Gupta
Coinbase Global Inc - Vice President, Investor Relations

Good afternoon, and welcome to the Coinbase second quarter 2024 earnings call. Joining me on today's call are Brian Armstrong, Co-Founder and CEO; Emilie Choi, President and COO; Alesia Haas, CFO; and Paul Grewal, Chief Legal Officer.

I hope you've all had the opportunity to read our shareholder letter, which was published on our Investor Relations website earlier today. Before we get started, I'd like to remind you that during today's call, we may make forward-looking statements. Actual results may vary materially from today's statements. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings.

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