(Reuters) -U.S. cryptocurrency exchange Coinbase Global Inc reported a better-than-expected quarterly profit on Tuesday, boosted by a nearly 38% jump in trading volumes on a sequential basis.
Trading volumes stood at $462 billion for the quarter ended June 30, compared with $335 billion in the previous quarter. Bitcoin trades comprised 24% of Coinbase’s trading volumes for the quarter, down from 39% in the first quarter.
The crypto exchange posted net income attributable to common shareholders of $1.59 billion, or $6.42 per share, for the second quarter.
On an adjusted basis, it earned $3.45 per share. Analysts were expecting a profit of $2.33 per share, according to IBES data from Refinitiv.
Coinbase has benefited from growing adoption of digital assets and from moves by major businesses across the globe to drive inclusion of crytptocurrencies into the mainstream.
Global financial and other institutions have generously invested in growing their crypto asset offerings and developing business units tailored to look at such offerings for their clients.
One of the largest cryptocurrency exchanges in the world, Coinbase went public through a direct listing in April and saw its valuation surge to as high as $112 billion on its first day of trading.
(Reporting by Sohini Podder in Bengaluru; Editing by Shailesh Kuber)
