Crypto exchange Coinbase reported lower-than-expected net revenue for the third quarter, causing its stock to drop 2%. The revenue miss was driven by lower transaction revenues and a drop in subscription and services revenues. However, reduced operating expenses offset the revenue miss and contributed to a better figure for adjusted EBITDA. Retail trading volumes were higher than expected but were offset by a compression in the retail fee rate. Analysts believe that the upcoming U.S. presidential election may lead to a more favorable regulatory environment for Coinbase and the wider crypto market. Institutional interest in Coinbase is growing, and the company's product roadmap is expected to drive further mainstream adoption.



Other News from Today