News

Coinbase (COIN) Stock Surges 3% With Strong Institutional Activity in Q2

Coinbase reported trading revenue of $63.9 million from institutional transactions, surpassing the anticipated $55 million. COIN stock rises.
Published by
Coinbase (COIN) Stock Surges 3% With Strong Institutional Activity in Q2

Highlights

  • The Base Layer 2 clocks 300% growth QoQ becoming the largest Layer 2 in transactions processed.
  • Coinbase's trading revenue surged 2x to $780 million on a QoQ basis.
  • The crypto exchange said that its putting more focus towards US regulatory developments.

Crypto exchange Coinbase (NASDAQ: COIN) reported strong earnings for the second quarter of 2024 on Thursday, August 1. The exchange managed to beat Street expectations with the COIN stock soaring by 3% during the after-market hours. In Q2, the crypto exchange clocked a revenue of $1.4 billion.

Advertisement

Coinbase Institutional Activity Booms

During the last quarter, the crypto exchange surprised everyone with strong trading volumes despite the low crypto market volatility. As we know, crypto exchange revenues usually thrive during the bull and the bear phase, and the periods of high volatility. Throughout Q2, the Bitcoin price has been trading in a narrow trading range, thereby pushing many traders to the sidelines.

During Q2, the crypto exchange’s retail and institutional trading volumes stood at $236 million, up year-over-year. However, these numbers dropped from the $312 billion trading volumes reported during the first quarter. It will be interesting to see whether the trading volumes pick up once again in Q3 with the expected Fed rate cut in September.

From Q2 2023, the exchange’s transaction revenue, derived from the crypto trading activity, surged by 2x to a staggering $780.9 million. The consumer-based transactions contributed $665 million, falling short of the expected $695 million. However, the institutional transactions surprised on the upside recording $63.6 million in revenue, against the expected $55 million.

This is the third straight quarter of Coinbase reporting a profit with a net income of $36 million. Over the past few months, the COIN share price has remained range bound oscillating between $200 on the downside and $280 on the upside.

The COIN stock has been facing selling pressure from top players such as Cathie Wood’s Ark Investments which has been offloading its COIN holdings in July last month.

Also Read: Coinbase Reveals Major Support For MEW, JASMY, & MEME

Advertisement

Base Layer 2 See 300% Growth QoQ

The Layer 2 network is becoming a core part of the Coinbase ecosystem registering 300% growth quarter-over-quarter while becoming the number one L2 network in total transactions processed. The Base network mints a median daily fee of $0.01 per transaction, which contributes to its strong growth.

A large part of the exchange revenue also came from subscriptions and services revenue, which includes blockchain rewards and fees, stablecoin revenue, etc.

Furthermore, the exchange is focusing more on regulatory developments and its push for regulatory clarity in the US. “Crypto legislation has become a mainstream issue in the US, garnering bipartisan support, and there is real energy within both the House and the Senate to pass meaningful legislation,” noted the exchange.

Also Read: MicroStrategy Reports 12.2% YTD Bitcoin Yield, 226,500 BTC Balance

Advertisement
Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Pi Network Dedicates 350,000 Active Nodes for AI With OpenMind Partnership

In the latest development, the Pi Network Ventures announced its investment in artificial intelligence (AI)…

October 30, 2025
  • News

Breaking: Trump Cuts Tariffs as US-China Reaches 1-Year Trade Deal, Bitcoin Rebounds

US President Donald Trump reduced tariffs on China after a meeting with President Xi Jinping,…

October 30, 2025
  • News

Binance Responds to Charges of Supporting Trump-Family Crypto USD1 and WLFI Soon After CZ Pardon

US lawmakers have started accusing crypto exchange Binance of supporting Trump family projects like World…

October 30, 2025
  • Bitcoin News

SpaceX Makes Third Huge Bitcoin Transfer in 10 Days, Is Elon Musk Planning Something Big?

Elon Musk’s space exploration company, SpaceX, moved another 281 Bitcoin on Thursday, according to blockchain…

October 30, 2025
  • News

Crypto Market Tumbles as Jerome Powell Says December Rate Cut ‘Far From Certain’

The crypto market turned sharply lower on Tuesday after Federal Reserve Chair Jerome Powell said…

October 30, 2025
  • News

FOMC Meeting: Federal Reserve Lowers Interest Rates by 25 Bps in Second Cut of the Year

The U.S. Federal Reserve has announced it has lowered the interest rate by another 25…

October 29, 2025