Coinbase faces trimmed Wall Street expectations ahead of Q2 earnings. The reason: a slump in spot trading.
Barclays, Clear Street, and Benchmark analysts have cut estimates. Barclays’ Benjamin Budish projects Coinbase processed just $152 billion in trading volume, below the Street’s $178 billion. Bitcoin fell 14% and Ether 25% last quarter.
Our read: Coinbase’s reliance on spot trading fees is its biggest vulnerability. Promising long-term initiatives won't change this. Only US regulatory clarity will.
Bet on US crypto legislation passing this year?
$BTC
Barclays, Clear Street, and Benchmark analysts have cut estimates. Barclays’ Benjamin Budish projects Coinbase processed just $152 billion in trading volume, below the Street’s $178 billion. Bitcoin fell 14% and Ether 25% last quarter.
Our read: Coinbase’s reliance on spot trading fees is its biggest vulnerability. Promising long-term initiatives won't change this. Only US regulatory clarity will.
Bet on US crypto legislation passing this year?
$BTC