Q2 results, set to be delivered after the market closes, is grim.
However, the optimism is fading. Coinbase’s shares are down 7% since Monday after another federal judge rejected the Ripple ruling in a separate crypto case, potentially complicating Coinbase’s use of that decision in its own battle against the securities regulator.Coinbase last month, complaining that the company had failed to register as a securities exchange, broker and clearing house as required by law.
“We had expected Coinbase to report weak Q2 trading volumes even before the SEC filed a lawsuit against it on June 6, and we believe the overhang from the suit could result in persistent weakness in the company’s trading volumes as well as a reduction in the amount of assets on its platform,” said Palmer.
Coinbase Q2 sales are expected to come at $631.2 million, down from $808.3 million a year earlier, with a net loss of $172.9 million versus a deficit of $1.1 billion last year, according to consensus data from Bloomberg. Last year’s results came amid the peak of crypto winter. On an adjusted basis, the loss per share is projected to be 76 cents.
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