Why Shares of Coinbase Are Rising Today

·2 min read

Shares of the large cryptocurrency exchange Coinbase Global (NASDAQ: COIN) traded roughly 6% higher as of 11:43 a.m. ET today after reporting disappointing second-quarter results last night. Coinbase reported a net loss of $4.98 per share on net revenue of $803 million in the second quarter, both numbers that missed analyst estimates. Trading volume on Coinbase fell to $217 billion, down from $462 billion in the second quarter of 2021.