Nasdaq-listed cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) hit its financial targets in the second quarter and posted the sixth consecutive quarter of positive EBITDA.
Year on year, net revenues more than doubled to $1.38 billion while net income flipped from a $97 million loss to a $36 million profit.
Owing to the infamous unpredictability of the crypto markets, the figures were substantially less flattering on a sequential basis, with spot trading volumes falling 28% quarter on quarter and transactions revenue falling 27%.
But investors have taken a wider view of the company, leading to a 3.2% boost to Coinbase’s share price in the pre-market.
Under chief executive and co-founder Brian Armstrong, Coinbase has been expanding its offering from exchange services to blockchain infrastructure via its Base Layer-2 product.
Here, Coinbase has witnessed a 300% quarter-on-quarter growth in the number of transactions processed.
Coinbase sees Base as a way of “driving crypto utility” beyond speculative asset trading by reducing cost and increasing the efficiency of blockchain as an application hub.
“While it’s still early days, Base is making important progress in improving the speed and effectiveness of the crypto economy,” management said in the second-quarter trading update.
Coinbase shares are expected to open at $219.50 when trading commences on Friday.