Despite recording a net revenue of $1.1 billion, Coinbase missed estimates with earnings that were 3% below forecasts, influenced by lower transaction revenues.
JMP analysts highlighted that institutional interest in Coinbase is on the rise, noting its growing significance in equity indices, positively impacting the stock.
The U.S. presidential election is anticipated to serve as a critical short-term catalyst for Coinbase, potentially leading to a more favorable regulatory environment.
While retail trading volumes exceeded expectations, the benefits were negated by a decline in the retail fee rate, alongside weak fourth-quarter projections.
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