Coinbase Achieves Profit with Doubling Second-Quarter Revenue

The cryptocurrency exchange's revenue hits $1.45 billion, driven by diversified income streams amid market volatility.

Coinbase reported a net income of $36 million, a significant turnaround from a loss last year.
Revenue for the second quarter reached $1.45 billion, slightly exceeding analyst expectations.
Non-trading businesses, including interest income from the USDC stablecoin, played a key role in revenue growth.
The company marked down its crypto investment portfolio by $319 million due to new accounting rules.
Coinbase continues to face legal challenges from the SEC and seeks favorable crypto regulations in the upcoming US elections.