Cryptocurrency exchange platform Coinbase saw its stocks tumble on Tuesday and Wednesday after it revealed a billion-dollar loss in the second quarter amid broader chaos in the crypto market.
The company’s revenue came in at roughly $616 million, sharply off early investor estimates of $667 million. Its $1.1 billion net loss was down from a $1.6 billion net income during the same quarter last year.
The company also reported a decline in monthly users of about 200,000.
Those losses come as most cryptocurrencies have plummeted from sky-high rates last year in what has been an industry-wide correction after unprecedented gains over 2021.
Bitcoin saw its value peak at around $64,000 last year before crashing over the last several months; its value now hovers around $23,000. Ethereum saw a similar collapse, peaking at over $4,600 in November; it now stands at around $1,800 today.
Both cryptocurrencies, along with several others that have experienced tumbling prices over the last few months, have notably increased in value over the last several weeks, though to nowhere near their earlier highs.