Coinbase beats revenue estimates as crypto markets ride ETF euphoria
Adds executive comments from conference call in paragraph 4-5, graphic, compares with estimates in paragraph 1, adds details throughout; updates shares
By Manya Saini
Aug 1 (Reuters) -Coinbase's COIN.O second-quarter revenue surpassed Wall Street expectations on Thursday as trading volumes roared back to life thanks to market euphoria over easing regulatory roadblocks, sending shares of the crypto exchange 3% higher after the bell.
Crypto markets have gotten a boost this year after theU.S. Securities and Exchange Commission approvedan exchange-traded fund to track the spot price of bitcoin BTC= and ether ETH=, ending an almost decade-long tussle.
"We are increasingly optimistic that the next administration, whether Democrat or Republican, will be constructive on crypto. The rhetorichas shifted," CEO Brian Armstrong said on post-earnings conference call.
"Since we went public, we have reiterated the need for regulatory clarity."
The SEC and Coinbase have locked horns over their divergent views on whether crypto tokens classify as securities and should be regulated similarly. The company hasaccused the top U.S. markets regulator of overreach, while the SEC has alleged the largest U.S. crypto exchange is flouting its rules.
Approvals of spot bitcoin ETFs marked the entry of traditional financial heavyweights such as BlackRock BLK.N and Fidelity into digital assets, giving the sector greater credibility.
In the aftermath, the total market capitalization of the sector has swelled to roughly $2.36 trillion, according to CoinGecko, powered bygains in both bitcoin and ether, the second-biggest crypto token.
Coinbase's total transaction revenue surged 139% to$780.9 million in the second quarter.
Revenue from Coinbase's subscription and services unit, which houses businesses outside of trading, jumped 79% to$599 million in the quarter.
Quarterly custodial fee revenue climbed to $34.5 million, benefiting from inflows tied to spot bitcoin ETFs.
The company's total revenue doubled to $1.45 billion, beating analysts' estimates of $1.4 billion, according to LSEG data.
It posted a profit of 14 cents per share in the quarter, compared with a loss of 42 cents a year earlier.
ETF euphoria helps bitcoin shrug off crypto winter woes https://reut.rs/3WJzK0m
Reporting by Manya Saini in Bengaluru; Editing by Devika Syamnath
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