Coinbase Q2 earnings miss Wall Street estimates

Coinbase is masking a massive $359.5 million net loss behind "positive adjusted EBITDA" to distract from a failing core business. Transaction revenue plummeted 21% as trading activity cools, proving the exchange can't survive on fees alone. They are now essentially a stablecoin and subscription company, not a crypto leader. If the biggest US exchange can't turn a profit despite its massive scale, does it actually have a viable future? Or is the crypto exchange model dead?
This summary was generated by AI