Coinbase reports $1.10B loss in Q2 as assets on exchange slump
Coinbase reported the biggest loss ever in Q2, losing more than $1B over the past 3 months. Assets held on the exchange also fell to just $96 million.
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Read Coinbase news, including earnings, legal cases, product launches, listings, policy advocacy, and exchange market developments.
Coinbase reported the biggest loss ever in Q2, losing more than $1B over the past 3 months. Assets held on the exchange also fell to just $96 million.
Liam 'Akiba' Wright 4 min read
Two law firms in New York have filed a lawsuit against Coinbase for allegedly misleading information about the custody of customers' assets and trading of unregistered securities.
Ex-Coinbase Product Manager Ishan Wahi and his brother Nikhil will have to pay $2 million for bail after they pleaded not guilty to insider trading charges.
Coinbase would allow institutional investors of BlackRock to carry out crypto transactions via its Coinbase Prime feature.
The lawsuits are currently before Federal courts, where the judges have rejected the exchange's move to send the cases into arbitration.
COIN is up 50% since July 26 as analysts forecast better than expected results upon release of the second-quarter earnings report on August 9.
Ark Invest sold off 1.41 million Coinbase shares for $75 million, citing the exchange's poor performance as the primary reason.
The SEC has doubled its investigation of the crypto exchange since it increased the number of listed tokens on its platform.
The SEC has been accused of using enforcement actions to bring all digital assets into its jurisdiction.