Coinbase reported an unexpected quarterly loss amid declining crypto trading volumes, while NY State seeks $36B in damages against prediction market Kalshi.
Regulation & Gov ·
Coinbase reported a net loss of $359 million in the second quarter with revenue declining 14% from the prior quarter as crypto spot trading volume fell more than 20%, according to https://decrypt.co/374781/morning-minute-coinbase-posts-surprise-loss-as-crypto-trading-dries-up. The quarterly loss exceeded analyst expectations by a wide margin, with earnings per share coming in at a loss of $1.36 compared to a roughly break-even estimate. Separately, New York's attorney general filed a petition to shut down prediction market Kalshi and is seeking $36 billion in damages. Bitcoin ETFs recorded $233 million in net inflows, marking the second largest daily inflow since early May.