Coinbase told investors on Thursday that 88% of its second-quarter net revenue came from something other than Bitcoin spot trading. The same release reported a $359.5 million net loss under US accounting rules, marking the company's third consecutive losing quarter.
Both figures describe the same three-month period. Taken together, they point to a more complete picture of Coinbase's business than either number does on its own.
The structure Coinbase carried into its 2021 public listing was straightforward: retail customers traded more when Bitcoin's price rose, paying a fee on every transaction. When prices flattened, revenue flattened along with them. Much of what the company has built since has been aimed at breaking that link between Bitcoin price movements and its top line.
