Shares in Coinbase, the nation's largest cryptocurrency exchange, rose more than 2% in after-hours trading on Tuesday after reporting second-quarter revenue that beat analysts' expectations.
Coinbase reported second-quarter revenue of $2.23 billion and market expectations of $1.78 billion; earnings per share were $6.42.
Coinbase said its second-quarter net profit was $1.6 billion, up nearly 4900% from a year earlier. The company's second-quarter trading volume was $462 billion, up 38 per cent from a month earlier, with analysts expecting $381.64 billion; monthly trading users were 8.8 million, up 44 per cent from the previous quarter.
The company said total trading volume on the platform expanded from Bitcoin to Ethernet Fong and other encrypted assets, with about 24 per cent of total trading volume concentrated on Bitcoin in the quarter, down from 39 per cent in the first quarter.
Although Coinbase did not provide formal guidance on results, it said trading volume in the third quarter would be lower than in the second quarter. Analysts expect the company to earn $7.76 a share on full-year revenue of $6.29 billion.
Coinbase, which listed directly on Nasdaq in April, opened at $381.It rose 70% in intraday trading, and its market capitalization exceeded $100 billion at one point, making it the first large cryptocurrency company to list in the United States.
Coinbase shares have fallen about 29% since going public, compared with the Nasdaq over the same period.The index rose nearly 20%.