Coinbase (COIN) achieved net sales of US$1.38 billion (USD) in the second quarter of 2024. This represents a 13 percent decrease compared to the first quarter of this year. Earlier, the company was still able to generate USD 1.59 billion in revenue. Compared to the same quarter last year, Coinbase has more than doubled its revenues within 12 months.

Net profit fell sharply: 36 million compared to 1.18 billion in the previous quarter. The drop in profit is mainly explained by higher costs and a decline in trading activity. Due to the sideways trend in the crypto market, transaction revenue fell to USD 780.9 million from USD 1.08 billion.

Still, Coinbase feels poised for the future, as revenue from subscriptions and services grew 17 percent to $599 million. This includes offerings such as Coinbase Custody, the U.S. company's Bitcoin storage service.

Bitcoin ETF issuers rely on Coinbase as the custodian of their digital assets; a lucrative business given the huge demand for these investment products. "We are making good progress in diversifying our revenues," the company wrote in its quarterly report.

Coinbase also gives itself a pat on the back for its lobbying efforts. According to the company, its "Stand With Crypto" lobbying campaign has already gained 1.3 million supporters. The campaign focuses on supporting crypto-friendly candidates for the upcoming US elections. According to the website, nearly $180 million in donations have already been raised.

Investors initially punished what were considered negative quarterly earnings on the stock market. At the end of the trading day, COIN stood at $212.6, down 5.2 percent.

Coinbase, however, is pleased with Base Chain's growth. The report states, "In the 90 days before Aug. 1, the average daily Base cost per transaction was under 1 cent, making it one of the cheapest L2s."