Coinbase shares dropped almost 15 per cent on Tuesday after the cryptocurrency exchange reported disappointing revenue for the third quarter and a shrinking number of active users, in a sign that feverish trading has calmed.
Revenues in the third quarter were $1.31bn, a more than 300 per cent rise on the same quarter last year, but well below analyst expectations of $1.58bn, according to S&P Capital IQ.
The results suggest a dramatic cooling in crypto trading compared with the previous bumper quarter, when Coinbase posted net income of $1.6bn on net revenues of more $2bn, surpassing established exchange operators such as CME Group of Chicago and Intercontinental Exchange.
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