Coinbase reported mixed results for the second quarter, showing profitability pressure as overall crypto trading activity softened—despite the exchange winning a record slice of global market volume. The company’s performance underscored a key tension for large exchanges this year: when user activity and volatility decline, even strong market share gains may not be enough to offset revenue headwinds. For the quarter, Coinbase generated about $1.2 billion in net revenue, broadly in line with expectations but down 19% from the prior year. The exchange posted a GAAP net loss of $359 million, widening significantly versus analysts’ expectations for a loss around $122 million. Key takeaways Coinbase’s net revenue for Q2 was roughly $1.2 billion, down 19% year over year, as trading-related revenue weakened. The company reported a GAAP net loss of $359 million, materially worse than expected. Transaction revenue fell short of consensus, while subscription and services revenue also misse...
Ripple-backed Evernorth Holdings has advanced its public market plans after updating its SEC registration. The company completed executive employment agreements and submitted another amended Form S-4 filing. Meanwhile, the latest disclosures also outlined compensation packages, merger progress, and financial impacts linked to recent XRP price weakness. Ripple-Backed Evernorth Completes Leadership Agreements Evernorth Holdings submitted Amendment No. 5 to its Form S-4 registration statement with the U.S. Securities and Exchange Commission. The filing completed employment agreements for the remaining members of the executive leadership team. As a result, the company has finalized compensation arrangements before its proposed public listing. The agreements cover Chief Legal Officer Jessica Jonas, Chief Business Officer Sagar Shah, and Chief Operating Officer Meg Nakamura. Each executive will receive a base salary, annual bonus eligibility, employee benefits, and restricted stock units. Th...