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Q3 Slowdown Hits Coinbase, But It Still Pledges $25M for Political Funding

by SB Crypto Guru News
October 31, 2024
in Crypto Updates
Reading Time: 2 mins read
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Coinbase (Nasdaq: COIN) missed Wall Street’s Q3 2024 revenue estimate of $1.26 billion, reporting $1.2 billion. Its earnings per share of $0.28 also fell short of analyst expectations of $0.45. The crypto exchange’s EBITDA of $449 million also missed expectations by $20.2 million.

Coinbase Faces “Softer Market Conditions”

The missed estimates impacted the company’s share price, which dropped by almost 5 percent in after-hours trading. In a letter to shareholders, Coinbase attributed the slowdown to “softer market conditions.”

The total revenue of the exchange declined by 17 percent quarter-over-quarter, with transaction revenue at $573 million, down 27 percent. Although the company recorded a pre-tax loss of $121 million on its crypto asset investment portfolio, it achieved a net income of $75 million.

pic.twitter.com/13VmI6CGe8

— Brian Armstrong (@brian_armstrong) October 31, 2024

Influencing Crypto Policy

Despite these misses, the California-based exchange committed another $25 million to Fairshake, a political action committee for the digital asset industry. The lobby group will use the funds to support pro-crypto candidates leading up to the 2026 midterm elections.

We get the U.S. election results in 6 days, and no matter how you slice it, it will be the most pro-crypto congress ever.But we’re not slowing down post-election.Today I’m announcing that @coinbase has committed another $25M to support Fairshake PAC, which they will use…

— Brian Armstrong (@brian_armstrong) October 30, 2024

“We’re not going to slow down post-election,” said Coinbase’s Chief Executive Officer Brian Armstrong during the exchange’s earnings call on Wednesday. “We know we need pro-crypto legislation passed in this country.”

Notably, Coinbase is also engaged in two legal cases with the Securities and Exchange Commission (SEC): one in which the regulator accused the exchange of breaching existing regulations, and another where Coinbase is challenging the agency to clarify its crypto rulemaking.

Furthermore, the exchange’s board authorised a share buyback program of up to $1 billion. This program has no set deadline, meaning the firm will repurchase shares based on market conditions.

“The timing and amount of any repurchases will depend on market conditions, and any repurchases will be made at our discretion,” the shareholder letter stated. “This program does not obligate us to repurchase any specific dollar amount or number of shares of our Class A common stock, and the program may be modified, suspended, or discontinued at any time.”

This article was written by Arnab Shome at www.financemagnates.com.



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Tags: 25mBitcoin NewsCoinbaseCrypto NewsCrypto UpdatesfundingHitsLatest News on CryptoPledgespoliticalSB Crypto Guru NewsSlowdown
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