Coinbase (COIN) shares fell roughly 7% in after-hours trading on Thursday despite the crypto exchange reporting strong growth in its prediction market segment and record trading market share.
Coinbase (COIN) stock price chart.
Source: Google Finance Prediction market contracts and revenue more than doubled during the second quarter, growing 106% quarter over quarter and surpassing $100 million in annualized revenue, according to Coinbase's earnings release.
The company said binaries products launched late in the quarter tripled daily traders and quadrupled daily revenue compared to numbers from May.
Coinbase also captured a record 10.3% share of global crypto trading volume in the second quarter, up from 9.1% in the prior quarter, marking its third consecutive quarter of market share gains despite a slowdown in trading activity across the industry.
