Coinbase shares fell about 5% after the exchange reported a second quarter loss and $1.2 billion in revenue despite record crypto trading market share.

Wall Street expects a sluggish second quarter from Coinbase as crypto trading activity cools, putting all eyes on and pending U.S. crypto legislation.

Coinbase posted $1.29B in Q2 revenue while Strategy reported $122.9M, both meeting consensus as crypto trading volumes declined from Q1 levels.