Coinbase third-quarter earnings and revenue missed Wall Street analysts' estimates on Wednesday, sending shares slumping in after hours trading.
“Really solid results across the board, I think quarter to quarter, you definitely see volatility playing a role in trading revenues and we saw that play out with softer market conditions in Q3 but we’re overall happy with the results,” Anil Gupta, vice president of investor relations, told CoinDesk.
"We grew our balance sheet by over $400 million that's put us in a position to issue this new share buyback program," Gupta said. The company ended the third quarter with $8.2 billion in cash, cash equivalents and USDC. Shares of the exchange slumped nearly 7% in the minutes following the report. Year-to-date, the stock rose about 22% amid broader bullish sentiment in digital assets.