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The Wall Street Journal ran a feature story over the weekend on Coinbase’s (COIN) overreach during the crypto boom – and how that has left it scrambling to right size the business as crypto melts down (“Coinbase’s Rapid Rise Left It Exposed In Crypto’s Collapse”. Their 2Q22 report released after the close Tuesday shows just how bleak things are.

Monthly Transacting Users (MTUs) declined from a peak of 11.2 million at the end of 4Q21 to 9.0 million – and even further to 8.0 million at the end of July. Trading Volume fell from $547 billion in 4Q21 to $217 billion – and the run rate worsened in July to $51 billion. As a result, profitability plummeted from $1.2 billion in 4Q21 to -$151 million in 2Q22.

While crypto and COIN along with it have had a nice bounce over the last couple of months the jury is still out on the future of crypto.

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