Coinbase generated $2.23 billion of revenue for the second quarter of 2022, as Ether (ETH) trading book surpassed Bitcoin'due south (BTC) for the first time on the platform.

Coinbase posted its Q2 report on Tuesday, and the crypto exchange's revenue beat annotator predictions — with manufacture-standard financial estimators Refinitiv forecasting $1.78 billion in expected revenue for the firm. Coinbase's earnings per share came in at $3.45, compared to estimates of $2.33.

The trading platform posted a net profit of $i.6 billion in Q2, a whopping increase of 4,900% compared to the $32 million recorded in the same flow in 2022.

For the get-go time in Coinbase's nine-yr history, ETH flipped BTC in trading volume, with the assets representing 26% and 24% of total volume, respectively. BTC's trading volume declined 39% compared to Q1, while ETH increased 23% within that fourth dimension frame.

In the report, Coinbase stated that the turn down in BTC'due south trading volume may have been the event of the total Bitcoin volume decreasing "equally a percentage of global commutation spot book," forth with the improver of many new avails that saw increased involvement and speculation.

The house attributed the rise in ETH trading volume to the growth in decentralized finance and nonfungible token ecosystems, along with increased need due to Ethereum 2.0 staking.

Coinbase saw a 38% increment in total volume compared to Q1, with the business firm processing $462 billion of volume in the second quarter.

Operating expenses were as well high, totaling $1.35 billion and equating to 67% of net acquirement.

Related: Coinbase's capital markets head reportedly leaves company

Coinbase stated that Q2 2022 was a "strong quarter," whic saw "growth and diversification" beyond the platform, with the report emphasizing a meaning increment in retail and institutional clients:

"Retail Monthly Transacting Users (MTUs) grew to viii.8 million, up 44% from Q1 2022. Verified Users were 68 1000000. Nosotros at present take over 9,000 institutions who continue to deepen and augment their activities in the crypto economic system."

Retail traders accounted for $145 billion worth of full book, while institutional investors represented $317 billion, equating to increases of 20% and 47% compared to Q1, respectively.

Of the top 100 largest hedge funds in terms of assets nether management, 10 are clients of the platform:

"In add-on, in contempo months, we have formed partnerships with manufacture leaders including Elon Musk, PNC Depository financial institution, SpaceX, Tesla, Third Signal LLC, and WisdomTree Investments."