Coinbase reported a difficult second quarter as weaker crypto prices and lower trading activity continued to weigh on its business. Revenue came in at $1.22 billion while adjusted EBITDA fell to $208 million. Transaction revenue declined to $599 million and the company posted a net loss of $359 million. Third quarter guidance also disappointed, pushing several analysts to lower their estimates and price targets. Still the quarter was not weak across the board. Coinbase captured a record 10.3% share of global crypto trading volume, marking its third consecutive quarterly gain. Its derivatives activity also held close to the previous quarter’s record despite a double-digit contraction in the wider market. Newer businesses are gaining ground as well. Coinbase One surpassed one million paid subscribers while prediction markets exceeded a $100 million annualized revenue run rate. However, these areas are not yet large enough to fully offset the decline in core trading revenue. That is where Wall Street remains divided. Some analysts see the weak quarter as a temporary result of difficult market conditions while others believe expectations remain too high unless crypto trading activity recovers soon. The market-share gains are encouraging but the timing of that recovery will likely matter more for Coinbase’s near-term earnings.