Cryptocurrency exchange platform Coinbase Global, Inc. (NASDAQ:COIN) reported a wider-than-expected third-quarter loss and missed revenue expectations. However, monthly transacting users (MTUs) came in at 8.5 million, better than the Bloomberg consensus estimate of 7.84 million. Also, the company was able to control operating expenses reasonably well, resulting in a sequential improvement in both Net loss and adjusted EBITDA (earnings before interest tax depreciation and amortization). Coinbase said that during Q3, retail users preferred “hodl’ing” (buy and hold) cryptocurrencies instead of trading, thus resulting in lower trading volumes both sequentially and year-over-year. Bitcoin (BTC-USD) contributed 31% of total trading volume and 31% of transaction revenue.
