Coinbase (COIN) shares were down 4% after hours Wednesday as the crypto exchange job lower than expected profits and revenues. The largest cryptocurrency exchange in the United States reported earnings below analysts’ expectations, with earnings per share coming in at $0.28 versus $0.41 expected. Revenue also missed forecasts, coming in at $1.21 billion instead of the forecasted $1.26 billion.

Coinbase’s transaction fees fell 27% from the previous quarter, as trading volumes on U.S. exchanges continued to decline. The company attributed the slowdown to difficult market conditions, according to its letter to shareholders.

Additionally, Coinbase’s subscription and services revenue, which includes offerings such as stablecoins, staking and leverage for Prime traders, saw a 7% decline, totaling 556.1 million dollars.

In its letter to shareholders, the company noted: “We are working to drive revenue growth through products such as derivatives, international expansion, custody and deeper integration of USDC into the cryptoeconomy . »

Not all the news has been negative for the company, as it has demonstrated progress in several areas. In its earnings report, Coinbase announced a $1 billion share repurchase program, signaling confidence in its long-term prospects and providing value to shareholders.

Additionally, stablecoin revenue reached $247 million, reflecting a 3% increase from the previous quarter. The company highlighted that USDC, year-to-date, is the fastest-growing major USD stablecoin, thanks to incentives from the Coinbase platform and deeper USDC integration in its suite of products.

The company also highlighted the growing importance of cryptocurrency in the US presidential election landscape. After the election, Coinbase expressed its commitment to supporting organizations like Fairshake, one of the largest nonpartisan political action committees (PACs). In an article onCoinbase co-founder and CEO Brian Armstrong announced an additional $25 million contribution to Fairshake PAC, which will be used to promote pro-crypto candidates ahead of the 2026 midterm elections.

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