Coinbase's total revenue in the second quarter was $1.45 billion, beating Wall Street expectations, which averaged around $1.4 billion. Coinbase's Q2 adjusted EBITDA came in at $596 million, below consensus expectations of $607.7 million.

According to the earnings report, Coinbase's largest source of revenue is transaction fees, which are down 27% from the previous quarter and trading volume is down 28%. One of the highlights of the exchange's second quarter was a 17% increase in subscription and services revenue from the previous quarter.

Within minutes of the report's release, Coinbase shares were up about 2% to trade around $212.5, up about 48% since the start of the year.