TechFlow news, Messari has released its Q2 revenue forecast report for Coinbase. According to the report, Coinbase's revenue is expected to decline by 9% year-on-year to approximately $670 million in the second quarter of 2023, primarily due to a 36% drop in spot trading volume. This decline reflects Coinbase's strategic shift toward prioritizing profit margins over market share. Non-trading revenue is projected to surpass trading revenue for the first time, indicating the company’s successful transition toward more sustainable revenue streams. Staking revenue is expected to grow by 13%, driven by the rise in average Ethereum prices and the addition of Polkadot staking support.
In addition, custody revenue is expected to increase by 20%, helping offset an anticipated 5%-15% outflow of assets, which results from rising cryptocurrency prices.
Interest income remains a key component of Coinbase’s non-trading revenue, but it is expected to decline by 19% due to a significant drop in USDC supply. Although higher interest rates have increased yields on USDC deposits, the March 2023 depegging event negatively impacted market perception, leading to substantial capital outflows.
