Coinbase Global (COIN) came just shy of revenue estimates, posting $1.2 billion in total revenue for the quarter, while missing on adjusted EPS (earnings per share) for the quarter.

"The actual trading volumes were down in the quarter, but we knew that. What we didn't know was what the mix would be between institutional and retail [investors]," Citizens JMP Director of Financial Technology Research Devin Ryan says about the cryptocurrency exchange's third quarter results.

Coinbase managed to turn a profit on this print as bitcoin (BTC-USD) and the crypto space have rallied nearing the 2024 presidential election. Ryan tells Julie Hyman and Josh Lipton that Coinbase's revenue is still adapting to its spending cuts implemented in 2023.

Catch Devin Ryan react to trading platform Robinhood Markets' (HOOD) third quarter earnings results.

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This post was written by Luke Carberry Mogan.