Coinbase CEO Brian Armstrong 'more bullish than ever' as company navigates latest crypto downturn

Coinbase Global (COIN) CEO Brian Armstrong sought to easiness capitalist worries amid a large descent crossed the crypto markets and a brawl successful Washington, D.C., that has dimmed hopes for different portion of landmark authorities to walk done Congress.

"We've been done cycles similar this galore times astatine Coinbase, and adoption continues to grow. Regulatory clarity is connected the horizon, and I'm much bullish than ever,” Armstrong said connected the company's net telephone connected Thursday.

Armstrong's comments came aft Coinbase reported its second-worst quarterly nett nonaccomplishment ever, $667 million, owed to a $718 cardinal insubstantial nonaccomplishment connected its crypto concern portfolio. Excluding swings successful its crypto holdings, Coinbase reported adjusted EBITDA of $566 million, a 56% driblet compared to the anterior twelvemonth and $89 cardinal beneath Wall Street forecasts. Coinbase's nett gross tallied $1.7 billion, down $487 cardinal from the aforesaid play a twelvemonth ago.

"There are opportunities successful each market, whether it's up and down," Armstrong added, noting the institution had benefited from erstwhile crypto downturns.

Coinbase banal roseate arsenic overmuch arsenic 9% connected Friday greeting pursuing the results.

Since the crypto world's October peak, bitcoin, different integer assets, and crypto-exposed companies person been punished, with Coinbase banal down much than 50% and the full marketplace capitalization of crypto assets losing $2 trillion implicit that period, according to information from CoinMarketCap.

Amid this downturn successful the company's stock, Coinbase repurchased $1.7 cardinal worthy of its ain shares implicit the past year, capable to screen the banal paid retired to employees and execs. Coinbase CFO Alesia Haas told investors connected the call, "Coinbase is buying the dip."

Read more: How to navigate a crypto meltdown

Quarterly trading measurement astatine Coinbase totaled $215 billion, down 51% from $439 cardinal past year. The company's mainstay gross stream, fees from retail traders, tumbled much than 45% and was $41 cardinal abbreviated of expert projections.

As Fundstrat caput of integer assets Sean Farrell said connected Thursday, "Crypto is successful no-man's land."

Armstrong reminded analysts of the company's notable advancement successful its longtime quest to marque its concern little beholden to crypto prices. In December, Coinbase had a splashy merchandise merchandise introducing trading for stocks, tokenized stocks, futures, and prediction marketplace contracts.

"We present person 12 products doing implicit 100 cardinal successful annualized revenue," helium said.

In Washington, a brighter spotlight is connected Coinbase aft Armstrong publically flexed his firm's governmental mightiness connected societal media by rejecting a large measure that would officially meld the crypto satellite with mainstream finance. A legislature committee canceled a proceeding that would determination the measure guardant hours later.