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Cryptocurrency exchange Coinbase reported a net loss of $2 million in the third quarter, a significant improvement from the $545 million loss in the same period last year. Despite lower trading volumes, the company saw a 14.2% increase in total revenue, reaching $674.1 million. However, quarter-on-quarter revenue fell by 4.8%. The majority of the revenue, $334.4 million, came from subscription and services, while $288.6 million came from transaction-based revenues. Consumer trading volume dropped from $26 billion to $11 billion, while institutional trading volumes also declined. Despite these challenges, Coinbase expressed satisfaction with its financial results and highlighted its positive adjusted EBITDA for the third consecutive quarter. Following the release of the earnings statement, Coinbase’s share price initially rose but later fell.