Crypto alternate Coinbase reported earnings on Thursday, with key monetary figures coming in earlier than Wall Avenue estimates.

Coinbase reported $674.1 million in total earnings for the quarter, surpassing analyst expectations of $650.9 million.

The agency reported $288.6 million in Q3 transaction earnings, and $334.4 million in earnings from products and services and subscriptions over the identical period. Of its subscription and products and services earnings, earnings earned on USDC reserves below its arrangement with stablecoin issuer Circle amounted to $172 million.

Meanwhile, the alternate’s trading quantity dropped to $76 billion, down from the $92 billion recorded final quarter. Institutional trading volumes came in at $65 billion, while retail trading quantity stood at $11 billion.

In its shareholder letter, Coinbase described the period as a “accumulate quarter” despite the meander in trading volumes and successfully-known that it became once heading in the appropriate direction to lift a favorable adjusted EBITDA in 2023.

The agency additionally attributed a decline in total crypto market cap, and the bottom ranges of market volatility since 2016 as one of the most explanations on the motivate of the decline in transaction earnings.

“This macro backdrop contributed to global dwelling market trading volumes declining 24% Q/Q in Q3,” said Coinbase.

The agency has $5.5 billion in money on its balance sheet, which it plans to invest in increasing on chain utility.