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Coinbase earnings in focus — here’s what to expect

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Myles Udland, Brian Sozzi, and Julie Hyman discuss what to expect ahead of Coinbase posting earnings as the company stock rises in anticipation and the possibility of regulation coming as Congress debates the future of crypto.

Video Transcript

MYLES UDLAND: All right. Let's turn quickly, Coinbase stock was up some 8% yesterday. All those headlines around the cryptocurrency part of the infrastructure bill, which we're going to talk about in just a minute here. But the stock, we see here up 6/10 ahead of the open. But rising 8% yesterday, back above where that direct listing reference price was ahead of its latest quarterly results which are due out after their close this evening.

And Julie, I think it's going to be interesting just to see how much-- what Coinbase's business looked like in a less frantic second quarter for the overall crypto-trading space. We had the May Doge episode in there, but the last few months, what has our conversation really been around the price of cryptocurrency is particularly Bitcoin. The conversation has been pretty stable, pretty normal. Not a whole lot of crazy things going on since we all accept that 5% moves happen with no explanation all the time.

JULIE HYMAN: Well, two things. One here, crazy things are happening again. And so I wonder how much Coinbase is going to then spin that forward, talk about now that we are seeing, of course, the price of Bitcoin go up once again. What does that mean for their volumes even as, as a public company, they have to reassure the street that there's some stability to the business. That they are not subject to the whims of crypto investors and the volatility of what we see in the crypto market. So that's thing one.

Thing two, of course, is going to be regulation, which we're going to talk much more about in just a few moments with someone in the blockchain industry. But as we see Congress debate of various types of regulation for the industry, what is that going to mean for participants on the Coinbase platforms, if anything, and is that going to be some kind of constraint on their business?

BRIAN SOZZI: Yeah, if you're trading this one into earnings here, I think you really have to-- I think generally you have a general sense on how the second quarter played out. You're probably have been tracking Bitcoin Dogecoin and all the other cryptos very, very closely. You really want to pay attention onto the earnings call, how Q3 volumes are starting to play out. Coinbase has done this recently when they reported their prior quarter results.

They will get on the conference call and give a little bit of inter-quarter guidance, and how does that guidance look now? How has the third quarter started considering we have seen Bitcoin and many other cryptos come back off the lows seen earlier in the year? And if they do-- if those volumes are looking strong, you can see the stock trade off of those numbers, not necessarily the quarter, tomorrow morning.

MYLES UDLAND: Yeah, so again, highly anticipated results out after the bell. Coinbase out with its latest quarterly report.