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Coinbase's US Crypto Trading Volume Falls More Than Expected in Q3: Berenberg Report

According to a research report by Berenberg, Coinbase's cryptocurrency trading volumes in the U.S. have weakened more than expected in Q3, with a 17% sequential and 52% YoY fall. The investment bank believes Coinbase's consumer take rate is at risk of compression due to competition for market share within a lower volume crypto space.

Berenberg's cautious stance towards Coinbase is due to the threats to its business from regulatory actions and litigations it faces in the U.S., as well as future regulatory crackdowns on crypto. Despite these challenges, Coinbase's shares are trading at a valuation close to that of the last crypto boom in late 2021.

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