During its first earnings report as a public company, Coinbase (COIN) blew away second quarter estimates.
The cryptocurrency exchange reported adjusted earnings per share of $6.42 on revenue of $2.22 billion.
Coinbase saw monthly transacting users jump to 8.8 million, up 44% from the first quarter. Trading volume increased to $462 billion from $335 billion.
While the company didn’t provide guidance, it did project lower monthly transacting users and lower trading volumes during the third quarter.
Catching Jim Cramer’s attention were chief financial officer Alesia Haas’ comments on SEC chair Gary Gensler. Haas told CNBC that Coinbase would educate Gensler in response to Gensler’s recent efforts to secure more regulatory power around digital assets.
“Gary taught crypto at MIT. Gary is the government. I was shocked and horrified,” Cramer said.
Cramer said the comments called into question whether the company is the “gold standard” of cryptocurrency that it presents itself to be.
“That was such an ill-advised comment. It made me think they’re either arrogant or clueless,” Cramer said.
Recap TheStreet Live: Everything Jim Cramer Is Watching 8/11/21