• Q2 revenue fell 40% YoY (3% below our estimate), amid a 57% YoY decline in transaction volume. In comparison, Coinbase (NASDAQ: COIN), operator of the largest crypto exchange in North America, experienced a 58% YoY decline in transaction volume. Global crypto transaction volumes are down amid increased regulatory scrutiny, and lower prices.
    • This company added 6k users in Q2, increasing its total user-count to 209k.
    • Despite a steep decline in revenue, EBITDA improved by 41% YoY (6% lower than our estimate), due to a 41% decline in SG&A expenses. EPS and FCF improved as well, but remain negative.
    • In Q2, annualized revenue per user declined 53% YoY, to $20 (in line with our estimate) vs $41 for COIN. On a positive note, Customer Acquisition Costs (CAC) fell 48% YoY to $102 (COIN – $36), driven by organic and referral signups.
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