In Q3, revenue was up 7% QoQ, but fell 2% below our estimate due to lower than expected trading volumes. EPS was down 7% QoQ to -$0.01, falling short of our forecast by 1%. 

Trading volumes were up 5% QoQ (down 18% YoY), but 18% lower than our estimate. In comparison, Coinbase (NASDAQ: COIN), operator of the largest crypto exchange in North America, experienced a 52% YoY decline in volume.