Coinbase shares down 54% over the year ahead of key Q3 earnings

• —Revenue forecast of $1.21 billion implies a drop of more than 35% year over year
• —Expected trading volume of $137 billion is less than half the year-ago figure
• —Coinbase stock has lost 54% over 12 months, closing near $162
• —Nearly half of quarterly revenue is now expected to come from subscriptions and services, including USDC