Coinbase Global reported a drop in adjusted profit for the second quarter on Thursday, as gains in subscription and services revenue were offset by weaker trading activity amid reduced cryptocurrency volatility.

Coinbase transaction revenue fell 2 per cent to $764.3 million. However, revenue from the company's subscription and services unit — which includes businesses outside of trading — rose 9.5 per cent to $655.

The largest U.S. crypto exchange’s revenue fell short of Wall Street expectations.