Coinbase Global (COIN) shares fell nearly 7% in after-hours trading on Thursday after the crypto exchange reported second-quarter results that missed Wall Street expectations, as weaker digital asset trading weighed on its core business. The company, however, pointed to growing subscription revenue and record market share in crypto trading as signs its diversification efforts are gaining traction.

At the time of writing, COIN stock had trimmed some of the losses and was trading down 5%.

COIN Revenue Misses Expectations

For the three months ended June 30, Coinbase reported revenue of $1.22 billion, down from $1.50 billion a year earlier and below analysts’ expectations of $1.29 billion, according to Fiscal.ai.

The crypto platform posted a…