Crypto exchange Coinbase reported mixed second-quarter results on Thursday, missing Wall Street expectations on profitability as weaker trading activity weighed on results despite the company capturing a record share of the crypto market.

In the second quarter, Coinbase generated roughly $1.2 billion in net revenue, broadly in line with expectations but down 19% from a year earlier. The company reported a GAAP net loss of $359 million, significantly wider than analysts’ expectations for a roughly $122 million loss. Transaction revenue, subscription and services revenue, and adjusted EBITDA also fell short of consensus estimates.

Despite the losses, the exchange posted an all-time-high 10.3% share of global crypto trading volume, up from…