Coinbase shares slumped 15% and hit their lowest in more than a month on Friday, after the crypto exchange reported a drop in second-quarter adjusted profit due to a slowdown in trading.

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.