Coinbase Global (NASDAQ:COIN) stock drops 5.1% in midday trading, paring its decline of ~14% from Tuesday's after-hours, after the cryptocurrency exchange's Q3 results reflected softer cryptocurrency prices and lower activity. "Most significantly, 3Q saw a dramatic decline in retail take rate, likely among the most dramatic compression in COIN's short history as a public company," writes Mizuho Securities USA analyst Dan Dolev, who has a Neutral rating on the stock. "This helped drive the significant (nearly 20%) 'miss' in revenue vs. consensus expectations." Wedbush analyst Moshe Katri (Outperform) said the lower crypto volatility in Q3 resulted in a trading mix shifting to Coinbase's (COIN) low-yield COINPRO platform. On the positive side, market tailwinds bolstered Coinbase's (COIN) operations in October. "This likely led to increasing the FY MTU (monthly transacting users) guide," Dolev said. On Coinbase's earnings call, CEO Brian Armstrong said the company has seen an increase in retail fee rates in
