Analysts expect Coinbase to report lower revenues during its second quarter earnings call Thursday amid a trading volume slowdown. But the exchange could offset that decrease via other business lines, and remains undervalued, some analysts say. 

Oppenheimer analysts Owen Lau and Guru Sidaarth expect Q2 revenue to drop to $1.36 billion, a possible decrease from $1.6 billion worth of revenue during the year’s first three months. 

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) could go down to $555 million, they added in the July 21 research note — a sizable fall from the $1 billion last quarter. 

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