Coinbase Global Inc. saw a significant drop in its shares, marking the largest decline in over two years. This decline followed the release of disappointing financial results that fell short of Wall Street expectations.

The company reported total revenue of $1.21 billion, which was below the anticipated $1.25 billion. Additionally, net income stood at $75 million, significantly lower than the $112.2 million forecasted by analysts surveyed by Bloomberg. In the same quarter last year, Coinbase had reported a loss of $2.3 million.

A recent accounting change, implemented in the second quarter, resulted in the company pricing its digital assets at market value, leading to a pre-tax loss of $121 million for the latest quarter. This change in accounting practices has raised concerns among investors, contributing to the sharp decline in share value.