Coinbase (COIN) second-quarter revenue beat the Wall Street analysts' estimates slightly as the industry continues to recover from the crypto winter, sending the crypto exchange's shares higher.

The crypto exchange said its second quarter total revenue was $1.45 billion versus average estimate of about $1.4 billion, according to FactSet. However, the second quarter adjusted Ebitda of $596 million came in lower than the consensus of $607.7 million.

Coinbase’s biggest source of income comes from transaction fees, which slipped 27% from the previous quarter as trading volume fell 28%. One of the bright spots for the exchange in the second quarter was the subscription and services revenue which grew 17% from previous quarter.

"On a Q/Q basis, subscription and services revenue benefited from higher average USDC on-platform balances and USDC market capitalization, as well as higher average crypto asset prices - notably SOL and ETH," the firm said in a shareholders letter.

The exchange has been trying to diversify its revenue streams by becoming a crucial part of the spot bitcoin and ether (ETH) exchange-traded funds (ETFs) business, listing some of them and also acting as custodian.

Most recently, CoinDesk reported that the exchange is tapping into real-world assets (RWA) by planning on creating a tokenized money-market fund, a corner of finance that has become popular for asset managers.

Asset management giants BlackRock and Franklin Templeton have both tokenized one of their funds earlier this year. BlackRock’s BUIDL token surpassed $500 million in market value in less than four months of existence.

The stock rose about 2% in the minutes following the report. It has gained about 48% since the beginning of the year and has traded little changed over the past month.