Coinbase Q2 Revenue Drops 14% to $1.22B, Net Loss Hits $359M

Coinbase reports Q2 revenue of $1.22B and a $359M net loss, missing estimates. Trading volume fell over 20% QoQ, while market share hit a record 10.3%.

Woofun AI reports that Coinbase posted second-quarter revenue of $1.22 billion, representing a 14% decline from the previous quarter and falling short of the $1.29 billion market consensus. The exchange recorded a net loss of $359 million, with transaction revenue totaling $599 million against an expected $628 million.

Total crypto spot trading volume decreased by more than 20% quarter-over-quarter due to lower asset prices and multi-year low volatility. Despite this, Coinbase’s trading market share reached a record 10.3%, marking its third consecutive quarter of growth. Subscription and services revenue amounted to $555 million, comprising 48% of net revenue, while stablecoin revenue stood at $292 million. USDC balances on Coinbase products averaged $20 billion, exceeding 30% of the total circulating supply. The company ended the quarter with $8.6 billion in cash and equivalents, projecting Q3 subscription revenue between $500 million and $580 million.