TLDR
- Coinbase reported $1.5 billion in Q2 revenue, missing analyst estimates of $1.56-$1.59 billion
- Stock fell 7-8% in after-hours trading following the earnings miss
- Transaction revenue dropped 39% quarter-over-quarter despite rising crypto prices
- Stablecoin revenue grew 12% to $332 million, providing some positive momentum
- Company announced plans for an “everything exchange” platform featuring tokenized assets and prediction markets
Coinbase Global reported second-quarter earnings that fell short of Wall Street expectations on Thursday. The crypto exchange posted $1.5 billion in revenue, below analyst estimates of $1.56 to $1.59 billion.
Coinbase $COIN earnings out. Miss on everything.
*COINBASE 2Q TOTAL REV. $1.50B, EST. $1.59B
*COINBASE 2Q TRADING VOLUME $237B, EST. $252.76B
*COINBASE 2Q SUBSCRIPTION & SERVICES REV. $655.8M, EST. $715.2M
*COINBASE 2Q TRANSACTION REV. $764.3M, EST. $810M
*COINBASE SEES 3Q… pic.twitter.com/O6UccqRwLq— MartyParty (@martypartymusic) July 31, 2025
The company’s stock dropped 7-8% in after-hours trading following the earnings announcement. Net income reached $1.4 billion, but adjusted net income was only $33 million when excluding investment gains.

Non-GAAP earnings came in at $0.12 per share, well below the $1.49 per share that analysts had projected. The weak performance was driven primarily by declining transaction activity across the platform.
Transaction revenue fell 39% from the previous quarter to $764 million. This decline occurred despite bitcoin and ether reaching new yearly highs during the second quarter.
The drop in trading volumes weighed heavily on overall results. Coinbase’s business model remains sensitive to crypto market trading activity and volatility patterns.
Stablecoin Business Shows Growth
Subscription and services revenue provided some relief for the company. This segment declined only 6% to $656 million compared to the previous quarter.
Stablecoin-related revenue grew 12% to $332 million during the quarter. The growth was supported by rising USDC balances on the platform.
For the third quarter, Coinbase expects subscription and service revenue between $665 million and $745 million. This guidance suggests continued strength in the stablecoin business segment.
The company has expanded its stablecoin rewards program as part of its product development efforts. These initiatives aim to diversify revenue beyond traditional trading fees.
Adjusted EBITDA came in at $512 million, down from $596 million in the same quarter last year. The decline reflects the challenging trading environment during the period.
New Platform and Policy Developments
Coinbase announced plans for a new “everything exchange” platform during the earnings call. The platform will feature tokenized real-world assets, prediction markets, and early token sales.
The new exchange will launch first in the United States. International expansion will follow based on regulatory approvals in different jurisdictions.
Coinbase Vice President of Product Max Branzburg outlined the gradual international rollout strategy. The company is waiting for jurisdictional approvals before expanding globally.
The company celebrated recent policy developments as positive milestones. President Trump signed the GENIUS Act, establishing a federal framework for stablecoin adoption.
The House also passed the CLARITY Act, which aims to define crypto market structure. These regulatory developments occurred in July following the end of the second quarter.
Other product initiatives include the Base App launch, which attracted over 700,000 users to its open beta waitlist. The Base layer-2 network continues to gain traction among users and developers.