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Earnings miss hits COIN
Coinbase reported second-quarter results with total revenue of $1.22 billion, a 19% decline, missing the $1.29 billion forecast by FactSet and sending shares down 5.6% to $154.49 in after-hours trading as of 17:04 EDT.
“shares drop 5.6% to $154.49 as of 17:04 EDT”
The company posted a net loss of $359.5 million, or $1.36 per share, and TechStock² said adjusted EBITDA came in 36.5% below expectations while the initial Q3 services outlook indicated a 14.8% miss compared to FactSet consensus.
Bloomingbit said Coinbase’s GAAP net loss totaled $359 million and that transaction revenue, subscription and services revenue, and adjusted EBITDA all came in below market expectations.
CoinGape put the earnings gap in per-share terms, saying Coinbase posted an EPS of -$1.36, below estimates of -$0.42, as COIN fell more than 5% in after-market trading following the earnings report.
Trading share up, profit down
Even as profitability missed, Coinbase’s trading-volume share rose to a record 10.3% from 9.1% in the first quarter, a point highlighted by TechStock² and echoed by Bloomingbit.
TechStock² said transaction revenue declined 21% from the previous quarter and that adjusted EBITDA was down 31%, while it also noted average USDC balances climbed to an all-time high of $20 billion.
Bloomingbit reported that Coinbase attributed the decline in trading revenue to a 25% quarter-on-quarter drop in spot crypto trading volume, lower market volatility and weaker retail and institutional trading activity as crypto prices fell.
CoinDesk added that Coinbase added 819 BTC to its balance sheet during the second quarter, bringing its total reserves to 17,211 BTC, while it said Bitcoin fell about 14% during the second quarter and Ether lost about 25%, reducing both trading volumes and volatility in the spot markets.
Guidance and diversification test
Looking ahead, Coinbase projected subscription and services revenue in the range of $500 million to $580 million for the third quarter, with the midpoint representing a 2.7% decrease compared to Q2 and trailing FactSet consensus by 14.8%, according to TechStock².
“guiding for subscription and services revenue in the range of $500 million to $580 million”
Benzinga said Coinbase’s transaction revenue through July 26 for the third quarter is $130 million and that the company is guiding for subscription and services revenue to be in that $500 million to $580 million range.
Tech Times framed the core tension as a dual miss, saying subscription and services also came in below estimates even though it was positioned as a low-beta hedge, while it reported the segment at $555 million for Q2 2026 versus analyst expectations of $599 million.
In a separate earnings context, CoinGape said Coinbase highlighted its “Everything Exchange” strategy and that prediction markets contracts and revenue grew 106% quarter-over-quarter and crossed $100 million in annualized run rate, as investors watched whether diversification can offset weaker trading activity.
