Coinbase disclosed a net loss of $359.5 million, or $1.36 per share, in the quarter through June 30, falling short of Wall Street targets for the third quarter in a row as softness in crypto markets eroded trading income.
Revenue fell to $1.2 billion, below Wall Street's $1.3 billion forecast, as a crypto market downturn weighed on trading activity
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Coinbase disclosed a net loss of $359.5 million, or $1.36 per share, in the quarter through June 30, falling short of Wall Street targets for the third quarter in a row as softness in crypto markets eroded trading income.
Revenue fell to $1.2 billion from $1.5 billion in the same period a year earlier. Analysts surveyed by LSEG had expected a loss of 17 cents per share and revenue of $1.3 billion, according to CNBC. A year earlier, Coinbase recorded a profit of $1.43 billion, or $5.14 per share.
Transaction revenue reached $599 million for the quarter, with subscription and services revenue adding another $555 million. Each figure came in under what analysts had projected and below year-ago levels, according to CoinDesk. Stablecoin revenue fell to $292 million, a drop of $17 million from the second quarter of 2025, according to CNBC.
Chief Financial Officer Alesia Haas described a difficult operating environment, noting that industrywide spot trading volumes slid more than 20% while the overall crypto market capitalization shrank by double digits. Haas said the combination of those headwinds drove a 14% sequential drop in Coinbase's overall revenue, according to CoinDesk.
Coinbase stock dropped more than 7% in after-hours trading on Thursday.
Despite the headline loss, the company pointed to several areas of growth. Coinbase reached a crypto trading volume market share of 10.3% in the second quarter, a company record and its third consecutive quarter of gains, the company said. Subscription and services revenue represented 48% of total net revenue, up from 29% in the fourth quarter of 2024. Prediction markets contracts and revenue grew 106% quarter-over-quarter, crossing $100 million in annualized revenue.
Average USDC held in Coinbase products reached an all-time high of $20 billion in the quarter, the company said.
"Coinbase is no longer a bet just on the price of Bitcoin," Chief Executive Officer Brian Armstrong said in a statement. "All of financial services are getting updated by crypto, whether that's trading or payments or lending, and Coinbase is the best-positioned company in the world to power this."
Coinbase also said it was narrowing its full-year 2026 adjusted expenses range, citing continued cost discipline. The company delivered its 14th consecutive quarter of positive adjusted EBITDA, which came in at $207.8 million for the second quarter, down from $303.3 million in the first quarter.
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