Coinbase said second-quarter revenue came in at $1.22 billion, down 14% from the prior quarter and below market expectations of $1.29 billion. The company reported a net loss of $359 million. Transaction revenue reached $599 million, also missing expectations of $628 million. Coinbase said total crypto spot trading volume fell more than 20% quarter over quarter, citing lower crypto asset prices and market volatility that dropped to multi-year lows. Even so, its share of the crypto trading market rose to a record 10.3%, marking a third straight quarter of gains. Subscription and services revenue totaled $555 million, or 48% of net revenue, and came in below its earlier forecast range. Stablecoin revenue was $292 million, while average USDC holdings across Coinbase products reached $20 billion, accounting for more than 30% of USDC circulating supply at quarter-end. The company ended the quarter with $8.6 billion in cash and cash equivalents and $10 billion in total available resources. For the third quarter, Coinbase expects subscription and services revenue of $500 million to $580 million and adjusted expenses of $980 million to $1.08 billion.
Coinbase reported second-quarter revenue of $1.22 billion, down 14% from the previous quarter and below market expectations of $1.29 billion. The company posted a net loss of $359 million.
Transaction revenue came in at $599 million, missing the expected $628 million. Coinbase said total crypto spot trading volume fell more than 20% quarter over quarter, citing a drop in crypto asset prices and market volatility that had fallen to multi-year lows.
At the same time, the company said its share of the crypto trading market climbed to a record 10.3%, extending growth for a third consecutive quarter.
Subscription and services revenue was $555 million, accounting for 48% of net revenue and coming in below the company’s earlier forecast range. Stablecoin revenue reached $292 million. Average USDC holdings across Coinbase products stood at $20 billion, representing more than 30% of USDC circulating supply at the end of the quarter.
Coinbase ended the quarter with $8.6 billion in cash and cash equivalents and $10 billion in total available resources. For the third quarter, the company expects subscription and services revenue of $500 million to $580 million, with adjusted expenses projected at $980 million to $1.08 billion.
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