Coinbase reported $1.5 billion in revenue and just $0.12 in non-GAAP earnings per share—well below analysts' forecasts. The weak performance was largely due to declining transaction volumes, though subscription and services revenue showed resilience. Despite the financial miss, Coinbase pointed out some important regulatory wins like the GENIUS and CLARITY Acts and revealed strong interest in new products including its Base App and the upcoming “everything exchange” platform for tokenized assets.
Earnings Miss Sends Coinbase Tumbling
Shares of Coinbase Global (COIN) tumbled by more than 8% in after-hours trading on Thursday after the crypto exchange reported disappointing second-quarter results that fell short of Wall Street expectations. The company posted $1.5 billion in revenue for the quarter, missing the consensus estimate of $1.56 billion to $1.59 billion.
While net income was reported at $1.4 billion, this figure included investment gains; adjusted net income stood at a much lower $33 million. Non-GAAP earnings were particularly weak, coming in at just $0.12 per share. This was way below analysts’ forecast of $1.49 per share. The disappointing performance was largely attributed to a sharp decline in transaction revenue amid slumping spot crypto trading volumes.
Coinbase Q2 2025 results (Source: Coinbase)
Despite the miss, there were some positive signs in Coinbase's quarterly results. Subscription and services revenue, which is a key area of growth, only declined 6% from the previous quarter to $656 million. This segment was boosted by a 12% increase in stablecoin-related revenue, which rose to $332 million, largely driven by growing USDC balances. Looking ahead to the third quarter, Coinbase expects subscription and service revenue to land between $665 million and $745 million.
The company also pointed out several key developments that it sees as strategic victories. Coinbase celebrated major regulatory milestones in July, including the signing of the GENIUS Act by President Donald Trump, which establishes a federal framework for stablecoin adoption, and the House’s passage of the CLARITY Act, which aims to define the structure of crypto markets in the United States. These policy wins were described by Coinbase as “monumental” for both the exchange and the crypto industry as a whole.
On the product front, Coinbase mentioned the successful expansion of its stablecoin rewards program and the strong demand for its new Base App, which already attracted over 700,000 users to its open beta waitlist. The company also previewed its ambitious plans for a new platform referred to as the “everything exchange,” which will offer tokenized real-world assets, prediction markets, and early token sales.
According to Coinbase Vice President of Product Max Branzburg, the platform will launch in the US first, followed by a phased international rollout pending regulatory approvals.
