Coinbase Q2 Revenue Reaches $1.22 Billion, Net Loss of $359 Million

Odaily reported that crypto exchange Coinbase recorded a revenue of $1.22 billion in the second quarter, down 14% quarter-over-quarter and below the market expectation of $1.29 billion. The net loss was $359 million. Transaction revenue came in at $599 million, below the expected $628 million.



Coinbase stated that total spot crypto trading volume in Q2 fell over 20% quarter-over-quarter, attributing the decline to falling crypto asset prices and market volatility dropping to multi-year lows. Its market share in crypto trading reached a record high of 10.3%, marking the third consecutive quarter of growth.



Subscription and services revenue totaled $555 million, accounting for 48% of net revenue, falling below the previously forecast range. Stablecoin revenue was $292 million, with an average of $20 billion in USDC held across Coinbase products, representing over 30% of the total USDC in circulation at the end of the quarter.



Coinbase ended the quarter with $8.6 billion in cash and cash equivalents, and total available resources of $10 billion. The company expects Q3 subscription and services revenue to be between $500 million and $580 million, with adjusted expenses ranging from $980 million to $1.08 billion.