Coinbase dives on mixed Q2 earnings report
The largest US crypto exchange reported earnings after the bell.
Coinbase, the largest crypto exchange in the US, reported second-quarter earnings today that missed on revenue expectations, sending the stock down more than 7%.
The company reported Q2 revenue of $1.5 billion, down 26% quarter over quarter and below estimates of $1.58 billion, according to FactSet. Meanwhile, diluted earnings per shares stood at $5.14 and adjusted EPS were $0.12.
Transaction revenue was $764 million, down 39% quarter over quarter. On the bright side, stablecoin revenue was $332 million, a 12% quarter-over-quarter increase.
“We are working to bring the financial system onchain and made progress in Q2 across each phase of crypto adoption: first — as an investment, second — as financial services, and third — as an app platform,” the company said in the shareholder letter.
Yesterday, Coinbase and JPMorgan Chase announced a partnership, enabling customers to link their bank accounts to their Coinbase wallets, a feature that will go live next year. In addition, Chase Ultimate Rewards points will also be transferable to Coinbase accounts in 2026.
