Coinbase reported second-quarter 2026 earnings. We break down the most interesting and important numbers for crypto market participants.
Coinbase increased its share of global digital asset trading volume to a record 10.3%–the third straight quarter of all-time highs. However, revenue came in at $1.22 billion, down 14% from the previous quarter and missing Wall Street’s $1.29 billion forecast.
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Net loss reached $359.5 million. Adjusted EBITDA remained positive at $207.8 million–the 14th consecutive quarter in positive territory. Coinbase shares fell 5.4% in after-hours trading.
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Revenue Diversification: 88% of Coinbase’s Revenue No Longer Tied to Spot Bitcoin Trading
Transaction revenue came in at $599 million, below the $636 million forecast. Subscription and services revenue was $555 million–48% of net revenue–below the $565-$645 million guidance. The company attributed the decline to weaker spot trading, volatility dropping to multi-year lows, and falling crypto prices.
Coinbase said 88% of its net revenue is no longer dependent on spot bitcoin (BTC) trading. By comparison, in Q2 2020, that figure was 45%.
Stablecoin revenue reached $292 million. Average Circle’s USDC balances in Coinbase products hit a record $20 billion, representing more than 30% of all USDC▲$0.9999 in circulation at quarter-end. Stablecoin transaction volume on Base grew sevenfold year-over-year.
Coinbase also noted strong use of its infrastructure for AI agent payments–more than 90% of that volume came from Base.
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Prediction Markets and Future Plans
Contracts and revenue from prediction markets grew 106% quarter-over-quarter, with annualized revenue exceeding $100 million. Binary products launched late in the quarter tripled trader numbers and quadrupled daily revenue compared to May.
Coinbase confirmed that the conditions for automatically renewing its commercial agreement with Circle in August have been met. Average loan and borrowing balances grew more than $1 billion year-over-year to $1.49 billion.
In Q2, Coinbase became the first US exchange to gain access to offshore perpetual futures through its Deribit subsidiary. It also launched Coinbase for Agents, allowing AI agents to trade crypto, make payments, and manage portfolios on behalf of users. The company announced upcoming tokenized stock trading, crypto and equity options, and new lending and reward products.
Read more: Coinbase Cuts 14% of Workforce — Crisis or Blind Faith in AI Transformation?
Other Metrics and Outlook
At quarter-end, Coinbase held $8.6 billion in cash and equivalents, with total available resources of $10 billion. The company repurchased 814,000 Class A shares in the quarter and nearly 7 million shares for $1.2 billion year-to-date. About $2 billion remains under its buyback program.
Coinbase lowered its full-year adjusted expense guidance to $4.34-$4.6 billion. For Q3, it forecasts subscription and services revenue of $500-$580 million and adjusted expenses of $980 million-$1.08 billion.
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