Coinbase Q2 profit misses estimates despite record crypto market share
Coinbase reported weaker-than-expected second-quarter profitability as softer crypto trading activity hurt results. Net revenue was about $1.2 billion, roughly in line with forecasts but down 19% year over year. The company posted a GAAP net loss of $359 million, far worse than analysts expected, and missed estimates on transaction revenue, subscription and services revenue, and adjusted EBITDA. Transaction revenue fell to $599 million and subscription/services revenue to $555 million. Even so, Coinbase reached a record 10.3% share of global crypto trading volume, up from 9.1% in the prior quarter, as overall market activity declined. The company blamed lower trading volume, reduced volatility, and weaker crypto prices. Coinbase is also expanding beyond spot trading into derivatives, prediction markets, tokenized assets, and payments. Shares dropped more than 5% after hours.
