Coinbase Posts $359 Million Q2 Loss as Revenue Falls 14%, but Market Share Hits Record 10.3%

Coinbase reported $1.22 billion in second-quarter revenue on Thursday, down 14% from the first quarter and short of the roughly $1.29 billion analysts had modeled. The company booked a $359.5 million net loss, its third consecutive quarterly loss.

Total crypto spot trading volume fell more than 20% quarter over quarter as prices slid and volatility reached multi-year lows, according to the company. Transaction revenue came in at $599 million against expectations of $628 million. Subscription and services revenue totaled $555 million, or 48% of net revenue, below Coinbase’s own guidance range of $565 million to $645 million and analysts estimates of $599 million. Stablecoin revenue was $292 million.

Coinbase lost $666.7 million in the fourth quarter of 2025 and $394 million in the first quarter.

The operating detail read better than the headline. Crypto trading volume market share reached a record 10.3%, up from 9.1% in Q1 and a third consecutive quarterly gain, with share rising in both spot and derivatives. Prediction markets contracts and revenue grew 106% sequentially and crossed a $100 million annualized run rate. Average USDC held across Coinbase products hit a record $20 billion, more than 30% of USDC in circulation at quarter-end, and the company said conditions were met for its Circle agreement to renew automatically in August. Average borrow and lend balances rose more than $1 billion year over year to $1.49 billion.

The quarter also absorbed the cost of May’s retrenchment, booking $52.4 million in restructuring charges after Coinbase cut 700. jobs and rebuilt its teams around AI. Coinbase reduced and narrowed its full-year adjusted expenses range, guided third-quarter subscription and services revenue to between $500 million and $580 million, and said transaction revenue through July 26 was roughly $130 million.

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