Coinbase reported total revenue of $1.2 billion for Q2 2026, down 14% quarter-over-quarter and 19% year-over-year, reflecting a weak cryptocurrency market environment.
Trading revenue declined by 21% quarter-over-quarter to $599 million, while subscription and services revenue decreased by 5% quarter-over-quarter to $555 million, accounting for 48% of net revenue. The company reported a net loss of $359 million, compared to a net profit of $14 billion in the second quarter of 2025. Despite market challenges, Coinbase achieved a record-high (all-time high, ATH) market share of 10.3% in cryptocurrency trading volume and a new all-time high in the average USDC balance held within Coinbase products, reaching $20 billion.
Adjusted EBITDA was $208 million, marking the 14th consecutive quarter of profitability.
The company implemented a 14% workforce reduction in May and lowered its full-year 2026 adjusted expense guidance to $4.2 billion–$4.45 billion, representing a $100 million reduction at the midpoint.
Platform assets declined from $294 billion in the first quarter of 2026 to $246 billion, primarily due to outflows from Bitcoin ETFs. Cash and cash equivalents stood at $8.6 billion as of the end of the quarter.
Coinbase returned over $2 billion to shareholders through share repurchases, offsetting more than 85% of equity award issuances since the fourth quarter of 2024.
For the third quarter of 2026, the company provided cautious guidance:
As of July 26, trading revenue for the quarter-to-date was approximately $130 million, and subscription and services revenue was $500 million to $580 million. The company will continue investing in derivatives, prediction markets (which have already generated annualized revenue exceeding $100 million), and on-chain infrastructure, including the Base blockchain and agent finance capabilities.
Editor/Liam