Coinbase misses Q2 revenue estimates, but stablecoin growth, policy wins offer hope

The crypto exchange missed revenue estimates for Q2 2025, with transaction volumes falling sharply. Still, steady growth in stablecoin-related income offered some relief.

Shares of Coinbase Global (COIN) plunged in after-hours trading Thursday after the crypto exchange missed Wall Street estimates on both earnings and revenue, despite hitting several key business milestones during the quarter.

Coinbase reported $1.5 billion in second-quarter revenue, falling short of analysts’ expectations of $1.56 billion to $1.59 billion. While net income came in at $1.4 billion, adjusted net income, excluding investment gains, was just $33 million.

Non-GAAP earnings were particularly weak, with profit at only $0.12 per share, well below the $1.49 per share analysts had projected. A sharp drop in transaction revenue, driven by falling spot crypto trading volumes, weighed heavily on results.

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