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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