🔹 Revenue: $1.50B (Est. $1.59B) 🔴; -26% QoQ
🔹 EPS (Diluted): $5.14 (Est. $1.51) 🟢
🔹 Total Trading Volume: $237B (Est. $253B) 🔴; -40% QoQ
🔹 Transaction Revenue: $764.3M (Est. $810M) 🔴
🔹 Subscription & Services Revenue: $655.8M (Est. $715.2M) 🔴
Q3 Outlook
🔹 Subscription & Services Revenue: $665M–$745M (Est. $665M) 🟢
🔹 Transaction Revenue (July): ~$360M
🔹 Tech + G&A Expenses: $800M–$850M
🔹 Sales & Marketing Expenses: $190M–$290M
Q2 Segment Performance
🔹 Consumer Trading Volume: $43B; -45% QoQ
🔹 Institutional Trading Volume: $194B; -38% QoQ
🔹 Stablecoin Revenue: $332.5M; +12% QoQ
🔹 Blockchain Rewards Revenue: $144.5M; -26% QoQ
🔹 Assets Under Custody: $245.7B; Record High
Other Q2 Metrics:
🔹 Net Income: $1.43B; UP +3854% YoY
🔹 Adj Net Income: $33M
🔹 Adj EBITDA: $512M; -45% QoQ
🔹 Operating Cash Flow: $146M; DOWN -84% YoY
Strategic & Regulatory Highlights
🔸 GENIUS Act signed into law—first U.S. federal legislation for digital assets
🔸 CLARITY Act passed in House—framework for stablecoins and tokenized assets
🔸 MiCA license secured in Luxembourg; Coinbase expanding across 30 EEA states
CEO Commentary
🔸 “Q2 marked meaningful progress across all phases of crypto adoption—investment, financial services, and app platform.”
🔸 “We're building the financial system onchain, and our positioning is stronger than ever with new regulatory clarity.”
