🔹 Revenue: $2.03B (Est. $2.2B) 🔴
🔹 Adj. EPS: $0.24 (Est. $2.09) 🔴
🔹 Transaction Revenue: $1.26B (Est. $1.33B) 🔴
🔹 Subscription & Services Revenue: $698M (Est. $702.5M) 🔴; UP +37% YoY, +9% QoQ
🔹 Trading Volume: $393B (Est. $392.7B) 🟢
Q2 '25 Guidance
🔹 Subscription & Services Revenue: $600M–$680M
🔹 Tech + G&A Expenses: $700M–$750M
🔹 Sales & Marketing Expenses: $215M–$315M
🔹 April Transaction Revenue: ~$240M
Other Key Metrics:
🔹 Adj. EBITDA: $930M
🔹 Net Income: $66M
🔹 Adjusted Net Income: $527M
🔹 Gross USDC Balances in Coinbase Products: $12.3B; UP +49% QoQ
🔹 Derivatives Volume: $804B; Market share up significantly
🔹 Assets Under Custody: $212B; UP +$25B QoQ
Strategic & Product Updates
🔸 Acquiring Deribit for $2.9B (cash + stock) to become leading crypto options exchange
🔸 U.S. Executive Order establishes Strategic Bitcoin Reserve — seen as validation of Bitcoin as a sovereign financial asset
🔸 SEC lawsuit dismissed with prejudice — major legal win for Coinbase
🔸 Registered as VASP in Argentina and India; expanded global regulatory footprint
🔸 Launched Bitcoin-backed USDC loans; over $160M issued
🔸 Coinbase One Premium and Verified Pools scaling across retail and institutional clients
🔸 Base L2 network achieved $4B in stablecoin balances; launched Flashblocks for sub-second transaction speed
