Coinbase Q2 results miss estimates, COIN falls 8% after hours

Coinbase’s stock slid 8.4% after hours on July 31 as second-quarter results fell short of Wall Street expectations, before paring some losses into late trading. 

COIN closed at $377.76 and fell to $346.01 immediately after the release, and later recovered to about $354.77 as of press time.

The exchange reported total revenue of $1.5 billion for the second quarter, versus a $1.59 billion consensus. Furthermore, trading volume came in at $237 billion against $252.76 billion expected in the same period. 

Transaction revenue was $764.3 million versus $810 million forecast, while subscription and services revenue reached $655.8 million, below the $715.2 million estimate. 

Stacking sats

A notable balance sheet shift accompanied the print. Coinbase ended the quarter with $9.3 billion in dollar resources denominated in cash, cash equivalents, and net USDC. This number is $590 million smaller than the results from the first quarter, a 6% quarter-over-quarter. 

The decline can be partly attributed to purchases for its crypto asset investment portfolio. In the second quarter, Coinbase increased its Bitcoin holdings by $222 million through weekly purchases. 

As of June 30, the fair value of digital assets held for investment stood at $1.8 billion, with an additional $951 million held as collateral. Including these, the total available resources amounted to $12.1 billion, according to the shareholder letter.

Furthermore, Bitwise’s head of research Ryan Rasmussen highlighted that the exchange incurred $307 million of costs resulting from the May 2025 data theft incident.

The quarter also reflected mixed underlying trends across the business. Assets under custody reached a record, supported by exchange-traded fund (ETF) flows and corporate uptake, but softer market activity weighed on fee realization. 

Management also flagged the impact of one-time costs tied to a previously disclosed data incident, offset in part by gains on the company’s crypto investment portfolio.

Separately, Coinbase said on July 31 via X that it plans to offer tokenized equities on its platform, without providing further specifics on timing, scope, or structure. The company did not include additional details on this effort in the shareholder letter.

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