Coinbase's Q2 revenue of $1.22 billion was below expectations, but its spot trading market share reached a historic high of 10.3%

Coinbase released its Q2 2026 financial report, with revenue of $1.22 billion, below the market expectation of $1.29 billion; adjusted EBITDA of $208 million, positive for 14 consecutive quarters; earnings per share of -$0.41. Trading revenue was $599 million (expected $628 million), and subscription and service revenue was $555 million (expected $599 million). The company increased its holdings by 819 BTC in Q2, bringing total holdings to 17,211 BTC (a 5% increase quarter-over-quarter).

Coinbase's global cryptocurrency spot trading market share reached 10.3%, setting a record high for three consecutive quarters; the derivatives market share also set a record high for three consecutive quarters. 88% of net revenue came from non-Bitcoin spot trading, with subscription and service revenue accounting for 48%, a significant increase from two years ago (29% in Q4 2024). The average holding of USDC in Coinbase products reached a historical high of $20 billion, accounting for over 30% of circulating USDC. Forecasted market contracts and revenue are expected to grow 106% quarter-over-quarter, with annualized revenue exceeding $100 million. CEO Brian Armstrong stated, "Coinbase is no longer just betting on Bitcoin prices." The company also narrowed its adjusted expense guidance range for the fiscal year 2026.