Coinbase reports $1.4B in revenue, beating estimates

Coinbase reported its second-quarter earnings on Thursday

article-image

Coinbase CEO Brian Armstrong | Hubert Lamela/"2014-08-09 16.08.17″ (CC license)

share

Coinbase reported $1.4 billion in total revenue for the second quarter of this year.

Ahead of today’s earnings release, Oppenheimer analysts Owen Lau and Guru Sidaarth said that they expected the exchange to report second-quarter revenue of $1.36 billion, down from the $1.6 billion that the company reported in the first three months of the year. 

Transaction revenue came in at $781 million, down 27% quarter-over-quarter, while the company reported $600 million in subscriptions and services revenue. 

Coinbase also said that the number of transactions on Base grew 300% quarter-over-quarter.

“We also saw extraordinary strides in achieving regulatory clarity, which serves as a vital unlock for Coinbase and the broader cryptoeconomy. Advancing crypto legislation is now a mainstream issue. Stand With Crypto has amassed over 1.3 million crypto advocates, many in swing states, politicians on both sides of the aisle have taken notice, and there is real energy in both the House and Senate around passing legislation,” the company said in a shareholder letter.

Read more: What to expect when Coinbase reports Q2 results

Looking ahead, Coinbase says it expects third-quarter subscription and services revenue to come in around $530 to $600 million. 

“We expect Q3 transaction expenses will be in the mid-teens as a percentage of net revenue. We expect technology & development and general & administrative expenses to increase Q/Q to $700-$750 million, largely driven by the non-linear expense recognition of our stock-based compensation,” it said.

“It appears that the halving effect was priced in before the actual event and countered by outflows in spot bitcoin ETFs,” the two Oppenheimer analysts wrote ahead of the earnings report.

Read more: Robinhood’s crypto exposure could be its savior — if markets rip

“With increasing regulatory clarity, adoption and potential S&P 500 inclusion, we believe Coinbase’s long-term thesis is highly underappreciated, given the massive attention on current volume and regulations. Selling from Mt. Gox and Germany (and other authorities) only represents a small portion of daily volume; we believe this actually creates an attractive entry point for COIN,” they continued. 

Oppenheimer has Coinbase at an outperform, with a price target of $280. 

The stock, at the time of publication, is up 133% in the past year.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

Despite ending its points program, Hyperliquid has maintained a dominant market position with 77% of perpetuals DEX volumes, though overall volume has decreased from early 2025. It is the only DEX that has been able to compete with CEX volumes. Hyperliquid's success stems primarily from rapid, relevant token listings and superior UX for users and market makers, particularly its API - which is how market makers interact with the protocol. The controversial oracle price override during the JELLY incident exposed risks in the Hyperliquid Liquidity Pool (HLP), though the team has since implemented risk management adjustments. The HyperEVM is currently underoptimized and lacks necessary precompiles, but represents an important strategic expansion to enable asset issuance and DeFi composability.

article-image

The Balkan micronation went from Bitcoin economy to blockchain buzzwords in 10 years

article-image

While BTC’s year-to-date price drop resembles that of the S&P 500, some crypto stocks have fared way worse

article-image

The first batch of earnings reports from big banks shows lending is on the rise, a sign businesses and consumers are feeling better about the economy

article-image

Movement is “conducting an internal investigation stemming from recent events,” according to a company Slack message

article-image

Four firms prepare their launches on the Toronto Stock Exchange while the SEC mulls proposals

article-image

Publicly-listed Janover announced last week that a group of ex-Kraken employees had acquired a majority stake in the company