Coinbase reported a disappointing Q2 2025, missing revenue estimates with earnings of $1.5 billion, below analysts' expectations of $1.56 to $1.59 billion. Net income stood at $1.4 billion, with adjusted net income significantly lower at $33 million. The traditional transaction revenue fell sharply due to declining spot crypto trading volumes, contributing to a non-GAAP profit of just $0.12 per share, far below the $1.49 expected. Despite this, subscription and services revenue saw a minor decline, supported by a 12% increase in stablecoin-related income, particularly from USDC. Coinbase is optimistic about the third quarter, projecting subscription and service revenue between $665 million and $745 million. The company highlighted important regulatory developments, including a federal framework for stablecoin adoption established by President Trump and the House's passage of the CLARITY Act, which could positively impact the market. Additionally, Coinbase unveiled plans for an innovative platform featuring tokenized real-world assets and prediction markets, aimed for a gradual international rollout.

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