Coinbase reported $1.5 billion in revenue for Q2 2025, falling short of analysts' expectations of $1.59 billion, marking a 25% decline from the previous quarter. The drop was partly attributed to the fallout from a data breach in May but was offset by gains from its investment in Circle, a newly public stablecoin issuer. Adjusted EBITDA of $512 million also reflected a decrease of over 13% year-on-year. Following the earnings report, Coinbase's stock price fell more than 6% in after-hours trading, trading around $353. While Bitcoin saw a price increase of approximately 26% during the quarter, geopolitical tensions and escalating competition posed challenges for Coinbase. The company has expanded its operations, acquiring multiple firms, including Deribit, an options trading platform for nearly $3 billion in May 2025, solidifying its position in the crypto industry. Despite recent setbacks, Coinbase's stock remains up roughly 45% since the start of 2025.

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