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

Coinbase’s banal slid 8.4% aft hours connected July 31 arsenic second-quarter results fell abbreviated of Wall Street expectations, earlier paring immoderate losses into precocious trading. 

COIN closed astatine $377.76 and fell to $346.01 immediately after the release, and aboriginal recovered to astir $354.77 arsenic of property time.

The speech reported full gross of $1.5 cardinal for the 2nd quarter, versus a $1.59 cardinal consensus. Furthermore, trading measurement came successful astatine $237 cardinal against $252.76 cardinal expected successful the aforesaid period. 

Transaction gross was $764.3 cardinal versus $810 cardinal forecast, portion subscription and services gross reached $655.8 million, beneath the $715.2 cardinal estimate. 

Stacking sats

A notable equilibrium expanse displacement accompanied the print. Coinbase ended the 4th with $9.3 cardinal successful dollar resources denominated successful cash, currency equivalents, and nett USDC. This fig is $590 cardinal smaller than the results from the archetypal quarter, a 6% quarter-over-quarter. 

The diminution tin beryllium partially attributed to purchases for its crypto plus concern portfolio. In the 2nd quarter, Coinbase accrued its Bitcoin holdings by $222 cardinal done play purchases. 

As of June 30, the just worth of integer assets held for concern stood astatine $1.8 billion, with an further $951 cardinal held arsenic collateral. Including these, the full disposable resources amounted to $12.1 billion, according to the shareholder letter.

Furthermore, Bitwise’s caput of probe Ryan Rasmussen highlighted that the exchange incurred $307 cardinal of costs resulting from the May 2025 information theft incident.

The 4th besides reflected mixed underlying trends crossed the business. Assets nether custody reached a record, supported by exchange-traded money (ETF) flows and firm uptake, but softer marketplace enactment weighed connected interest realization. 

Management besides flagged the interaction of one-time costs tied to a antecedently disclosed information incident, offset successful portion by gains connected the company’s crypto concern portfolio.

Separately, Coinbase said connected July 31 via X that it plans to connection tokenized equities connected its platform, without providing further specifics connected timing, scope, oregon structure. The institution did not see further details connected this effort successful the shareholder letter.

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