10-QPeriod: Q2 FY2026

Coinbase Global, Inc. Quarterly Report for Q2 Ended Jun 30, 2026

Filed July 30, 2026For Securities:COIN

Summary

Coinbase Global, Inc. reported a net loss of $359.5 million for the three months ended June 30, 2026, a significant shift from the net income of $1.4 billion in the same period last year. This downturn was driven by a decrease in total revenue, which fell to $1.2 billion from $1.5 billion year-over-year, primarily due to a 22% decline in transaction revenue. This was partly offset by a 12% decrease in subscription and services revenue. The company also incurred $52.4 million in restructuring expenses related to a workforce reduction. Despite the net loss, Coinbase maintained a strong liquidity position with $8.6 billion in cash and cash equivalents, and saw a decrease in operating expenses, particularly transaction expenses, which fell by 23% due to lower blockchain reward fees and transaction rebates. For the six-month period ended June 30, 2026, the net loss widened to $753.6 million, compared to a net income of $1.5 billion in the prior year. Total revenue for the six months decreased by 25% to $2.6 billion, with transaction revenue down 33% and subscription and services revenue down 13%. The company's Assets on Platform (AOP) also saw a significant decline of 42% to $245.9 billion, largely attributed to a decrease in crypto asset prices. Monthly Transacting Users (MTUs) also decreased by 14% and 11% for the three and six-month periods, respectively, signaling a challenging market environment. The company's strategic priorities for 2026 include growing the 'everything exchange,' scaling stablecoins and payments, and expanding onchain adoption.

Key Highlights

  • 1Net Loss of $359.5 million for the three months ended June 30, 2026, compared to a net income of $1.4 billion in the prior year.
  • 2Total revenue decreased by 19% to $1.2 billion for the three months ended June 30, 2026, primarily driven by a 22% decline in transaction revenue.
  • 3Subscription and services revenue decreased by 12% to $555.1 million for the three months ended June 30, 2026.
  • 4Assets on Platform (AOP) decreased by 42% to $245.9 billion as of June 30, 2026, mainly due to declining crypto asset prices.
  • 5Monthly Transacting Users (MTUs) declined to 7.6 million for the three months ended June 30, 2026, down from 8.7 million in the prior year.
  • 6The company incurred $52.4 million in restructuring expenses related to a workforce reduction in the second quarter of 2026.
  • 7Cash and cash equivalents remained strong at $8.6 billion as of June 30, 2026, indicating continued liquidity.

Frequently Asked Questions

The primary driver for Coinbase's shift from net income to a net loss of $359.5 million in the three months ended June 30, 2026, is the significant decline in total revenue, which fell to $1.2 billion from $1.5 billion in the same period last year. This revenue decrease was largely due to a 22% drop in transaction revenue, influenced by lower consumer crypto spot trading volume and other factors.

Coinbase's Assets on Platform (AOP) decreased by 42% to $245.9 billion as of June 30, 2026. This significant decline is primarily attributed to the decrease in prices of certain crypto assets held on the platform. A lower AOP can impact revenue generation, as it represents a key metric for monetization opportunities through trading, staking, and other services.

Coinbase maintains a strong liquidity position, with cash and cash equivalents totaling $8.6 billion as of June 30, 2026. The company states that its existing cash, cash equivalents, and marketable investments are sufficient to meet its short-term and long-term requirements. Future cash needs are expected to be met through existing cash, future cash flows from operations, and potential future equity or debt financing.

Coinbase's top three product priorities for 2026 are to grow the 'everything exchange,' scale stablecoins and payments, and expand onchain adoption. The company aims to leverage regulatory clarity to drive crypto's role in the global economy and increase customer engagement with its diverse product offerings.