Coinbase Beats Expectations Beneath Headline Numbers

Coinbase's Q2 earnings report showed revenue and EPS below consensus estimates.

Despite this, the company continued to diversify its business away from retail crypto trading dependence.

Coinbase achieved a record 10.3% global trading volume share, its 14th consecutive quarter of positive adjusted EBITDA, and reduced operating expenses.

The subscription and services revenue grew to 48% of net revenue, with stablecoins and USDC economics remaining intact through a renewed Circle agreement.