Coinbase Revenue Falls Short, Net Loss Reaches $359M

Coinbase reported its second-quarter earnings for 2026, revealing revenue of $1.22 billion and a net loss of $359.5 million. This marks a decline in revenue by 14% from the previous quarter, missing Wall Street's forecast of $1.29 billion.

The company attributed this decline to weaker spot trading, dropping volatility, and falling crypto prices. However, Coinbase noted that 88% of its net revenue is no longer dependent on spot Bitcoin (BTC) trading, up from 45% in Q2 2020.

Coinbase's stablecoin revenue reached $292 million, with Average Circle's USDC balances hitting a record $20 billion. The company also saw strong use of its infrastructure for AI agent payments, with more than 90% of that volume coming from Base.