Coinbase Sees Revenue Drop Amid Record Crypto Trading Share

Coinbase posted a quarterly loss despite achieving a record share of global crypto trading volume. The company's revenue dropped to $1.2 billion from $1.5 billion a year earlier, but it expanded revenue from stablecoins, derivatives, and subscriptions, reducing its reliance on Bitcoin trading fees.

The USDC stablecoin holdings hit a record $20 billion, and subscription revenue surged to $555 million. Coinbase also improved engineering efficiency through AI and lowered its full-year expense forecast.