Coinbase Stock Plummets 45% Amid Crypto Trading Drought

Coinbase Global's stock has fallen 45% over the past year due to a decline in crypto trading volume following the October 2025 liquidation event and broader risk-off conditions, according to CFO Alesia Haas. The company posted its third straight net loss, with a $359.5 million loss in Q2 compared to a $667 million profit in Q4.

The drop in trading volume was particularly significant, falling by 20% quarter-over-quarter in Q2. However, this decline was softened by the diversification of revenue streams, which now includes subscription and services revenue that runs at $2.5 billion annualized.

Coinbase has taken steps to cut costs, including a 14% staff reduction announced by CEO Brian Armstrong on May 5. CFO Haas also stated that expenses are expected to be roughly flat in 2026 compared to 2025, excluding USDC rewards.