Coinbase posted a $359 million net loss in the second quarter of 2026, even as the exchange captured a record 10.3% share of global crypto trading volume. The revenue miss came alongside a subscription and services business that now accounts for nearly half of net revenue.
Coinbase Global reported a $359 million net loss for the second quarter of 2026, even as the exchange grabbed a record 10.3% share of global crypto trading volume. That combination — a market-share high alongside a net loss — marked the company's third straight quarter of share gains under what it now calls its "Everything Exchange."
Market share rises despite a shrinking market
The exchange's crypto trading volume market share climbed to 10.3%, up from 9.1% in the first quarter, above the 8.6% record it had set two quarters earlier. Meanwhile, the sector's total market capitalization declined 11% quarter over quarter, and industry-wide spot trading volumes fell 25% over the same stretch. Coinbase still processed $146.4 billion in crypto spot trading volume during the quarter and reached an all-time high in its share of crypto derivatives trading volume for a third consecutive quarter.
A revenue miss offsets the record
Total revenue, however, came in at $1.2 billion, below the roughly $1.35 billion Wall Street had expected, and the company posted a net loss of $1.36 per share. Transaction revenue fell 21% quarter over quarter to $599 million as softer industry-wide trading weighed on Coinbase's largest legacy revenue line. Still, the exchange extended its streak of positive adjusted EBITDA to 14 consecutive quarters, posting $207.8 million in adjusted EBITDA for the period.
Bitcoin shrinks as a share of the business
That resilience traces back to Coinbase's shift away from bitcoin trading. Subscription and services revenue — including staking, custody and stablecoin-related income — hit a record $555 million, or 48% of net revenue, up from 29% at the end of 2024 and just $6 million in the second quarter of 2020. Bitcoin-related transactions now make up only 12% of Coinbase's total revenue, while revenue excluding bitcoin spot trading has climbed to 88% of the total.
Average USDC holdings across Coinbase's products reached an all-time high of $20 billion during the quarter, and stablecoin transaction volume on its Base network rose sevenfold year over year. Prediction-markets revenue also more than doubled, up 106% quarter over quarter, and crossed $100 million in annualized revenue for the first time.
Next up: an equities play
According to Bitcoin News, CEO Brian Armstrong framed the results as validation of Coinbase's diversification push, describing the strategy as an effort to bring "every asset on earth" onto crypto rails. As part of that push, Coinbase is planning to launch US500, a perpetual-style index product tracking large U.S. public companies through its derivatives infrastructure.
Source: Coinbase Q2 2026 Earnings Release
Trading involves risk.
Risk Disclaimer
