Coinbase’s Q2 earnings highlights
- Record Coinbase Crypto Trading Volume Market Share of 10.3%, its third consecutive quarter of gains despite softness in the market
- 14th consecutive quarter of positive Adjusted EBITDA
- Revenue has decoupled from Bitcoin trading fees, 88% of net revenue is non-BTC spot trading
- Prediction markets contracts and revenue grew 106% quarter-over-quarter
- Average USDC Held in Coinbase Products reached an all-time high of $20 billion
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Crypto Trading Volume Market Share was 10.3% in Q2 2026, a new all-time high, up from 9.1% in Q1 2026. This was Coinbase’s third consecutive quarter of market share gains.
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Crypto Derivatives Trading Volume proved resilient, nearly reaching Q1’s all-time high despite the crypto derivatives market overall declining double digits quarter-over-quarter, with Coinbase reaching an all-time high in Crypto Derivatives Trading Volume Market Share for the third straight quarter.
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Prediction markets contracts and revenue more than doubled, growing 106% quarter-over-quarter and crossing $100 million in annualized revenue. A new crypto binaries experience launched late in the quarter drove 3x daily traders and 4x daily revenue vs. May’s daily average.
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Average USDC Held in Coinbase Products reached an all-time high of $20 billion in Q2 2026, more than 30% of all USDC in circulation as of quarter-end. Over the past year, Coinbase has captured approximately 50% of all USDC economics.
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Market stablecoin transaction volume has exceeded $37 trillion year-to-date, with 79% coming from USDC and Coinbase Partner Stablecoins, up from 51% in full-year 2024.
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Stablecoin transaction volume on Base Chain is up 7x year-over-year.
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99%+ of onchain agentic commerce was completed using USDC.
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90%+ of agentic stablecoin transaction volume ran on Base.
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97%+ of onchain agentic transactions used Coinbase’s x402 protocol in Q2 2026.
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Net revenue excluding Bitcoin spot trading was 88% in Q2’26, nearly double vs. Q2’20, reflecting a business driven by a broader set of assets and use cases.
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Subscription and Services revenue grew from $6 million in Q2’20 to $555 million in Q2’26.
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Subscription and Services revenue represented 48% of net revenue in Q2 – up from 29% less than two years ago (Q4’24) – reflecting how Coinbase has evolved beyond a trading platform into a diversified financial infrastructure company.
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Coinbase delivered its 14th consecutive quarter of positive Adjusted EBITDA.
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Coinbase also announced that it was reducing and narrowing its FY’26 Adjusted Expenses range, demonstrating continued expense management.
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Coinbase is growing AI usage faster than spend. As AI drives efficiency, pull requests per engineer are being processed 2.2x year-over-year, increasing product velocity. Integration test coverage across core services has grown 2.5x in the last 6 months.
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