Extracts from Coinbase shareholder letter:

We delivered solid financial results in Q2, generating $1.5 billion in total revenue, $1.4 billion in net income (which includes both a $1.5 billion gain on strategic investments and a $362 million gain on crypto investment assets), $33 million in Adjusted Net Income (which excludes both aforementioned items) and $512 million in Adjusted EBITDA. Transaction revenue was $764 million. Subscription and services revenue was $656 million, driven by continued growth in average USDC balances, native units staked, and all-time high average Prime Financing balances. We also had all-time high average market share of crypto assets on our custody platform. We ended Q2 with $9.3 billion in total $USD resources, reinforcing our ability to invest in innovation and longterm growth, as well as $1.8 billion in our crypto asset investment portfolio, fueled by weekly BTC purchases.

We are working to bring the financial system onchain and made progress in Q2 across each phase of crypto adoption: first—as an investment, second—as financial services, and third—as an app platform. For investments, we continued to innovate and scale our derivatives business, launching the broadest suite of CFTC-regulated crypto perpetual futures products in the U.S. and achieving all-time highs in derivatives trading volume and open interest on our international derivatives exchange.

For financial services, we helped grow USDC adoption, with average balances in Coinbase products increasing 13% Q/Q to $13.8 billion, driven in part by an extension of our rewards program, and announced new initiatives like USDC on Base Chain going live in Shopify Payments, Coinbase Business, and Coinbase One Card—all of which increase the daily utility of crypto. As an app platform, we continued to scale the Base Chain, reaching new milestones of transactions processing in milliseconds for millicents, reinforcing its position as the fastest and cheapest Layer 2 network. Additionally, we launched the Base App (formerly Coinbase Wallet) in open beta and have over 700,000 people on the waitlist, creating a unified experience for trading, payments, social, and more.

On the policy front, July marked monumental milestones for us. The GENIUS Act, the first U.S. federal legislation for digital assets, was signed into law, and the House passed the CLARITY Act, which sets a market structure framework for digital assets. These bills provide a clear regulatory foundation for stablecoins and digital assets, potentially unlocking new opportunities for Coinbase and reinforcing U.S. leadership in digital finance.

Building the financial system onchain through every phase of adoption

Crypto adoption happens in phases—first as an investment, second as a financial service, and third as an app platform—and Coinbase is building the products that meet users at each step. We provide a trusted platform for users and institutions to invest through trading and custody, bringing assets onto our platform. We provide financial services that let users do more with those assets from staking and spending to running their businesses with crypto. We provide the infrastructure to scale this ecosystem, with Base Chain as a fast, lowcost network, and stablecoins like USDC as trusted digital money. And we debuted the new Base App which serves as the front door to the onchain economy. In Q2, we made meaningful progress across each phase, furthering our mission of increasing economic freedom.

Crypto as an Investment: Trading is the first established use case in crypto, and Coinbase is focused on supporting that with the most trusted, comprehensive platform in the market. In Q2, we continued to add more assets to our platform, scaled our derivatives offering, and grew institutional adoption, advancing our goal of making Coinbase the easiest way to invest in and engage with crypto. Some of these efforts are long-standing strengths, others are earlier bets, but each gets us one step closer to building an everything exchange, one platform for everything you can trade onchain.

Spot & Simple Trading: Expanding Access to the Assets Users Want

• We recently exceeded 300 spot assets listed on our platform, continuing to meet the top request from users: more assets to trade. • In Q2, we announced plans for DEX trading integration, which we anticipate will bring access to millions of assets directly into the Base App, and allow builders to gain distribution by making their tokens available to millions of Coinbase users from day one.

Derivatives: Scaling a Durable, Global Business

Over the past two years, 75% of global crypto trading volume has come from derivatives, yet the U.S. market makes up only a fraction of this volume, which presents a significant growth opportunity.

To grow this market we:

◦ Launched the broadest suite of CFTC-regulated crypto perpetual futures products in the U.S. in July, trading 24/7 and offering up to 10x intra-day leverage, closing a key gap in domestic market access.

◦ Became the first U.S. regulated futures exchange to offer 24/7 futures trading for BTC, ETH, SOL, and XRP, with weekend volumes now approaching weekday volumes.

• Abroad we saw all-time highs in derivative trading volume, open interest, and customer balances on our international derivatives exchange, driven by targeted incentives and product expansion.

• Our acquisition of Deribit, the global leader in crypto options, which we announced in Q2, is expected to close by December 31, 2025. This will expand our derivatives product suite and international presence, adds a more stable revenue stream via options trading, and will enable greater capital efficiency for traders.

Source: Coinbase

Excited about our next goal: becoming the everything exchange. pic.twitter.com/1BmlnVvfE1

— Brian Armstrong (@brian_armstrong) July 31, 2025

Coinbase Q2 2025 Earnings

– $1.5B Revenue (-26%)
– 12% increase in Stablecoin Revenue
– 15% increase in OPEX
– $0.5B Adj. EBITDA (-45%)
– $237B in Trading Volume
– $245B in Custody Assets
– 80% custody share of crypto ETFs
– $9.3B Cash Reserves (-6%) https://t.co/6nyZS0vAxs pic.twitter.com/cri4awOVCr

— Ryan Rasmussen (@RasterlyRock) July 31, 2025