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Jun 30, 2025
Coinbase Q2 2025 Earnings Report
Coinbase reported strong Q2 2025 results driven by gains on strategic and crypto investments, despite softer transaction volumes.
Key Takeaways
Coinbase posted $1.5 billion in revenue and $1.43 billion in net income for Q2 2025, significantly boosted by a $1.5 billion gain on strategic investments and a $362 million crypto gain. Adjusted net income and EBITDA were lower, reflecting core business conditions.
Revenue by Segment
Forward Guidance
Coinbase expects Q3 2025 growth in subscription revenue, supported by stronger crypto prices and rising USDC market cap, while operating expenses are expected to increase.
Positive Outlook
- Q3 subscription and services revenue expected between $665M–$745M
- Higher crypto prices (ETH +45%, SOL +14%) expected to drive revenue
- USDC market capitalization reached new all-time high in July
- Headcount expansion aims to support international growth
- Coinbase continues investing in customer support and security
Challenges Ahead
- Transaction revenue in July estimated at $360M, indicating softness
- Technology and admin expenses forecasted up to $850M
- Marketing spend could reach $290M depending on volatility
- Q3 expenses tied to new product and international expansion
Historical Earnings Impact
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Avg. Return Before/After Earnings
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