Coinbase Q2 revenue fell short of expectations at $1.22 billion, with spot market share reaching a record 10.3%.

ChainCatcher report: Coinbase released its Q2 2026 financial results, reporting revenue of $1.22 billion, below the market expectation of $1.29 billion; adjusted EBITDA of $208 million, marking the 14th consecutive quarter of positive results; and EPS of -$0.41. Trading revenue amounted to $599 million (expected: $628 million), while subscription and services revenue reached $555 million (expected: $599 million). In Q2, the company added 819 BTC, bringing its total holdings to 17,211 BTC (a 5% increase quarter-over-quarter). Coinbase’s global spot crypto trading market share reached 10.3%, setting a new record for the third consecutive quarter; its derivatives market share also hit a new high for the third consecutive quarter. 88% of net revenue came from non-Bitcoin spot trading, with subscription and services revenue accounting for 48%—a significant increase from 29% in Q4 2024. The average holding of USDC within Coinbase products reached a record high of $20 billion, representing over 30% of circulating USDC. Revenue from prediction market contracts grew 106% quarter-over-quarter, with annualized revenue surpassing $100 million. CEO Brian Armstrong stated, “Coinbase is no longer just betting on Bitcoin’s price.” The company also narrowed its adjusted expense guidance range for fiscal year 2026.