Coinbase envisions ‘everything exchange’ after 26% dip in Q2 revenue

Key Points

1. Coinbase's Q2 2025 revenue fell 26%, with transaction revenue dropping 39% and crypto spot volumes down 32%.

2. Stablecoin-related revenue increased by 12% to $332 million, while subscription and service revenue declined only 6% to $656 million.

3. Coinbase projects Q3 subscription and service revenue to reach $665 million-$745 million.

4. The company's shares dropped 9.28% in after-hours trading following the earnings report.

5. Coinbase plans to launch an 'everything exchange' in the U.S., offering a one-stop platform for trading various assets on-chain, including stocks and prediction markets.