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Coinbase nails Wall Street forecasts in surprising earnings originally appeared on TheStreet.
Coinbase (Nasdaq: COIN), the largest crypto exchange in the U.S., released its financial results on July 31.
During Q2 2025, the exchange generated $1.5 billion in total revenue, down 26% quarter-over-quarter (QoQ) and up 0.32% year-over-year (YoY).
It recorded $1.4 billion in net income, up 216% QoQ and up 396.9% YoY.
The platform registered $512 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), down 55% QoQ and 14% QoQ.
Transaction revenue stood at $764 million, down 39% QoQ and down 2% YoY.
Subscription and services revenue stood at $656 million, down 6% Q/Q and up 9% YoY. The platform attributed the figure to growth in average Circle's (NYSE: CRCL) USDC stablecoin balances, native units staked, and record high average Prime Financing balances.
Coinbase generated earnings per share (EPS) of $5.14 in Q2.
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Total operating expenses in Q2 stood at $1.5 billion, up 15% QoQ and up 36% YoY.
The exchange ended the quarter with $1.8 billion in its crypto asset investment portfolio. Stablecoin revenue in Q2 stood at $332 million.
As of June 30, 2025, Coinbase's total assets stood at $23.4 million and its total liabilities stood at $11.3 million.
The exchange held 11,776 Bitcoin worth $1.3 billion by the end of Q2, compared to 9,267 BTC in Q1.
However, Coinbase failed to beat revenue estimates by the investment research firm Zacks, which expected the platform's Q2 earnings to beat estimates on the tailwind offered by higher crypto trading volume, Deribit acquisition gains, global expansion, USDC stablecoin integration, and Coinbase One subscriptions.
Zacks had estimated the platform's revenue to be $1.5 billion.
During Q1 2025, Coinbase's total revenue stood at $2 billion, net income at $66 million, and adjusted EBITDA at $930 million.
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Founded in 2012, Coinbase became a publicly traded company in April 2021. It joined the S&P 500 list in May 2025 — the only crypto stock to find a spot on the hotly contested list so far.
The COIN stock closed at $401.86 on July 31.
