Coinbase hits record 10.3% market share in Q2 but reports $359.5M GAAP net loss
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Coinbase reported record Q2 crypto trading-volume market share (10.3%) and strength in recurring revenues (subscription/services $555M), prediction markets, and USDC balances held on-platform (record $20B). However, GAAP results showed a $359.5M net loss and sharply lower adjusted EBITDA versus a year ago, prompting an immediate negative reaction in COIN after-hours. The mix signals improving franchise momentum but near-term earnings headwinds.
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Coinbase reported another quarter of gains in its share of crypto trading volume even as bottom-line results stayed in the red.
In Q2, the company said its market share climbed to an all-time high of 10.3%, marking a third consecutive quarterly record. Subscription and services revenue rose to $555M. Prediction markets more than doubled to above $100M on an annualized basis, and average USDC held across Coinbase products reached a record $20B.
On a GAAP basis, Coinbase posted a $359.5M net loss, extending its losing streak to three straight quarters. Adjusted EBITDA came in at $207.8M, less than half the level from a year earlier.
Investors focused on the loss first: $COIN fell more than 5% in early after-hours trading to around $154, erasing the day's gains ahead of the 5:00 PM ET earnings call.
