Coinbase shares fall after a weak second quarter with a $359.5 million loss

Shares in Coinbase, the largest US-listed crypto exchange, fell more than 7 percent in extended trading on Thursday, 30 July 2026. The company reported a loss of $359.5 million, or $1.36 per share, for the quarter ended 30 June 2026, against the 17 cent loss analysts polled by LSEG had expected. In the same quarter a year earlier it had made a profit of $1.43 billion.

Revenue fell to $1.2 billion from $1.5 billion a year ago and came in below the $1.3 billion analysts expected. It was the third consecutive quarter in which the company missed Wall Street forecasts on both revenue and earnings. Subscription revenue was $555 million and transaction revenue $599 million, both below expectations and below year-earlier levels. Stablecoin revenue fell to $292 million, $17 million lower than in the second quarter of 2025.

The company's net income swings widely because accounting rules require it to value its large crypto holdings at the price prevailing at the end of each quarter.