# Coinbase Global, Inc. (COIN) Q2 2025 Financial Results Summary
Released on July 31, 2025, Coinbase Global, Inc. provided a summary of its financial results for the second quarter of 2025. Below is a comprehensive overview of the performance metrics and key highlights from the report:
## Financial Results
– **Total Revenue**:
– Q2 2025: **$1.5 billion**
– **Change**: Down **26%** compared to Q1 2025
– **Net Income**:
– Q2 2025: **$1.4 billion**
– **Change**: Compared to Q2 2024, this was up significantly from **$36 million**.
– **Adjusted Net Income**:
– Q2 2025: **$33 million**
– **Change**: Down from **$294 million** in Q2 2024.
– **Adjusted EBITDA**:
– Q2 2025: **$512 million**
– **Change**: Down **14%** from Q1 2025.
### Revenue Breakdown
– **Transaction Revenue**:
– Q2 2025: **$764 million**
– **Change**: Down **39%** compared to Q1 2025.
– **Subscription and Services Revenue**:
– Q2 2025: **$656 million**
– **Change**: Down **6%** from Q1 2025.
### Operational Metrics
– **Total Operating Expenses**:
– Q2 2025: **$1.5 billion**
– **Change**: Up **15%** from Q1 2025, driven by $307 million related to the data theft incident.
– **Assets Under Custody (AUC)**:
– Q2 2025: **$245.7 billion**, an all-time high.
### $USD Resources
– Total: **$9.3 billion** in $USD resources.
– Crypto asset investment portfolio valued at **$1.8 billion**.
### Customer Metrics
– Full-time Employees:
– Q2 2025: **4,279**, an increase of **8%** from Q1 2025.
### Dividend and Share Repurchase
– No quarterly dividend was declared in this quarter.
– A share repurchase was effectively conducted by withholding approximately **383,000 shares** for taxes related to employee equity awards.
## Key Highlights
– **Market Position**: Coinbase achieved an all-time high market share of crypto assets on its custody platform.
– **Innovative Products**:
– The new *Base App* and continued expansion of derivatives and payment services were notable progressions in enhancing customer experience.
– **Regulatory Developments**:
– Landmark legislation was achieved with the signing of the **GENIUS Act**, establishing a regulatory framework for digital assets, providing further clarity and opportunities for growth in the crypto industry.
– **Transaction and Trading Volume**:
– Total trading volume declined to **$237 billion**, down **40%** from Q1 2025.
– Consumer trading volume: **$43 billion**, down **45%** compared to Q1 2025.
– Institutional trading volume: **$194 billion**, down **38%** from Q1 2025.
### Revenue Segmentation
– **Stablecoin Revenue**: Grew **12%** to **$332 million** due to increased USDC adoption and balances.
### Guidance for Q3 2025
– **Expectations**:
– Anticipate July transaction revenue of approximately **$360 million**.
– Project Q3 Subscription and Services Revenue to be in the range of **$665-$745 million**.
– Operating expenses to range around **$800-$850 million**.
In summary, while Coinbase’s Q2 2025 financial outcomes exhibited significant operational challenges relative to the competitive and volatile cryptocurrency market, it continues to leverage innovative solutions and regulatory advocacy to establish its leadership in the digital finance space.
Here are the extracted tables from the press release:
### Condensed Consolidated Statements of Operations (In thousands, except per share data)
| Three Months Ended | June 30 | 2025 | 2024 | Six Months Ended June 30 | 2025 | 2024 |
|---|---|---|---|---|---|---|
| Revenue: | ||||||
| Net revenue | $1,420,096 | $1,379,942 | $3,380,415 | $2,967,619 | ||
| Other revenue | 77,112 | 69,686 | 151,088 | 119,579 | ||
| Total revenue | 1,497,208 | 1,449,628 | 3,531,503 | 3,087,198 | ||
| Operating expenses: | ||||||
| Transaction expense | 245,261 | 191,477 | 548,287 | 408,884 | ||
| Technology and development | 387,322 | 364,258 | 742,690 | 722,121 | ||
| Sales and marketing | 236,245 | 165,262 | 483,528 | 263,847 | ||
| General and administrative | 353,707 | 320,115 | 748,053 | 607,351 | ||
| (Gains) losses on crypto assets held for operations, net | -8,702 | 31,016 | 25,663 | -55,342 | ||
| Other operating expense, net | 308,025 | 34,383 | 302,126 | 36,759 | ||
| Total operating expenses | 1,521,858 | 1,106,511 | 2,850,347 | 1,983,620 | ||
| Operating (loss) income | -24,650 | 343,117 | 681,156 | 1,103,578 | ||
| Interest expense | 20,535 | 20,507 | 41,046 | 39,578 | ||
| (Gains) losses on crypto assets held for investment, net | -362,053 | 319,020 | 234,598 | -331,409 | ||
| Other (income) expense, net | -1,506,905 | 63,827 | -1,500,717 | 18,222 | ||
| Income (loss) before income taxes | 1,823,773 | -60,237 | 1,906,229 | 1,377,187 | ||
| Provision for (benefit from) income taxes | 394,873 | -96,387 | 411,721 | 164,792 | ||
| Net income | $1,428,900 | $36,150 | $1,494,508 | $1,212,395 | ||
| Net income attributable to common stockholders: | ||||||
| Basic | $1,428,900 | $36,127 | $1,494,508 | $1,211,611 | ||
| Diluted | $1,432,511 | $36,128 | $1,501,717 | $1,217,829 | ||
| Net income per share: | ||||||
| Basic | $5.60 | $0.15 | $5.87 | $4.95 | ||
| Diluted | $5.14 | $0.14 | $5.39 | $4.49 | ||
| Weighted-average shares of common stock used to compute net income per share: | ||||||
| Basic | 255,188 | 246,298 | 254,537 | 244,546 | ||
| Diluted | 278,913 | 266,831 | 278,700 | 271,003 |
### Condensed Consolidated Balance Sheets (In thousands, except per share data)
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $7,539,388 | $8,543,903 |
| Restricted cash and cash equivalents | 69,190 | 38,519 |
| USDC | 2,153,824 | 1,241,808 |
| Customer custodial funds | 5,121,640 | 6,158,949 |
| Crypto assets held for operations | 125,974 | 82,781 |
| Loan receivables | 803,366 | 475,370 |
| Crypto assets held as collateral | 951,272 | 767,484 |
| Crypto assets borrowed | 223,620 | 261,052 |
| Accounts receivable, net | 222,996 | 265,251 |
| Other current assets | 279,230 | 277,536 |
| Total current assets | 17,490,500 | 18,112,653 |
| Crypto assets held for investment | 1,838,887 | 1,552,995 |
| Strategic investments | 1,933,843 | 374,161 |
| Deferred tax assets | 541,354 | 941,298 |
| Goodwill | 1,153,621 | 1,139,670 |
| Other non-current assets | 517,833 | 421,174 |
| Total assets | $23,476,038 | $22,541,951 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Customer custodial fund liabilities | $5,121,640 | $6,158,949 |
| Current portion of long-term debt | 1,266,577 | — |
| Crypto asset borrowings | 268,550 | 300,110 |
| Obligation to return collateral | 972,661 | 792,125 |
| Accrued expenses and other current liabilities | 601,354 | 690,136 |
| Total current liabilities | 8,230,782 | 7,941,320 |
| Long-term debt | 2,973,545 | 4,234,081 |
| Other non-current liabilities | 176,822 | 89,708 |
| Total liabilities | 11,381,149 | 12,265,109 |
| Commitments and contingencies | ||
| Stockholders’ equity: | ||
| Preferred stock,$0.00001par value;500,000shares authorized andzeroshares issued and outstanding at each ofJune 30, 2025andDecember 31,2024 | — | — |
| Class A common stock,$0.00001par value;10,000,000shares authorized atJune 30, 2025andDecember 31, 2024;213,840and209,762shares issuedand outstanding atJune 30, 2025andDecember 31, 2024, respectively | 2 | 2 |
| Class B common stock,$0.00001par value;500,000shares authorized atJune30, 2025andDecember 31, 2024;42,593and43,878shares issued andoutstanding atJune 30, 2025andDecember 31, 2024, respectively | — | — |
| Additional paid-in capital | 5,639,538 | 5,365,990 |
| Accumulated other comprehensive loss | -60 | -50,051 |
| Retained earnings | 6,455,409 | 4,960,901 |
| Total stockholders’ equity | 12,094,889 | 10,276,842 |
| Total liabilities and stockholders’ equity | $23,476,038 | $22,541,951 |
