Coinbase: retail fees down 30%, stablecoin interest now a quarter of revenue, Q2 loss $359m
Q2 10-Q: consumer transaction revenue $452m (−30%), net loss $359m. What is filling the gap, how much of it goes back to customers, and where the company's own crypto sits against cost — Notes 5, 9 and 17
a
aiSwingX™ Editorial · Reviewed
Published Updated
Coinbase Global Form 10-Q for Q2 2026 (filed 2026-07-30): statement of operations, Note 5 'Revenue', Note 3 'Restructuring', Note 9 'Crypto Assets Held for Investment', Note 17 'Other Statements of Operations Details', MD&A 'Key Business Metrics'
aiSwingX™ analyzes US filings and reports them as news investors can read.
–
14 0
Coinbase Global (COIN) lost $359m in the second quarter of 2026. Its 10-Q filed July 30 shows total revenue of $1,220m, down 19%, with consumer trading fees down 30%. Notes 5 and 17 show what is filling the gap, how much of it, and what cost is attached to that income.
What happened
Coinbase Global (COIN) is the largest U.S. crypto exchange and, for many Korean retail investors, the listed proxy for bitcoin.
Its 10-Q for the second quarter of 2026, filed July 30, shows total revenue of $1,220m, down 19% from $1,497m a year earlier. The operating loss was $113m and the net loss $359m, or $1.36 per share.
Two things stand out in the revenue mix. Consumer transaction revenue was $452m, down 30% from $650m. Institutional transaction revenue rose 65% to $100m but remains small. Meanwhile stablecoin revenue of $292m, earned on USDC balances, reached 25.3% of net revenue of $1,154m, up from 22.1% a year earlier — nearly half the size of all transaction revenue ($599m).
What the numbers meanSubscribers
Why it mattersSubscribers
Company contextSubscribers
What to watchSubscribers
Arithmetic table · quarterly metricsSubscribers
End of the free preview
What the numbers mean — for subscribers
We find the numbers that are in the filing but not in the news, and analyze what they mean, how big they are and what to watch next quarter — with the arithmetic and quarterly metrics. Cancel any time.
A line within subscription and services revenue in Note 5; the company notes it is interest-type income rather than revenue from contracts with customers under ASC 606. What drives it and what cost is attached is explained in the subscriber section of this article.
Why was net income $1.4bn a year ago?
Q2 2025 included a $1,472m gain on investments (Note 17). At the operating level Q2 2025 was also a loss, of $24.7m. This article notes that when comparing the two quarters.
Is the loss on crypto held a real loss?
It is the fall in market value of tokens that were not sold, taken through earnings. A rising market reverses it the same way. We report only that fair value sits $355m below cost.
Where can I verify these numbers?
On SEC EDGAR: Coinbase Global's Q2 2026 Form 10-Q (accession 0001679788-26-000088), statement of operations, Notes 5, 9 and 17, and the MD&A section 'Key Business Metrics'.
Revision history
— Reworked the free preview — lead and subhead now stop at the event and the key figure; interpretive paragraphs, the analogy and watch-next lines and interpretive FAQ answers moved to the subscriber section. No figures or sources changed.
How aiSwingX™ wrote this
We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
An editor reviews before publication; any later change is recorded in the revision history.
Coinbase Global Form 10-Q for Q2 2026 (filed 2026-07-30): statement of operations, Note 5 'Revenue', Note 3 'Restructuring', Note 9 'Crypto Assets Held for Investment', Note 17 'Other Statements of Operations Details', MD&A 'Key Business Metrics' · SEC EDGAR · This article is not investment advice. Disclaimer
Frequently asked questions
Where can I verify the figures in this article?
Open the filing cited at the bottom of the article (e.g. the 10-Q note number) on SEC EDGAR via the link at the end of the article.
What is the at-a-glance box?
A four-item summary of the article: the key figure, what it means, the source, and what to watch next quarter. If you are short on time, read just that.
May I quote or share this article?
Customary quotation and sharing are fine with attribution (aiSwingX™ and the article URL). Republishing the full text elsewhere requires the License plan.
aiSwingX™ analyzes US filings and reports them as news investors can read.
