# Coinbase: retail fees down 30%, stablecoin interest now a quarter of revenue, Q2 loss $359m

![Coinbase: retail fees down 30%, stablecoin interest now a quarter of revenue, Q2 loss $359m](https://aiswingx.com/static/covers/coin-2026q2_cover.jpg?v=1790010389)

**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**

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.

- 종목: COIN (Coinbase Global)
- 분기: 2026Q2 · 10-Q
- 작성: 2026-09-21 15:24 UTC · 업데이트: 2026-09-21 17:06 UTC
- 원문: https://aiswingx.com/p/coin-2026q2

## 숫자 하나
Q2 2026 stablecoin revenue $292m = 25.3% of net revenue of $1,154m. USDC rewards expense in the same quarter: $119m. Consumer transaction revenue $452m (Q2 2025: $650m).

## 비유 하나
(구독자 전용)

## 출처 하나
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'

## 다음 분기에 볼 것
(구독자 전용)

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## 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).

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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

## 수정 이력
- 2026-09-21 15:39 UTC — 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.

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## FAQ

**Q. What exactly is stablecoin revenue?**

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.

**Q. 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.

**Q. 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.

**Q. 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'.