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Coinbase reports $1.4 billion Q2 revenue, beating estimates despite lower profits

Coinbase reports $1.4 billion Q2 revenue, beating estimates despite lower profits

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Coinbase's stablecoin revenue climbs to $240.4 million in Q2, with 10% of total transaction revenues represented by Solana.

by Vince Dioquino

2 min read

In Crypto

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US-based crypto exchange Coinbase reported $1.4 billion in total revenue for Q2 2024, surpassing analyst estimates of $1.36 billion but down from $1.6 billion in Q1. The exchange saw transaction revenue decline while stablecoin and Base usage grew significantly.

Coinbase’s Q2 earnings revealed mixed results, with revenue beating expectations but profits declining sharply compared to the previous quarter. Transaction revenue came in at $781 million, down 27% quarter-over-quarter, while subscriptions and services revenue reached $600 million.

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Despite the overall revenue decline, Coinbase highlighted several positive developments. The number of transactions on its Base layer-2 network grew 300% compared to Q1. Stablecoin revenue also increased to $240.4 million, up from $197.3 million in the previous quarter. Notably, the exchange reported that Solana made up 10% of its overall transaction revenues.

However, the exchange’s profitability took a significant hit. Net income dropped to $36 million from nearly $1.2 billion in Q1. The company attributed $319 million in pre-tax crypto asset losses to its investment portfolio, stating that “the vast majority of which were unrealized — as crypto prices were lower on June 30.” Adjusted EBITDA also fell to $596 million from $1.01 billion in the previous quarter.

Looking ahead, Coinbase expects Q3 subscription and services revenue to range between $530 million and $600 million. The company anticipates increased technology, development, and administrative expenses in Q3, driven by “non-linear expense recognition” of stock-based compensation.

These results come at a pivotal time for Coinbase and the broader crypto industry. The exchange emphasized progress in regulatory clarity, noting that “advancing crypto legislation is now a mainstream issue.” Coinbase’s Stand With Crypto initiative has garnered over 1.3 million advocates, many in swing states, attracting attention from politicians from both sides.

Coinbase Global, Inc. and its peers

Company PriceMarket capP/E (trailing)Forward P/EAnnual revenue (USD)Annual revenue growthAnnual net income (USD)Operating margin
Coinbase Global, Inc. COIN · Price dated Nov 13, 2026 · tokenized COINx $128$33.8BNot meaningfulLoss, diluted EPS −2.53
to 2026-09-30 · SEC filing		Unavailable$7.2BFY ended 2025-12-31 · 10-K+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Nov 13, 2026 · tokenized MSTRx $112UnavailableNot meaningfulLoss, diluted EPS −49.21
to 2026-09-30 · SEC filing		Unavailable$477.2MFY ended 2025-12-31 · 10-K+3.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K−3,848,152,000FY ended 2025-12-31, attributable to the company · 10-K−1,140.8%FY ended 2025-12-31
Circle Internet Group, Inc. CRCL · Price dated Nov 13, 2026 · tokenized CRCLx $62Unavailable26.8Unavailable$2.7BFY ended 2025-12-31 · 10-K+63.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K−69,508,000FY ended 2025-12-31, attributable to the company · 10-K−3.5%FY ended 2025-12-31
Bitmine Immersion Technologies, Inc. BMNR · Price dated Nov 13, 2026 · tokenized BMNRx $18$11.0BNot meaningfulLoss, diluted EPS −13.11
to 2026-08-31 · SEC filing		Unavailable$124.8MFY ended 2026-08-31 · 10-K+1,947.8%FY ended 2026-08-31 vs 2025-08-31 · 10-K−6,321,235,000FY ended 2026-08-31, available to common stockholders · 10-K−5,207.4%FY ended 2026-08-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Nov 13, 2026, 1:06 PM EST. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Disclosure: This article was edited by Vince Dioquino. For more information on how we create and review content, see our Editorial Policy.

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