Coinbase pulled in $1.29 billion in revenue for Q2 2026, while Strategy (the company formerly known as MicroStrategy) posted $122.9 million. Both figures landed right on consensus estimates, and both results were released on July 30.

Coinbase: revenue slides but expectations hold

Coinbase’s $1.29 billion in Q2 revenue came in squarely within the analyst consensus range of $1.29 billion to $1.31 billion. Meeting expectations sounds fine until you compare it to the $1.41 billion the company brought in during Q1 2026. That is roughly an 8.5% decline quarter over quarter.

The culprit is familiar to anyone who has watched crypto exchanges over the past several cycles: trading volumes dried up. When fewer people are buying and selling, exchanges make less money. Coinbase has been working to diversify beyond pure trading revenue, building out subscription and services income, staking products, and its Base layer-2 network. But trading fees still make up the backbone of the business.

Strategy: the Bitcoin treasury play stays steady

Strategy’s $122.9 million in Q2 revenue landed close to the consensus estimate of around $122 million. In Q1 2026, the company posted $124.3 million in revenue, which represented an 11.9% year-over-year increase. The slight dip to $122.9 million in Q2 keeps the company within its recent range, stabilized in the low-to-mid $120 million band.

Under Michael Saylor’s leadership, the firm has transformed itself from a mid-tier enterprise software company into what is essentially a publicly traded Bitcoin vehicle. Strategy’s stock price is far more correlated to Bitcoin’s movements than to its quarterly software revenue.

What the numbers mean for the broader market

Both companies announced their earnings release schedule on July 15, giving investors roughly two weeks to position ahead of the results. The fact that both landed within consensus suggests that Wall Street’s models for crypto-native public companies are getting more accurate.