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hot_img Coinbase's Q2 revenue of $1.22 billion was below expectations, but its spot trading market share reached a historic high of 10.3%

Coinbase released its Q2 2026 financial report, with revenue of $1.22 billion, below the market expectation of $1.29 billion; adjusted EBITDA of $208 million, positive for 14 consecutive quarters; earnings per share of -$0.41. Trading revenue was $599 million (expected $628 million), and subscription and service revenue was $555 million (expected $599 million). The company increased its holdings by 819 BTC in Q2, bringing total holdings to 17,211 BTC (a 5% increase quarter-over-quarter).Coinbase's global cryptocurrency spot trading market share reached 10.3%, setting a record high for three consecutive quarters; the derivatives market share also set a record high for three consecutive quarters. 88% of net revenue came from non-Bitcoin spot trading, with subscription and service revenue accounting for 48%, a significant increase from two years ago (29% in Q4 2024). The average holding of USDC in Coinbase products reached a historical high of $20 billion, accounting for over 30% of circulating USDC. Forecasted market contracts and revenue are expected to grow 106% quarter-over-quarter, with annualized revenue exceeding $100 million. CEO Brian Armstrong stated, "Coinbase is no longer just betting on Bitcoin prices." The company also narrowed its adjusted expense guidance range for the fiscal year 2026.

Coinbase CEO refutes the argument that crypto enthusiasts should turn to AI, stating that cryptocurrency is an indispensable universal infrastructure

Coinbase CEO Brian Armstrong tweeted in response to the viewpoint "If you're in the cryptocurrency space, turn to AI," stating that this is a flawed way of thinking and a zero-sum game mentality. Brian Armstrong emphasized that cryptocurrency is a universal technology, an infrastructure, just like electricity or the internet. It does not compete with the next hot technology because it supports the latter. It is "both-and," not "either-or." Artificial intelligence, as a major trend, does not diminish the importance of cryptocurrency. On the contrary, it makes cryptocurrency even more important.AI agents require their own financial infrastructure, and ultimately their daily trading volume will far exceed the total of all human trading volumes. They cannot open bank accounts, cannot wait three days to receive remittances, and they cannot reside in just one country. They need real-time programmable money (which is exactly what cryptocurrency is). Agents need to hold funds and make payments themselves. Coinbase was the first to launch the x402 protocol, Base, and USDC, which now support the vast majority of payments for agents. Agents will also participate in trading and act as financial advisors. They will raise or borrow funds for ongoing new projects. They will also save users from the tedious tasks of tax planning, portfolio rebalancing, and bill payments.
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