Coinbase Q2 Revenue Hits $1.5B, But EPS Misses by $1.07 Amid Retail Drop

Coinbase Global Inc. reported $1.5 billion in revenue for Q2 2025, a 3.3% increase year-over-year but 26% decline from Q1,

Written by: Arslan Butt • Friday, August 1, 2025 • 1 min read

• Last updated: Friday, August 1, 2025

Quick overview

Coinbase reported $1.5 billion in Q2 2025 revenue, a 3.3% year-over-year increase but a 26% decline from Q1, with EPS of $0.12 missing analyst estimates.
Retail trading volume fell to $43 billion, below expectations, while institutional trading volume of $194 billion exceeded estimates but could not compensate for retail losses.
Services and subscriptions revenue grew 9% year-over-year to $655.8 million, driven by stablecoin revenue, although it missed analyst estimates.
To revive retail engagement, Coinbase is launching new products including tokenized assets and prediction markets, aiming for long-term growth.

Coinbase Global Inc. reported $1.5 billion in revenue for Q2 2025, a 3.3% increase year-over-year but 26% decline from Q1, as retail trading activity slowed down. EPS was $0.12, missing analyst estimates of $1.19 according to the July 31 shareholder letter.

Performance was weak across the board. Retail trading volume was $43 billion, below the $48.05 billion expected, total trading volume was $237 billion. Institutional trading volume was $194 billion, beating estimates but couldn’t make up for the retail shortfall which generates higher margins.

Coinbase shares fell 6% after hours but are up 50% year-to-date after being added to the S&P 500 Index in May.

Stablecoin Revenue Drives Services Growth

Despite earnings pressure, services and subscriptions revenue grew 9% year-over-year to $655.8 million driven by stablecoin revenue.

Key highlights:

$332 million from USDC stablecoin, up 12% quarter-over-quarter
Revenue-sharing agreement with Circle, issuer of USDC
Coinbase gets 100% of revenue from USDC held on its platform
Gets 50% of USDC used outside its ecosystem

But this segment missed analyst estimates of $705.9 million. Within it, blockchain revenue was down 22% year-over-year to $144.5 million, while other subscription services grew 72% to help offset the decline.

New Products to Revive Retail

Retail activity slowed down as investors got cautious and market attention shifted from crypto to macro concerns like tariffs and US policy developments.

In response, the company is launching a big product expansion to get retail back in the game. Upcoming products include:

Tokenized real-world assets
On-chain derivatives
Prediction markets
Early-stage token sales

These will be available on the Coinbase app starting with US users, a pivot towards more utility-driven engagement with retail traders.

While Q2 results showed the pressure points, Coinbase’s pivot towards tokenization and broader crypto services is a strategic re-calibration to get long-term growth and consumer participation.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.