Coinbase $COIN drops 10.6% after Q2 revenue misses at $1.2B

Coinbase $COIN closed 10.6% lower at $146.26 on July 31 after its Q2 earnings presentation showed total revenue of $1.2B and a net loss of $359M. The move cleared the single-stock Tier-1 filter because the decline from the prior $163.58 close exceeded 8% and followed a fresh earnings release filed with the SEC.

The primary source is Coinbase's Q2 2026 earnings presentation filed as Exhibit 99.1. The company reported transaction revenue of $599M, subscription and services revenue of $555M, adjusted EBITDA of $208M, and cash and cash equivalents of $8.6B. The presentation also showed Coinbase Crypto Trading Volume Market Share at 10.3%, up from 9.1% in Q1 2026.

Metric | Q2 2026 | Market read-through
Total revenue | $1.2B | Below consensus cited by market reports
Net loss | $359M | Loss-making quarter
Transaction revenue | $599M | Trading sensitivity remains high
Subscription and services | $555M | 48% of total income mix
Adjusted EBITDA | $208M | Positive but below peak cycle levels

The miss was tied to market activity, not only company execution. Coinbase said total market crypto spot trading volume declined 25% quarter over quarter, total crypto market capitalization declined 11%, and crypto asset volatility declined 14% to multi-year lows. Those three inputs reduce the transaction line even when the platform gains share.

The offset is diversification. Coinbase said prediction markets generated more than $100M of annualized revenue in Q2, average USDC held in Coinbase products reached $20B, and net revenue excluding BTC spot trading reached 88% of total net revenue. Those figures matter because investors are testing whether the Everything Exchange strategy can reduce reliance on crypto spot cycles.

The next checks are Q3 transaction revenue run-rate, subscription and services guidance, and U.S. crypto-market legislation. For now, the stock reaction says investors weighed the $359M loss and weaker trading environment more heavily than market-share gains and stablecoin revenue growth.

Not investment advice. Verify all figures with primary sources before acting.