The Coinbase crypto exchange has published financial results for the second quarter of 2026, demonstrating an increase in its share in the global cryptocurrency trading market to a record 10.3 percent. Despite this achievement, the company ended the reporting period with a net loss of $359.5 million, which, however, decreased compared to the previous quarter. Adjusted EBITDA remained positive at $207.8 million, marking the fourteenth consecutive quarter with a positive metric. Revenue from ordinary activities decreased by 14 percent quarter-on-quarter and by 19 percent year-on-year, reaching $1.22 billion. Management attributes this dynamic to the general macroeconomic weakness of the market, a 25 percent drop in spot volumes, and multi-year lows in the internal volatility indicator.

A key structural shift in the company's business model was the diversification of revenue sources: 88 percent of net revenue in the second quarter was no longer dependent on spot bitcoin trading. The subscription and service line generated $555 million, and the average volume of USDC stablecoin on the platform's products reached a record $20 billion, which is more than 30 percent of the total volume of circulating USDC. Additionally, the exchange recorded revenue growth from forecast markets of 106 percent on a quarterly basis, exceeding the annual rate of $ 100 million. The financial result was also affected by one-time factors, including losses from the revaluation of crypto assets by $ 209.5 million, stock compensation by $ 238.3 million and restructuring costs of $ 52.4 million.

Brian Armstrong, CEO of Coinbase, described the current period as the beginning of a major financial transformation, during which traditional assets, including stocks and real estate, will gradually move to the on-chain format. According to him, the company is in a unique strategic position to benefit from this transition, controlling the world's largest volume of stored crypto assets. As confirmation of the sustainability of the business model, management noted that more than 90 percent of transactions with stablecoins initiated by artificial intelligence were processed on the Base network, which indicates the growing integration of blockchain infrastructure into new technological segments.