Coinbase Eyes ’Everything Exchange’ Ambition Despite 26% Q2 Revenue Plunge

Coinbase isn't letting a 26% revenue drop slow its crypto empire-building. The exchange just dropped its 'everything exchange' vision—right after posting Q2 numbers that'd make a traditional CFO sweat.

Rebound Play or Pipe Dream?

While Wall Street analysts clutch their pearls over the earnings dip, Coinbase is doubling down on crypto's endgame: becoming the Amazon of digital assets. No small feat when your core business just took a quarter-over-quarter haircut.

The real question? Whether this is genius long-term positioning or desperate pivot theater. Either way, they're betting the farm that crypto winter won't last forever—and that regulators won't strangle the golden goose before spring.

One thing's certain: in crypto, even the dips come with diamond-handed optimism. Just don't ask about the EBITDA.

Key Takeaways

• Coinbase saw its shares plummet nearly 10% in the after-hours trading on the 31st of July, after the Q2 earnings fell short of Wall Street expectations. However, the company remains optimistic for the future, citing policy victories and sharing plans for an everything exchange.

Coinbase, the popular U.S.-based centralized crypto exchange, released its shareholder letter for the second quarter of 2025. It showed a 39% decline in transaction revenue, and crypto spot volumes were down roughly 32%.

Lower market volatility had also contributed to the reduced trading activity.

In a post on X, senior investment strategist at Bitwise, Juan Leon, observed that this outcome was “reflecting underlying operating leverage pressures in a lower-volatility market.”

The report was not without its positives. Stablecoin-related revenue ROSE 12% to $332 million. Even though overall revenue was down 26%, subscription and service sales were down only 6% to $656 million.

Looking forward, Coinbase projects subscription and service revenue to reach $665 million- $745 million in the fiscal third quarter.

This below-par Q2 revenues saw the shares of Coinbase [COIN] plunge 9.28% in after-hours trading on the 31st of July, according to Yahoo Finance data.

Analysts had expected a second-quarter revenue of $1.56-$1.59 billion. Coinbase reported $1.5 billion in revenue, and the adjusted net income, excluding investment gains, was $33 million.

Coinbase celebrates policy wins, plans an ‘everything exchange’

In July, two major policy moves reshaped the landscape for digital assets. The GENUIS Act, signed into law by President Donald Trump, created a federal regulatory framework for stablecoins. 

Meanwhile, the House passed the CLARITY Act, which outlines jurisdictional roles for the CFTC and SEC, and sets regulatory guidelines for digital assets beyond stablecoins.

Together, these measures FORM a comprehensive structure for overseeing stablecoins and tokenized assets.

 In the company report, Coinbase described the legislation as “monumental milestones,” noting that the new clarity could unlock significant market opportunities.

Speaking to CNBC, the Vice President of Product at Coinbase, Max Branzburg, said that Coinbase will be expanding beyond crypto and is planning to become an “everything exchange”. He said,

“We’re building an exchange for everything. Everything you want to trade, in a one-stop shop, on-chain. … We’re bringing all assets on-chain — stocks, prediction markets, and more. We’re building the foundations for a faster, more accessible, more global economy.”

The future the company is envisioning will include tokenized real-world assets, stocks, derivatives, prediction markets, and early-stage token sales.

This “everything exchange” will be available first in the U.S. over the next few months. Based on jurisdictional approvals, a gradual international rollout WOULD follow.