Coinbase Q2 2025 Earnings: Mixed Results Amid Retail Trading Slowdown
Coinbase's Q2 2025 financial results revealed a mixed performance, with revenue reaching $1.5 billion, marking a modest 3.3% year-over-year increase but a significant 26% quarterly decline. The figures fell short of analyst expectations, particularly in retail trading volume, which totaled $43 billion compared to the forecasted $48.05 billion. Despite the slowdown in retail trading, stablecoin revenue emerged as a bright spot, growing 12% to $332 million, driven by its USDC partnership with Circle. The exchange continues to capture full revenue from on-platform activities, highlighting the evolving dynamics of the cryptocurrency market.
Coinbase Q2 Revenue Falls Short Amid Retail Trading Slowdown
Coinbase reported $1.5 billion in Q2 2025 revenue, marking a 3.3% year-over-year increase but a 26% quarterly decline. The results missed analyst expectations across key metrics, with retail trading volume lagging at $43 billion versus $48.05 billion forecasts.
Stablecoin revenue emerged as a bright spot, climbing 12% to $332 million through its USDC partnership with Circle. The exchange retains full revenue from on-platform USDC holdings and roughly half from external activity.
Subscriptions and services revenue grew 9% annually to $655.8 million, though blockchain-related income within this segment dropped 22%. Earnings per share of $0.12 fell sharply below the $1.19 consensus estimate.
The platform signals strategic expansion into real-world assets (RWA), derivatives, and tokenized products as it navigates shifting market conditions. Institutional adoption continues to offset retail weakness, with total trading volume reaching $237 billion.
Coinbase Expands Offerings with Tokenized Stocks and Prediction Markets
Coinbase is set to revolutionize its platform by introducing tokenized real-world assets, stocks, derivatives, and prediction markets in the coming months. The MOVE aims to transform the exchange into a comprehensive "everything exchange," catering to both U.S. and international users pending regulatory approvals.
Max Branzburg, Vice President of Product at Coinbase, emphasized the company's vision: "We're building an exchange for everything—everything you want to trade, in a one-stop shop, on-chain." The rebranding of its wallet app to "Base" further signals ambitions to evolve into a super app akin to China's WeChat.
The push into tokenized assets aligns with broader industry trends, though regulatory hurdles remain. Coinbase's bid to offer tokenized stocks, if approved by the SEC, WOULD mark a first for a U.S. platform, potentially reshaping access to traditional financial instruments via blockchain.
XRP Outperforms Ethereum in Coinbase Transaction Revenue Amid Shifting Market Trends
XRP has continued to generate higher consumer transaction revenue than ethereum on Coinbase, marking a persistent trend since Q1 2024. According to Coinbase's Q2 shareholder letter, XRP accounted for 13% of retail transaction revenue, edging out Ethereum at 12%. This follows a Q1 surge where XRP briefly hit 18% share amid regulatory clarity from the SEC's dropped appeal in the Ripple case.
Overall transaction revenue declined 39% quarter-over-quarter to $764 million, with net revenue missing analyst expectations at $1.5 billion. The retreat reflects subdued price momentum for XRP in Q2 as Ethereum regained traction through institutional flows and ecosystem activity.
Legal developments remain a key driver for XRP's market performance. The token's trading share on Coinbase climbed steadily from under 10% in early 2024 after the SEC affirmed that secondary-market sales weren't securities—a ruling that sparked temporary retail interest.
JPMorgan CEO’s Crypto Divide: Stablecoins In, Bitcoin Still Out
JPMorgan Chase CEO Jamie Dimon unveiled a partnership with Coinbase to facilitate cryptocurrency access for Chase customers, emphasizing stablecoins and blockchain technology. Dimon, a longstanding Bitcoin skeptic, reiterated his distrust of the flagship cryptocurrency while endorsing stablecoins as a viable financial instrument.
The collaboration reflects institutional responsiveness to client demand rather than corporate conviction. "I’m a believer in stablecoin. I’m a believer in blockchain. Not personally a believer in bitcoin itself," Dimon stated during a CNBC interview, maintaining his 2017 characterization of Bitcoin as "fraud" while acknowledging the inevitability of crypto adoption.
Full List of XRP ETFs Awaiting SEC Approval: Dates, Filings, and What’s Next
The U.S. Securities and Exchange Commission is reviewing multiple applications for XRP-based exchange-traded funds, with final decisions expected by October 2025. Canada already launched several XRP ETFs in June 2025, while the U.S. lags behind. ProShares Ultra XRP ETF remains the sole approved fund in the U.S., featuring Leveraged and inverse strategies.
Grayscale, 21Shares, and Bitwise are among the firms vying for approval. Grayscale's application to convert its XRP Trust to an ETF faces a key deadline on October 18. 21Shares' proposal, filed in November 2024, will reach a verdict by October 19. The SEC's guidelines mandate at least six months of futures trading on platforms like Coinbase's derivatives exchange for eligibility.
Coinbase Accuses FDIC of Stonewalling Crypto Debanking Probe
Coinbase has escalated its legal battle with the Federal Deposit Insurance Corporation, filing new court documents alleging deliberate obstruction in revealing Operation Chokepoint 2.0 records. The crypto exchange claims the FDIC systematically denied document requests without proper review, despite court orders mandating disclosure.
Chief Legal Officer Paul Grewal publicly condemned the agency's tactics, vowing to challenge what he characterized as unlawful Freedom of Information Act practices. Coinbase is now seeking sworn testimony from FDIC officials and comprehensive documentation of denial letters spanning 2020-2024 to expose alleged coordinated efforts to restrict crypto firms' banking access.
The confrontation highlights growing tensions between federal regulators and the digital asset industry. Legal observers note the case could establish important precedents regarding transparency in financial policymaking as crypto firms face increasing scrutiny from multiple regulatory bodies.
