Coinbase Falls 12% in Regular Trading, Q2 Revenue Misses and Losses Exceed Expectations

Market Focus
Jul 31

On July 31, Coinbase Global, Inc. declined over 12% in regular trading. The sell-off followed the company's Q2 earnings report, which revealed both revenue missing consensus estimates and losses exceeding market expectations.

Specifically, despite a weak trading environment, Coinbase reported its crypto trading volume market share hit a record high of 10.3% in Q2, driven by growth in both spot and derivatives trading. Stablecoin revenue totaled $292 million, supported by record-high average USDC holdings across Coinbase products. The company disclosed that Q3 trading revenue stood at approximately $130 million as of July 26. Multiple analysts responded by cutting price targets, with Piper Sandler lowering its target to $146, China Renaissance adjusting to $211 from $231 while maintaining a Buy rating, and Citi reducing its target from $400 to $235.

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