Coinbase failed Wall Street’s expectations in Q2 2025, pulling in $1.5 billion in revenue and $1.4 billion in net income, according to the company’s quarterly filing. The figures include a $1.5 billion unrealized gain from strategic investments and another $362 million from its crypto holdings.

Coinbase (Nasdaq: COIN), the largest crypto exchange in the U.S., released its financial results on July 31. It recorded $1.5 billion in total revenue, $1.4 billion in net income, and $512 million in EBITDA.

Shares of Coinbase Global Inc. (NASDAQ: COIN) are trading lower Friday following the release of disappointing second-quarter results that missed expectations across key financial metrics.