🔥 BULLISH: Coinbase now holds 11,776 $BTC, surpassing Tesla to become the 10th largest corporate Bitcoin holder. https://t.co/GAtPyBLFvj ...

Financial Performance - The largest publicly-traded crypto exchange in the US reported revenue below analyst estimates [1] - The largest publicly-traded crypto exchange in the US reported adjusted EBITDA below analyst estimates [1]

本文源自：金融界AI电报 Coinbase第二季度总收入同比增长超7%、环比下降26%至15亿美元，低于分析师预期的15.9亿美元；利 润激增至14亿美元，主要得益于其对Circle Internet Group投资获得的巨额收益。期内交易收入同比下降 超2%至7.64亿美元，反映现货加密货币交易活动的低迷。公司股价夜盘跌9.5%。 ...

Cloud Computing - Amazon's AWS is under pressure to match Microsoft Azure's Q1 growth of 39%, as AWS delivered over 60% of Amazon's operating income last quarter with triple the company average margins [2] - Amazon plans to invest $100 billion this year, while Microsoft increased its spending to $120 billion and Alphabet to $85 billion [3] E-commerce & Tariffs - Analysts are optimistic about Amazon's ability to navigate tariff impacts, expecting positive results in third-party seller performance and online sales [4][5] - The tariff force started on April 2nd, coinciding with the second quarter [4] Cryptocurrency Market - Analysts anticipate a roughly 30% drop in retail trading volumes for Coinbase compared to the same quarter last year [8] - Analysts expect a 38% year-over-year increase in revenue from stablecoins for Coinbase [8] - Speculative retail trading slowed across centralized exchanges like Coinbase as Washington's focus shifted to tariffs, with institutional inflows into crypto ETFs and buying by crypto treasury companies supporting crypto prices [7] - The SEC wants to bring all financial markets in the US on-chain [9] Reddit's Performance - Reddit's shares have gained 42% in the past two months, with 62% of analysts having a buy rating on the stock and 34% having a hold rating [13] - Analysts expect Reddit's revenue to grow nearly 52% and earnings to swing to a 19 cent per share gain from a 6 cent per share loss in the year-ago quarter [14] - There are concerns about Reddit's dependence on Google traffic and the growing negative impact from AI search [15]

Losing CB premium never failsJohnny (@CryptoGodJohn):First time in a very long time we’re not trading with a coinbase spot premium https://t.co/pOfJF0yj36 ...

格隆汇8月1日｜Coinbase(COIN.US)夜盘跌9.5%，报341.88美元。消息面上，Coinbase第二季度总收入同 比增长超7%、环比下降26%至15亿美元，低于分析师预期的15.9亿美元；利润激增至14亿美元，主要得 益于其对Circle Internet Group投资获得的巨额收益。期内交易收入同比下降超2%至7.64亿美元，反映现 货加密货币交易活动的低迷。(格隆汇) ...

Core Insights - Stablecoin revenue increased by 12% to $332 million for the quarter, driven by higher USDC usage and institutional adoption, despite a 39% quarter-over-quarter decline in core transaction revenue due to reduced retail activity and fee changes [1][4][9] - Coinbase is shifting its focus from speculative trading to practical applications of crypto in payments, custody, and commerce, with a strong emphasis on stablecoin payments as a key growth area [2][5] Financial Performance - The company recorded a $1.5 billion unrealized gain on strategic investments and a $362 million uplift from crypto asset holdings, while core transactional revenues fell 39% quarter-over-quarter [4][9] - Subscription and services revenue is expected to be between $665 million and $745 million in Q3, largely driven by stablecoin market capitalization and adoption [9] Strategic Initiatives - Coinbase is launching prediction markets and tokenized stocks for U.S. users, and is focusing on B2B payments, viewing cross-border stablecoin payments as a $40 trillion opportunity [5][6] - The integration of USDC as a payment option within Shopify's platform allows merchants to accept dollar-pegged crypto with minimal fees and instant settlement [7] Institutional Interest - Assets under custody reached a record $245.7 billion, with Coinbase holding custody for eight of the top 10 public companies holding BTC, maintaining over 80% market share for crypto ETFs [10][11] - The company is experiencing growing institutional interest, particularly through its Prime Financing division and custodial services [10] Challenges and Risks - Despite growth in stablecoin revenue, challenges remain, including reliance on yield incentives and declining trading volumes among retail users [11][12] - The company is also dealing with the aftermath of a $308 million data theft incident, which may affect operating costs and introduce reputational or regulatory scrutiny [12]

XRP accounted for higher % of Coinbase trading revenue than ETH or SOLaccording to CB earningsxrp mfers are just built different man ...

Cryptocurrency Holdings - As of June 30, 2025, Coinbase held 11,776 bitcoins for investment [1] - Bitcoin holdings increased by 2,509 from the previous quarter [1] - The total cost basis of Bitcoin holdings is $740 million [1] - The fair value of Bitcoin holdings is $126 billion [1] - The company is continuing to increase its Bitcoin holdings [1]

Financial Data and Key Metrics Changes - Total revenue for the quarter was $1,500,000,000 with a positive adjusted EBITDA of $512,000,000 [5][16] - Net income was reported at $1,400,000,000, which included a $307,000,000 expense from a data theft incident and a $1,500,000,000 unrealized gain on strategic investments [22][24] - Adjusted net income was $33,000,000, reflecting the exclusion of certain gains and losses [24] Business Line Data and Key Metrics Changes - Consumer spot trading volume decreased to $43,000,000,000, down 45%, while consumer trading revenue fell to $650,000,000, down 41% [20] - Institutional spot trading volume was $194,000,000,000, down 38%, with institutional transaction revenue also down 38% to $61,000,000 [20] - Subscriptions and services revenue reached $656,000,000, with growth in USDC, staking, and custody assets [21] Market Data and Key Metrics Changes - Crypto asset volatility declined by 16%, with Bitcoin's average price increasing by 6%, while non-Bitcoin asset market cap decreased by 11% [17] - The US and global spot markets saw declines of 32% and 31% respectively [18] Company Strategy and Development Direction - The company aims to become the leading financial services platform globally, focusing on custody, trading, payments, staking, borrowing, and lending [6] - The "Everything Exchange" strategy is being developed to enable trading across all asset classes on crypto rails, with plans to integrate decentralized exchanges into the Coinbase app [7][10] - The company is also focusing on expanding its payment solutions, particularly through stablecoins, and has launched Stablecoin payment APIs [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted that regulatory clarity is improving, which is expected to drive growth in crypto utility and adoption [14] - The outlook for Q3 is positive, with expected subscription and services revenue between $665,000,000 and $745,000,000, driven by higher average crypto prices [25][26] Other Important Information - The company has over 240 businesses using its crypto as a service capabilities, including partnerships with major institutions like BlackRock and PayPal [13][14] - A significant investment was made in the acquisition of Derivat, a leading crypto options exchange [10] Q&A Session Summary Question: How does Coinbase plan to implement tokenized securities and compete for market share? - Management expressed excitement about tokenized securities, highlighting the potential for global distribution and real-time settlement [27][28] Question: What's the projected growth for the Base app and its adoption? - The Base app is in beta with significant demand, aiming to create a super app that integrates decentralized identity and stablecoin functionalities [33][34] Question: What are Coinbase's strategic goals behind the partnership with PNC Bank? - The partnership aims to expand market access for companies entering crypto, leveraging Coinbase's infrastructure as a service [38][39] Question: Can you discuss the economics behind adding decentralized exchanges to the platform? - Monetization will occur through trading fees similar to centralized exchanges, with additional fees from decentralized exchanges operating on the Base network [93] Question: How is Coinbase addressing customer service challenges post-data breach? - The company is focusing on improving customer service through automation and in-house management of customer support operations [103][106]