Learn more about the Coinbase One Card. ↓https://t.co/BNyErNlStXTerms apply and subject to eligibility and approval. ...

Other Credit Cards: pOiNtS bOoSt! uP tO aN ArBiTrAry coMbiNeD aMoUnt iN sEleCt cAtEgOrIeS eAcH qUaRtEr BuT OnLy On TuEsDaYs w/ A fUlL mOoN aNd wHeN mErCuRy iS iN gAtOrAdE.Coinbase One Card: Earn more BTC by holding more BTC. ...

Terms apply and subject to eligibility and approval.Learn more about the Coinbase One Card.↓https://t.co/BNyErNlStX ...

Card Program Overview - Bitcoin back rates are based on cardholder's assets on Coinbase [1] - Coinbase One Card is offered through Coinbase, Inc and Cardless, Inc [1] - Cards are issued by First Electronic Bank [1] Legal and Trademark Information - Terms apply to the card program [1] - American Express is a registered trademark of American Express and is used by the issuer pursuant to a license [1]

Product Offering - Coinbase One Card 提供高达 4% 的比特币返现，适用于 Coinbase One 会员的每次购买，且不增加额外费用 [1] Marketing & Promotion - Coinbase 引用了中本聪的名言，暗示了加密货币的潜力 [1]

Financial Incentives - Coinbase One Card 提供高达 4% 的 BTC 返现，适用于 Coinbase One 会员的每次购买，且无额外费用 [1] Product Offering - Coinbase One Card 专为 Coinbase One 会员提供 [1]

Core Insights - Coinbase reported a significant miss on analyst revenue and earnings expectations for fiscal Q2 2025, with GAAP revenue of $1,497.2 million, which is $90.1 million (5.7%) below the consensus estimate of $1,587.3 million [1] - The company experienced a surge in GAAP net income to $1.43 billion due to large unrealized investment gains, while adjusted net income (non-GAAP) fell sharply to $33 million, indicating weaker underlying profitability [1][6] - Operating expenses increased significantly to $1.52 billion, primarily due to a $308 million charge related to a data breach, although general operating expenses were controlled [1][7] Financial Metrics - Non-GAAP diluted EPS was reported at $0.12, missing the estimate of $1.25, representing an 89.1% decline year-over-year [2] - GAAP revenue for Q2 2025 was $1.50 billion, a 3.4% increase from $1.45 billion in Q2 2024 [2] - Total operating expenses rose by 36.9% year-over-year, driven by the cybersecurity charge [2][7] Business Overview - Coinbase operates a platform for buying, selling, and storing various digital assets, serving both retail and institutional customers [3] - The company focuses on core services such as crypto trading, wallet storage, custody for large clients, and digital payment tools [3] Strategic Focus - Recent strategic initiatives include compliance with global regulations, enhancing platform security, diversifying product offerings, maintaining competitiveness, and driving technological innovation [4] - Compliance is crucial as governments establish rules for digital currencies, while security is essential for protecting customer assets [4] Quarterly Highlights - Transaction revenue dropped to $764 million, down 39% sequentially, reflecting decreased trading activity [5] - Subscription and services revenue showed resilience, growing 9% quarter-over-quarter to $698 million in Q1 2025, with stablecoin revenue rising 12% to $332 million [5] Regulatory Developments - Coinbase made significant progress in regulatory compliance, with the passage of the GENIUS Act and the CLARITY Act in the U.S., and secured a MiCA license in Luxembourg [8][9] - These regulatory advancements are expected to facilitate growth and new business opportunities [9] Future Guidance - Management provided guidance for fiscal Q3 2025, expecting subscription and services revenue between $665 million and $745 million, with transaction revenue projected at approximately $360 million for July 2025 [10] - Total core operating expenses are anticipated to remain elevated, with technology and development expenses set between $800 million and $850 million [10]

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]

Product Offering - Coinbase One Card 提供高达 4% 的消费返现，适用于所有购买，不仅仅是交通 [1] - Coinbase One Card 是 Coinbase One 会员专享，无需额外费用 [1]

That means:✓ Zero trading fees on up to $500/month of trades✓ Boosted rewards✓ Account protection✓ Priority access to apply for the Coinbase One Card✓ And more exclusive perks ...