Terms apply.Bitcoin back rates are based on cardholder’s assets on Coinbase. Coinbase One Card is offered through Coinbase, Inc. and Cardless, Inc. Cards issued by First Electronic Bank. American Express is a registered trademark of American Express and is used by the issuer pursuant to a license. ...

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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]

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 ...

Financial Performance - Revenue growth was 9%, reaching $17.856 billion, compared to $16.333 billion in the prior year [7] - Adjusted EPS increased by 17% to $4.08, up from $3.49 in Q2'24, excluding the Accertify gain [5, 7] - Net income decreased by 4% to $2.885 billion [7] - The company reaffirmed its full-year guidance of 8-10% revenue growth and $15.00-$15.50 EPS [5] Billed Business - Total billed business grew by 7% year-over-year (FX-adjusted) [9] - U S Consumer Services billed business also increased by 7% year-over-year [12] - International Card Services billed business grew by 12% year-over-year (FX-adjusted) [17] - Commercial Services billed business increased by 2% year-over-year (FX-adjusted) [14] Credit Metrics - The net write-off rate for Card Member Loans was 2.2% [67] - The net write-off rate for Card Member Receivables was 1.4% [67] - Total provision increased by 11% year-over-year, driven by a larger net reserve build and higher net write-offs [77] Capital and Guidance - The company's CET1 ratio was 10.6% [53] - The company projects an EPS of $15.00 - $15.50 for 2025 [56]

Product Offering - Coinbase One Card offers up to 4% back in BTC on every purchase for Coinbase One members at no added cost [1] Market Trend - Credit card points are experiencing shrinkflation [1] - BTC is the top performing asset of the last decade [1]

Core Insights - Coinbase is set to launch its first credit card, the Coinbase One Card, on the American Express network [1] - The card will be exclusive to Coinbase One members in the U.S. [1] - Users will receive up to 4% cashback in Bitcoin on each purchase [1] - More information will be disclosed in the fall of 2025 [1]