---
schema_version: "secwatch.filing_event.v1"
accession: "0001679788-25-000153"
form_type: "8-K"
ticker: "COIN"
cik: "0001679788"
company_name: "Coinbase Global, Inc."
filed_at: "2025-07-31T23:59:59+00:00"
generated_at: "2026-05-17T22:22:14.846886+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Coinbase Q2 revenue $1.5B, adj. EBITDA $512M; Q3 July transaction revenue ~$360M

## Summary
- Total revenue $1.5B, down 26% QoQ; transaction revenue $764M (-39% QoQ); subscription & services $656M (-6% QoQ).
- Net income $1.4B includes $1.5B unrealized gain on Circle and $362M crypto gains; adjusted net income $33M.
- Data theft incident in May drove $307M in other operating expenses; total operating expenses up 15% QoQ to $1.5B.
- Q3 outlook: July transaction revenue ~$360M; subscription & services $665-$745M; tech/G&A $800-$850M.
- USDC average balances in Coinbase products up 13% QoQ to $13.8B; stablecoin revenue $332M (+12% QoQ).

## SEC filing metadata
- accession: 0001679788-25-000153
- form_type: 8-K
- ticker: COIN
- cik: 0001679788
- company_name: Coinbase Global, Inc.
- filed_at: 2025-07-31T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1679788/000167978825000153/0001679788-25-000153-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1679788/000167978825000153/coin-20250731.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001679788-25-000153
- JSON: https://secwatch.observer/filing/0001679788-25-000153.json
- Plain text: https://secwatch.observer/filing/0001679788-25-000153.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.