secwatch.observer — SEC 8-K summary
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Issuer:     Coinbase Global, Inc. (COIN)
CIK:        0001679788
Form:       8-K
Filed at:   2025-07-31T23:59:59+00:00
Accession:  0001679788-25-000153
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1679788/000167978825000153/0001679788-25-000153-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1679788/000167978825000153/coin-20250731.htm
  HTML page:      https://secwatch.observer/filing/0001679788-25-000153

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer