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Coinbase released its earnings on 31 July 2025, revealing both gains and notable shortfalls. The American crypto exchange reported a net income of $1.43 billion in Q2 2025, a climb from $36.13 million in Q2 2024. Total revenue of Coinbase in Q2 2025 totalled to $1.5 billion – a slight increase from last year’s $1.45 billion – but short of the estimated $1.6 billion.
Despite revenue and trading volume missing forecasts, Coinbase’s share price remained up more that 50% year-to-trade. The company also outpaced the S&P 500, which it joined in May 2025. However, the Q2 earnings miss triggered a 6% drop in after-hours trading.
The company’s shareholder letter revealed that Coinbase increased its Bitcoin holdings by 2509 BTC, bringing its total to 11766 BTC. CEO Brian Armstrong took to X to say, “Coinbase is long Bitcoin. Our holding increased by 2,509 BTC in Q2, and we keep buying more.”
It's Coinbase earnings day.
Some recent highlights:
– $1.5B total revenue, $1.4B net income in Q2
– US perps launched, closing a key gap in market access
– Announced acquisition of Deribit, which will unlock global options
– Stablecoin revenue up 12% Q/Q
– 80%+ of U.S. BTC and… pic.twitter.com/Xhm3y1HFrw— Brian Armstrong (@brian_armstrong) July 31, 2025
Interestingly, Coinbase reported $332.5 million in stablecoin-related revenue – very close to the estimate of $333.2 million and up 38% year-on-year. Commenting on the GENIUS Act becoming a law, the company said, “A defining milestone for Stablecoin Regulation, the GENIUS Act was signed into law, the first-ever US federal legislation for digital assets. It establishes clear rules for USD stablecoin issuers and custodians, paving the way for broader stablecoin adoption.”
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Coinbase Challenges FDIC’s Attempts To Dismiss FOIA Case
Chief Legal Officer at Coinbase, Paul Grewal, took to X on 31 July 2025 to say that the company filed an opposition brief to the Federal Deposit Insurance Corporation’s (FDIC) motion to dismiss and motion for summary judgment in our Freedom of Information Act (FOIA) case.
Grewal said, “FDIC continue to stonewall our efforts to shed light on the previous administration’s Operation Chokepoint 2.0. We can’t and won’t stand for it.”
Furthermore, criticising the FDIC he said, “The industry cannot afford to be complacent. Historic progress at the federal level is undeniable, but it is imperative that we uncover historic misdeeds so that THEY NEVER HAPPEN AGAIN.”
We also filed a motion to take additional discovery from the FDIC to get to the bottom of their FOIA practices, which as we’ve seen in our case are far from what the law requires. The agency should testify via a 30(b)(6) deposition and produce the letters it sends to FOIA…
— paulgrewal.eth (@iampaulgrewal) July 31, 2025
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