Coinbase 2Q26: Weak Results, But Market Share Still Rising
$Coinbase(COIN.US)
Coinbase (COIN US) reported weaker-than-expected 2Q26 results.
Net revenue fell 14% QoQ to US$1.15bn, while adjusted EBITDA dropped 31% QoQ to US$208mn, mainly due to softer crypto asset prices and trading activity.
But the report is not only about near-term pressure.
Coinbase continued to gain share in a weak market. Its trading market share reached 10.3% in 2Q26, up 3.2ppts YoY and 1.2ppts QoQ.
Everything Exchange also showed progress. Crypto derivatives volume was flat QoQ despite a 12% decline in overall market volume, while Prediction Markets revenue grew 106% QoQ, with annualized revenue above US$100mn.
CMB International maintained BUY, but lowered the target price from US$235 to US$205.
The key question: can Coinbase keep gaining share during a weak crypto cycle, while building earnings leverage through derivatives, prediction markets, stablecoins and cost control?
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