Coinbase Global, Inc. — Form 8-K

Coinbase reported Q2 2026 revenue of $1.220B (down 14% Q/Q, 19% Y/Y) with subscription/services revenue of $555M (48% of net revenue) and transaction revenue of $599M. The company reached all-time high crypto trading volume market share of 10.3% (up from 10.1% Q1'26) despite softer market conditions: total crypto trading volume declined 15% Q/Q, spot volume fell 25% Q/Q, and crypto asset volatility hit multi-year lows. Adjusted EBITDA was $208M (14th consecutive positive quarter). The firm cut headcount by 14% (667 employees) in May to reduce 2026 expenses by ~$600M vs. 2025 exit rate, targeting adjusted expenses of $4.2B–$4.45B (narrowed from initial $4.25B–$4.6B guidance). Assets on Platform fell to $246B (11.2% of total crypto market cap) due to BTC ETF outflows, but average USDC held in Coinbase products reached ATH of $20B.