Coinbase 2Q26: Weak Results, But Market Share Still Rising

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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AuntieAaA
08-04
AuntieAaA
Good

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Its trading market share reached 10.3% in 2Q26, up 3.2ppts YoY and 1.2ppts QoQ.\nEverything Exchange also showed progress. 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Its trading market share reached 10.3% in 2Q26, up 3.2ppts YoY and 1.2ppts QoQ.\nEverything 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.\nCMB International maintained BUY, but lowered the target price from US$235 to US$205.\nThe key question: can Coinbase keep gaining share during a weak crypto cycle, while building earnings leverage through derivatives, prediction markets, stablecoins and cost control?\n<img src=\"https://community-static.tradeup.com/news/06fc3f57dc9323f5ef60fc7b6b467f6a\" tg-width=\"1080\" tg-height=\"9300\">\n\n </body></html>","text":"$Coinbase Global, Inc.(COIN)$ 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. 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