Overview
2026 crypto exchange earnings show share consolidation and revenue diversification (stablecoins, subscriptions, prediction-markets) amid softer spot volumes and GAAP volatility from crypto asset marks.
Timeline
- 2026-07-30: coinbase Q2 — ATH 10.3% volume share; 359M GAAP net loss; Adj. EBITDA $208M (2026-08-02-stocktitan-coinbase-8k-q2-2026, 2026-08-02-siliconangle-coinbase-q2-2026)
Key Players
Analysis
Structural story is mix shift (subs/services 48% of Coinbase net revenue) and USDC concentration ($20B average in Coinbase products) rather than pure BTC beta.