Coinbase posted second-quarter results that missed analysts' estimates as weaker cryptocurrency trading and falling asset prices weighed on results, with the exchange looking to AI-related services and elsewhere for growth as its core business remains under pressure.
Coinbase Misses Q2 Views as Weak Crypto Trading Overshadows Attempts to Expand Beyond It
30 July 2026 - 23:57 UTC
By Jona Jaupi
The largest US cryptocurrency exchange reported revenue of $1.22bn, missing the consensus estimate of $1.29bn, and an adjusted loss per share of 40 cents, based on 264mn shares outstanding, missing the estimate for a loss of 23 cents. Coinbase shares (COIN) fell 4.8% in after-hours trading to $155.75 as of 20:19UTC on 30 Jul.
Crypto trading activity weakened from a year earlier, with Coinbase's spot trading volume falling 35% to $146.4bn. Transaction revenue declined 22% to $599mn, reflecting lower activity among both consumer and institutional customers.
Coinbase has responded to slower trading activity by accelerating its push to diversify revenue, with CEO Brian Armstrong seeking to build an "everything exchange" spanning stocks, payments, derivatives and prediction markets, alongside tools for AI-powered finance.
The company, which announced job cuts in May, is also focusing on costs, lowering its full-year forecast for adjusted expenses to $4.2bn–$4.45bn from its previous view of $ 4.25bn–$4.6 bn.
AI is the next growth plan
Coinbase executives devoted a significant portion of the earnings call to AI, positioning onchain financial services for autonomous agents as a potential new growth area.
"Let's talk about how we're building the full stack for onchain agentic finance," Armstrong said, claiming that "there will soon be more AI agents than humans in the world." These agents, he said, are "going to need to hire each other and pay for goods and services."
The comments reflect a broader push by crypto and payments companies to build the tools AI agents will need to send and receive money. Coinbase has already introduced a toolkit that lets developers build AI agents connected with crypto wallets. Companies including MoonPay, Circle, Visa and Mastercard have also introduced products designed to let AI agents send and receive payments.
According to McKinsey, businesses are increasingly adopting AI agents, with 23% of organizations already scaling agents in at least one business function, while another 39% are experimenting with them.
For Coinbase, AI could create a new source of transactions that is less tied to the ups and downs of crypto trading. The crypto market has been experiencing significant volatility since 10 Oct 2025, when US President Donald Trump announced tariffs on China. The volatility has continued well into 2026, since the start of the conflict in Iran.
Building an 'everything exchange'
The AI push is part of Coinbase's broader effort to rely less on crypto trading, with the company noting in its earnings slide presentation, "Our revenue has decoupled from Bitcoin trading fees." To do this, the company has been expanding into a wider range of financial products. Over the previous 12 months, derivatives trading volume grew 68% to $4.22tn, while its prediction markets business reached more than $100mn in annualized revenue within its first two full months.
Coinbase also said more than 25% of all USD Coin (USDC) stablecoin in circulation is held across its products, claiming its Base blockchain is currently processing 62% of global onchain stablecoin volume.
During the second quarter, Coinbase added stock perpetual futures, expanded access to regulated crypto derivatives and launched new stablecoin payment products. It also announced plans to offer tokenized stocks outside the US, moving closer to Armstrong's vision of an "everything exchange."
