Coinbase Global CEO Brian Armstrong reports a wider-than-expected second-quarter net loss as crypto trading volume remains low.
Coinbase Global reported a net loss of $359 million, marking its third consecutive quarter in the red since the crypto market began to drawdown from its October highs. The company's net revenue fell 17% to $1.15 billion, while transaction revenue dropped 22% from the year-ago period. Brian Armstrong acknowledged the current down market but highlighted record paid membership in Coinbase One as a sign of customer engagement. While the firm faces pressure from lower volatility and softer asset prices, its nontrading subscription and services revenue helped cushion the decline in trading fees. Analysts have responded to the news with a mixed outlook. Mizuho analyst Dan Dolev lowered the price target for Coinbase stock from $200 to $155 per share, citing a tough near-term setup. However, Morningstar Equity Research maintains a $150 fair value estimate, suggesting the shares remain fairly valued despite the poor performance in 2026.