### At a Glance Coinbase’s Q2 2026 results show continued revenue diversification, with Bitcoin-related trading revenue falling to 12% of total. Management emphasized that growth in subscription and services revenue has improved business predictability.

Key Data: Bitcoin trading revenue share dropped from over 50% to 12%; Coinbase 1 paid subscribers surpassed 1 million, a new high; Base network processed $32 trillion in stablecoin transfer volume over the past 12 months.

Business Progress: Base network achieved sub-cent and sub-second settlement, capturing over 90% of AI-agent stablecoin transaction volume. The company launched a pre-IPO perpetual contract for non-US users (first tranche: SpaceX) and joined the Onyx USD platform to support a multi-stablecoin strategy. The USDC partnership with Circle was automatically renewed with unchanged terms. Management noted that new users entering the platform via products like prediction markets drove incremental spot trading without cannibalization.

Guidance & Outlook: Management is optimistic about the CLARITY Act passing the Senate but stated that even if it does not, Coinbase’s existing compliance practices are sufficient, and the SEC and CFTC are prepared to issue their own rules. The payback period for growth marketing spend is typically 1 year, and recent performance has exceeded that benchmark.

Risk/Highlight Signals: Management emphasized that Coinbase has a “2-year first-mover advantage” in the Base ecosystem and believes the blockchain space will see a consolidation trend similar to stablecoins. USDC is the largest regulated stablecoin by transaction volume but still trails Tether in market capitalization.