Coinbase

Policy tailwinds are fading, and elevated rates are a drag. The bottoming phase is proving far from smooth.

The prediction market went live in Feb, and by Q3 its annualized revenue had surpassed $200 mn. Together with derivatives, it accounted for about 25% of trading revenue, cushioning a 10% QoQ decline in spot volumes, but overall revenue was flat QoQ. The company is prioritizing AI Agent accounts, tokenized stocks, and post-quantum custody as new growth and defensive focuses.

$Coinbase(COIN.US) reported Q2 results, further deepening the Q1 slump.

Below is Dolphin Research's compiled transcript for $Coinbase(COIN.US) FY26Q2 earnings call. Section I: Core takeaways recap.

1. The Circle partnership auto-renewed on existing terms: the company met the renewal conditions, and the agreement will roll on the original terms, removing prior market uncertainty around renewal. The company will continue working with Circle to expand USDC's scale and build out its ecosystem.

2. Revenue mix is meaningfully more diversified: BTC-related trading revenue has fallen from historically more than half of total, to below half of total. ...

Below is Dolphin Research's compiled Trans of $Coinbase(COIN.US) FY26 Q1 earnings call.

$Coinbase(COIN.US) reported Q1 results, and most of the pullback was largely as anticipated. The quarter played out against a backdrop of the CLARIFY bill stalling and Middle East tensions lifting oil and even reviving rate-hike expectations, both negatives for risk assets.

However, crypto-exposed stocks moved ahead of fundamentals; as geopolitical tensions eased in Apr, digital assets staged a rebound. Versus last quarter’s earnings day, BTC climbed from $67k to $80k, and Coinbase’s valuation rose from $38.5bn to $50bn...

Below is Dolphin Research's transcript of Coinbase's FY25 Q4 earnings call. For the earnings analysis, please refer to 'Weak Market + Poor Performance: When Will Coinbase Hit Bottom?'

1. Key Earnings Highlights:

a. Capital Management:

i. Buybacks: $1.7bn spent on share repurchases in 2025 (fully offsetting SBC dilution).

ii. New Authorization: BOD approved additional $2bn buyback program.

iii. Asset Accumulation: Committed to using cash flow for opportunistic Bitcoin purchases...

In the early hours in Beijing on Feb 13, after the US close, $Coinbase(COIN.US) reported its Q4 2025 results. The quarter was weak, missing Street expectations.

The following are the minutes of the earnings call for $Coinbase(COIN.US) organized by Dolphin Research. For a review of the third-quarter financial report, please refer to "Coinbase: Short-term Recovery Within Expectations, Long-term Ecosystem Still Needs Accelerated Expansion." 1. Review of Core Financial Information: Overall Performance: The company achieved total revenue of approximately $1.9 billion in the third quarter of fiscal year 2025. Adjusted EBITDA was $801 million. The company recorded a fair value revaluation gain of $424 million on its crypto investment portfolio this quarter, with $381 million included in other expense items...

In the early morning of October 30th Beijing time, after the US stock market closed, $Coinbase(COIN.US) released its Q3 2025 financial report. Overall, the slight outperformance in trading revenue led to a noticeable recovery in overall revenue and profit. The cryptocurrency market saw some recovery quarter-on-quarter in Q3, and Coinbase completed the consolidation of Deribit and launched perpetual futures for cryptocurrencies, which increased the market share of derivatives trading in Q3. Additionally, during the earnings call, management's outlook on launching banking payment services in Germany further stimulated Coinbase's trading sentiment...