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...

The following are the minutes of the FY25Q2 earnings call for $Coinbase(COIN.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to "Dismal Performance, Hard to Extinguish the 'On-Chain Fire'". 1. Review of Core Financial Information 3Q25 Guidance: a. Performance Expectations: Trading revenue in July is approximately $360 million, with Q3 subscription and services revenue expected to be $665-745 million (midpoint up 8% quarter-over-quarter), driven by the increase in average cryptocurrency prices and growth in stablecoin revenue...

In the early morning of August 1st, Beijing time, after the U.S. stock market closed, $Coinbase(COIN.US) released its Q2 2025 financial report. Since its listing in June, Coinbase's stock price has been largely unrelated to short-term performance. Therefore, while we pay attention to short-term operational aspects in this financial report, we are more concerned with the management's medium to long-term strategies and short-term actions for expanding and extending future business. Specifically: 1. The cooling of trading is a consensus: Despite the new high in the total market value of cryptocurrencies at the end of the quarter, the second quarter still experienced a significant roller coaster due to tariff turmoil...

$Coinbase(COIN.US) $Circle(CRCL.US) In the first two articles of the cryptocurrency series ('Coinbase Business Logic', 'Stablecoin Discussion'), Dolphin Research introduced Coinbase's business model, the market size of stablecoins, and the scarcity issue of USDC. To prevent information overload, let's highlight the key points: 1. Coinbase currently primarily generates revenue from cryptocurrency transaction fees, mainly from retail investors. However, with increasing competition (regulation has both advantages and disadvantages, clearing out low-compliance crypto trading platforms...

上篇讲$Coinbase(COIN.US) ，海豚君说到 Coinbase 的价值能否打开非常依赖稳定币。一方面，稳定币有利于 Coinbase 生态内的交易、托管、质押等基础业务，最关键是给 Coinbase 拓展了更多的业务场景，通过商业支付、资产代币化投资等等，打开增长的想象空间。另一方面，稳定币自带收入，发行稳定币的储备资产主要是美债，自带不低的利息收益。而 Coinbase 目前按照协议...