Coinbase shares tumbled more than 5% in premarket trading Friday after the exchange reported second-quarter revenue that missed analyst estimates and swung to a net loss. The results dragged down the broader crypto market, with Bitcoin slipping 1.34% to $63,635.
A $359 million quarterly loss
Coinbase reported revenue of $1.22 billion for the three months ended June 30, falling short of the $1.29 billion consensus estimate. That's down 18.5% from the same period last year. The company posted a net loss of $359 million, compared to a profit in the year-ago quarter. The miss sent shares down 5.12% to $155.20 in premarket trading.
Crypto market follows Coinbase lower
The broader crypto market also took a hit. The total market capitalization fell 1.11% to $2.18 trillion, with Bitcoin down 1.34% to $63,635. The decline came as traders reacted to the weak earnings report from the largest US exchange.
The $359 million net loss marks a sharp reversal from the prior year's profit. Coinbase will need to show it can return to profitability in the second half of 2026 to regain investor confidence.
