The second quarter of 2025 proved to be a cold shower for Coinbase and its investors. Following the publication of the financial report, COIN’s share price plunged 16 per cent, wiping out more than $11.7 billion in capitalisation in just 24 hours. The figure that triggered the panic? A 26% drop in revenues compared to the previous quarter, with total revenue standing at $1.5 billion. Even more worrying was the collapse in gross margin from transactions, down 46% quarter-on-quarter. Non-transaction revenue also failed to keep pace, dropping -5%.
But the real alarm signal came from the overall trading volume, down almost 40% compared to Q1. While this figure can be partially explained by seasonal dynamics, it shows how volatility and market interest can directly impact business fundamentals. However, on a year-to-date basis, trading volume is up slightly (+4.8%), suggesting structural resilience over the long term.
Despite the turbulence, Coinbase made an interesting move: it significantly increased its Bitcoin holdings from 9,267 BTC to 11,776 BTC in its portfolio. A purchase of around 2,509 BTC which, in the context of a falling market, takes on the connotations of a true accumulation strategy. In contrast, Ethereum holdings fell from 137,334 ETH to 136,782 ETH, with a modest sale of 552 ETH, probably dictated by liquidity needs or internal rebalancing.
On the asset side, the figure that stands out is the new all-time high in the value of assets on the balance sheet: USD 425 billion. This is a sign that, despite declining revenues, the exchange remains a giant in the industry, with still very solid foundations.
While investors focus on short-term performance, Coinbase seems to be looking further ahead, betting big on Bitcoin. The blood is still warm on Wall Street, but the message coming out of San Francisco is clear: those with vision buy in times of fear.
