Despite accumulating more Bitcoin, the fair value of Coinbase’s crypto portfolio dropped from $1.99 billion to $1.47 billion, reflecting the broader decline in digital asset prices during the first half of 2026.
Stronger Treasury, But Business Faces Pressure
Coinbase recently reported its second-quarter financial results, offering more insight into the company’s performance before entering August.
Revenue came in at $1.22 billion for the quarter ended June 30, down 14% quarter-over-quarter and 19% year-over-year as crypto trading activity slowed across the industry.
The company posted a GAAP net loss of $359 million, although much of the loss stemmed from non-operating items, including a $209.5 million non-cash markdown on crypto assets, $52.4 million in restructuring charges, and $238 million in stock-based compensation.
On an adjusted basis, Coinbase remained profitable, reporting Adjusted EBITDA of $208 million.
Market Share Improves Despite Weak Trading
Although overall crypto trading activity weakened, Coinbase continued gaining market share. Its share of global crypto trading volume increased to 10.3%, up from 9.1% in the previous quarter, setting a new company record.
The exchange also continued expanding beyond trading. Subscription and services revenue reached $555 million, accounting for 48% of total net revenue. Coinbase noted that 88% of its net revenue now comes from businesses outside Bitcoin spot trading, including staking, stablecoins, subscriptions, derivatives, and other products.
August Remains a Key Test
On the other hand, Coinbase stock entered August after gaining 6.76% in July, recovering from June’s weakness. However, August has historically been its weakest month since listing on Nasdaq.
The stock fell 19.28% in August 2023, 18.27% in August 2024, and 19.38% in August 2025, making this month another important test for investor sentiment.
Wall Street also remains divided. Rosenblatt maintained an Outperform rating with a $240 price target, expecting growth from derivatives and prediction markets. Meanwhile, JPMorgan lowered its target from $283 to $196, citing concerns that Coinbase’s revenue-sharing agreement with Hyperliquid could reduce future income from USDC reserves.
With Bitcoin holdings increasing and Ethereum exposure remaining largely unchanged, Coinbase’s treasury strategy is showing a stronger preference for Bitcoin. Whether that allocation trend continues through the second half of 2026 could become an important development for the market.