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Why Coinbase Wants to be the Everything Exchange

CEX

Coinbase

Written by Adam Morgan McCarthy

04/08/2025

    Welcome to the Data Debrief!

    Welcome back to the Data Debrief! The bulk of public earnings took place last week, with plenty of crypto-related news to digest. In today’s Data Debrief, we’re focusing on Coinbase’s quarterly results and market positioning, looking at volume share versus competitors, COIN share performance, and the top asset performers on the exchange, along with their quarterly trends and the company’s strategy in becoming the “Everything Exchange.”


    • Quantifying Coinbase’s revenue miss

    • Push to diversify income streams


    • The “Everything Exchange” thesis.

    Why Coinbase Wants to be the Everything Exchange

    by Adam Morgan McCarthy

    Coinbase missed estimates last week as its second-quarter earnings revealed the impact of this cycle’s lopsided crypto market. Revenues rose 3.3% year-over-year to $1.5 billion, but still came in slightly below analyst expectations of $1.59 billion. COIN shares fell to end the week, although broader market concerns and more tariff announcements likely hurt it as much as the earnings miss.

    The shortfall in Q2 revenue is not uncommon for Coinbase, which relies heavily on trading volumes (a reliance it wants to combat) to drive returns. Monthly trading volume on Coinbase Exchange declined steadily during the quarter, from $89 billion in April to below $57 billion in June. In contrast, monthly volumes in the first quarter never fell below $100 billion.

    Screenshot 2025-08-04 at 12.41.52

    The drop in the second quarter coincided with reduced market volatility, even though BTC prices reached record highs in May. This reliance on hype and market moves highlights a key reason the exchange wishes to be seen as a super app like Chinese firm’s such as WeChat or Alipay.

    Read more on how Coinbase plans to achieve this in our premium debrief now, with exclusive insights from Coinbase’s second-quarter investor relations call with crypto analysts.

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    Data Used In This Analysis

    Our industry-leading research is the direct result of combining our proprietary data with world-class in-house experts. Bringing the very best of Kaiko’s people and data together, we unlock the unique insights that form the basis for our discoveries and analysis. We believe in doing so, our data speaks for itself, helping both our clients and the wider industry get a better understanding of the crypto ecosystem, and the evolving trends and patterns in motion at a regional and global scale.

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