Thursday, July 31, 2025 4:05:22 PMEST

- Guides Q3 Subscription and Service Rev $665-745M, Transaction expenses margin mid-teens as % of net Rev, Technology and Development + G&A expenses $800-850M

- Trading volume $237B (v $253Be) v $226B y/y v $393B q/q
- Adj EBITDA $512.1M v $596M y/y
- Subscription and Services Rev $655.8M v $715.2Me

- Outlook: We expect Q3 subscription and services revenue to be within $665-$745 million. We expect Q/Q growth to be driven primarily by 1) higher average crypto asset prices (Q3 to date, we have already observed ETH up 45% and SOL up 14% as compared to their Q2 average prices) and 2) stablecoin revenue, as USDC market capitalization reached an all-time high in July.
- We anticipate July transaction revenue to be approximately $360 million. We expect Q3 subscription and services revenue to be within $665-$745 million driven primarily by higher average crypto prices and stablecoin revenue (new all-dtime high in USDC market capitalization in July). We expect Q3 transaction expenses to be in the mid-teens as a percent of net revenue. We expect technology & development and general & administrative expenses to range from $800-$850 million driven by headcount growth to support international expansion, new product initiatives, and fortifying customer support & security functions. Finally, we expect sales & marketing expenses to be in the range of $190-$290 million, driven by potential variability in 1) performance marketing and 2) customer USDC balances in Coinbase products, which drive USDC rewards