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Slide 2: Disclaimers
Disclaimers Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements
Slide 3: Our mission is to increase economic freedom in the world
Our mission is to increase economic freedom in the world
Slide 4: Crypto is updating all aspects of the financial system; Agentic Finance is an accelerant
Q2’26 EARNINGS Crypto is updating all aspects of the financial system; Agentic Finance is an accelerant Trading Stablecoins Tokenization Agentic Finance Total Crypto Market Trading Volume1 Stablecoin Market Cap2 of $300B, Tokenized RWA Supply of $30B+, Agents forecast to process has grown 45x over t
Slide 5: Coinbase is uniquely positioned to capitalize on this transformation
Q2’26 EARNINGS Coinbase is uniquely positioned to capitalize on this transformation Most 1 Global 2 Stablecoin 3 Repeatable 4 Trusted Liquidity Platform Innovation #1 #1 #1 $100M+ Platform for crypto U.S. Crypto Spot Trading Regulated stablecoin – Annualized prediction stored globally Volume Market
Slide 6: Common foundations create network effects, compounding our edge
Q2’26 EARNINGS Common foundations create network effects, compounding our edge Secure Custody We store the most crypto in the 1 world through our battle-tested to dy custody platform C us 2 Global Settlement t m en Incubated Base; support 60+ le ett blockchains for fast, cheap Global Liquidity S set
Slide 7: Our revenue has decoupled from Bitcoin trading fees
Q2’26 EARNINGS Our revenue has decoupled from Bitcoin trading fees Revenue has diversified Subscription & services revenue beyond BTC spot trading has scaled meaningfully 88% $555 45% $6 Q2'20 Q2'21 Q2'22 Q2’23 Q2’24 Q2’25 Q2'26 Q2'20 Q2'21 Q2'22 Q2’23 Q2’24 Q2’25 Q2'26 % of Net Revenue Excluding BT
Slide 8: We've accelerated product velocity across our platform
We've accelerated product velocity across our platform Q2’26 EARNINGS U.S. Perpetual x402 Simple Metals Pre-IPO Crypto Style Futures Protocol Derivatives Perpetuals Perpetuals Binaries Merchant Stock Prediction Equity Retail DEX Acceptance Trading Markets Perpetuals Suite H2ʼ25 H1ʼ26 Base Azul Custo
Slide 9: AI at Coinbase: Driving engineering efficiency and accelerating product velocity
Q2’26 EARNINGS AI at Coinbase: Driving engineering efficiency and accelerating product velocity AI Is Multiplying Engineering Output Weʼre growing AI usage faster than spend Product Velocity Increasing Rapidly ↑2.2x Y/Y Pull Requests per Engineer Jun’24 Jun’25 Jun’26 Emphasis on Quality Scaling Even
Slide 10: Q2 2026 Highlights
Q2 2026 Highlights All-Time High Coinbase Average USDC Held in Prediction Markets Revenue Crypto Trading Volume Coinbase Products2 Market Share1 44% Y/Y 106% Q/Q ↓ ↓ ATH Average Daily Base Chain Stablecoin Loan Book Balance3 Transaction Volume4 ↓ 10.3% vs. 9.1% in Q1 ↓ 53% Y/Y ↓ 7x Y/Y [1] Coinbase
Slide 11: All-time high Coinbase Crypto Trading Volume Market Share through a down market
Q2’26 EARNINGS All-time high Coinbase Crypto Trading Volume Market Share through a down market Coinbase Crypto Trading Volume Market Share1 • Gained share in both spot & derivatives globally, 10.3% reaching an all-time high (“ATH”) in our Crypto 9.1% Trading Volume Market 8.4% Share 7.1% • Spot shar
Slide 12: Coinbase stores the most crypto in the world; BTC ETF outflows drove decline in AOP share
Q2’26 EARNINGS Coinbase stores the most crypto in the world; BTC ETF outflows drove decline in AOP share Assets on Platform1 and % of Total Crypto Market Capitalization2 • Leading crypto platform Assets on Platform ($B) globally, storing more crypto % of Total Crypto Market Cap3 than any other platf
Slide 13: Leading stablecoin platform, with ATH Average USDC Held in Coinbase Products
Q2’26 EARNINGS Leading stablecoin platform, with ATH Average USDC Held in Coinbase Products Average USDC Held in Coinbase Products1 and Average USDC Market Capitalization2 • New ATH of $20B average ~2.5x USDC Circulation USDC held in Coinbase ~10x USDC Held in Coinbase Products $76 $75 $77 products
Slide 14: 2026 Priorities
Q2’26 EARNINGS 2026 Priorities 1 2 3 Everything Stablecoins Onchain Exchange & Payments Trade every asset class in one place: Enable money to move globally at the Update the financial system by bringing crypto, equities, prediction markets, speed of the internet. trading, payments, and agents onchai
Slide 15: Everything Exchange: Derivatives outpaced the market; broadening suite and gaining share
Q2’26 EARNINGS 1 Everything Exchange: Derivatives outpaced the market; broadening suite and gaining share Crypto Derivatives Trading Volume1 TTM ($B) • Crypto Derivatives Trading Volume flat, market down 12% ◦ ATH Crypto Derivatives Trading Volume Market Share2, $4,224 $4,221 3rd straight quarter of
Slide 16: Everything Exchange: Prediction markets contracts and revenue up over 2x Q/Q
Q2’26 EARNINGS 1 Everything Exchange: Prediction markets contracts and revenue up over 2x Q/Q Prediction Markets Revenue • Prediction markets contracts and revenue up >2x Q/Q ◦ Launched new markets, features, and UI/stability ◦ Seasonally strong sports markets given NBA playoffs 106% Q/Q and World C
Slide 17: Stablecoins & Payments: Coinbase is a leading stablecoin platform
Q2’26 EARNINGS 2 Stablecoins & Payments: Coinbase is a leading stablecoin platform Market Stablecoin Transaction Volume by We benefit from our perpetually renewable partnership with Circle Asset1 ($T) • Auto-renewal conditions already met and the partnership will renew on the 37.1 same terms 33.5 •
Slide 18: Stablecoins & Payments: Coinbase is the leading platform for onchain Agentic Finance
Q2’26 EARNINGS 2 Stablecoins & Payments: Coinbase is the leading platform for onchain Agentic Finance 99%+ 90%+ 97%+ of onchain agentic commerce of agentic stablecoin transaction of onchain agentic transactions completed using USDC in Q2ʼ26 volumes were on Base in Q2ʼ26 completed using x402 in Q2ʼ26
Slide 19: Onchain: DeFi integrations driving real-world utility
Q2’26 EARNINGS 3 Onchain: DeFi integrations driving real-world utility $1B+ Y/Y growth in Average Borrow/Lend Balances, Trusted onchain assets and capital markets make driving utility and network effects for USDC & Base Base the blockchain for global finance Average Borrow/Lend Balances1 ($M) $1,491
Slide 20: The future of finance is onchain, and Coinbase is best positioned to power it
Q2’26 EARNINGS The future of finance is onchain, and Coinbase is best positioned to power it 1 2 3 The onchain economy has Coinbase's full The next frontier reached escape stack platform is agentic and on velocity is powering it Coinbase 20
Slide 21: Q2 Summary Financial Results
Q2’26 EARNINGS Q2 Summary Financial Results Total revenue Transaction revenue Subscription & services revenue $1.2B $599M $555M Net (loss) income Adjusted EBITDA1 Cash & cash equivalents $(359)M $208M $8.6B [1] Adjusted EBITDA is a non-GAAP financial measure. See Appendix for definition and reconcil
Slide 22: Q2 Report Card
Q2’26 EARNINGS Q2 Report Card Strong fundamentals despite macro headwinds The business is healthy Macro headwinds outpaced growth Gained Crypto Market Share Softening Spot Market Conditions Reached ATH in Coinbase Crypto Trading Volume Market Share; • Total Market Crypto Spot Trading Volume2 decline
Slide 23: Q2 results reflect expense execution despite macro headwinds
Q2’26 EARNINGS Q2 results reflect expense execution despite macro headwinds Metric Q2 Outlook (May 2026) Q2 Actuals Subscription & Services Revenue $565-$645 million $555 million Transaction Expenses Low-to-Mid Teens 16.4% ✓ as a % of net revenue Technology & Development + $820-$870 million $830 mil
Slide 24: Total Revenue of $1.2B reflecting softer market conditions
Q2’26 EARNINGS Total Revenue of $1.2B reflecting softer market conditions Total Revenue • $1.2B total revenue (-14% TTM Total Revenue Q/Q) against a backdrop of Total Revenue ($M) a decline in Total Market $2,272 Crypto Trading Volumes1 $2,034 (-15% Q/Q) and Total $1,869 Market Crypto Spot Trading $
Slide 25: Transaction revenue outpaced Total Market Crypto Spot Trading Volume due to new products
Q2’26 EARNINGS Transaction revenue outpaced Total Market Crypto Spot Trading Volume due to new products Transaction Revenue • Consumer transaction Average Crypto Market Capitalization1 Other Transaction Revenue ($M) revenue of $452M (-20% Institutional Transaction Revenue ($M) $1,556 Q/Q) driven by
Slide 26: Subscription and services revenue reached 48% of net revenue, reflecting continued diversification
Q2’26 EARNINGS Subscription and services revenue reached 48% of net revenue, reflecting continued diversification Subscription and Services Revenue • Stablecoin revenue of Blockchain Rewards ($M) Other Subscription & Services ($M) % of Net Revenue Stablecoin Revenue ($M) Interest and Finance Fee Inc
Slide 27: Investing strategically through the cycle while maintaining cost discipline
Q2’26 EARNINGS Investing strategically through the cycle while maintaining cost discipline Adjusted Expenses1 • T&D of $473M (-10% Q/Q) primarily driven by proactive Sales & Marketing ($M) General & Administrative ($M) $1,229 cost reductions announced Technology & Development ($M) $1,088 $1,133 in M
Slide 28: 14th consecutive quarter of positive Adjusted EBITDA across market cycles
Q2’26 EARNINGS 14th consecutive quarter of positive Adjusted EBITDA across market cycles Net Income (Loss) & Adjusted EBITDA1 • $208M Adjusted EBITDA Net Income (Loss) ($M) in Q2'26, 14th consecutive Adjusted EBITDA ($M) $1,176 $1,289 $1,429 positive quarter across all $1,291 market conditions $1,01
Slide 29: $10B in available resources – fortress balance sheet with $1.6B in crypto and marketable investments
Q2’26 EARNINGS $10B in available resources – fortress balance sheet with $1.6B in crypto and marketable investments Cash & Cash Equivalents Crypto Investment Portfolio, Marketable TOTAL: $8,614M Investments & Strategic Investments1 3x+ Strategic and Marketable Investments +92% BTC and +34% ETH Units
Slide 30: Managing dilution through opportunistic strategic repurchases
Q2’26 EARNINGS Managing dilution through opportunistic strategic repurchases Ending Shares Outstanding (M) 85%+ of SBC issuance offset since Q4ʼ24 ~50% of buyback capacity remains as of Q2ʼ26 269 268 263 264 255 256 254 248 250 242 245 $2.0B+ 237 239 Returned to shareholders 10.1M+ Class A shares re
Slide 31: Outlook
Q2’26 EARNINGS Outlook Metric Q3ʼ26 Outlook Q3 Drivers Transaction Revenue ~$130M QTD Caution extrapolating results Through July 26 (+) Average USDC Market Cap & Average S&S Revenue $500-$580 million USDC Held in Coinbase Products (-) Roll-off of Q2 performance earn outs (-) QTD average crypto asset
Slide 32: We are reducing and narrowing our 2026 Adjusted Expenses guidance range
Q2’26 EARNINGS We are reducing and narrowing our 2026 Adjusted Expenses guidance range Adjusted Expenses ($M)1 • ~$600M cost reduction vs. +1% At midpoint 2025 annualized exit rate4 $4,600 $4,250-$4,6002 -$100M $4,450 $4,200-$4,450 3 • 14% headcount reduction $4,282 At midpoint in May • 4,321 employ
Slide 33: Appendix
Appendix
Slide 34: Financial Recap
Q2’26 EARNINGS Financial Recap ($ in millions) Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q2ʼ26 Q/Q Y/Y Transaction, net 764.3 1,046.3 982.7 755.8 599.2 (21)% (22)% Subscription and services 632.2 716.6 694.5 583.5 555.1 (5)% (12)% Corporate interest and other income 100.7 105.8 104.0 73.6 65.8 (11)% (35)% Total reven
Slide 35: Income Statement
Q2’26 EARNINGS Income Statement (Unaudited) Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q2ʼ26 Q/Q Y/Y ($ in millions, except per share amounts) Net revenue 1,396.5 1,762.9 1,677.1 1,339.3 1,154.3 (14)% (17)% Other revenue 100.7 105.8 104.0 73.6 65.8 (11)% (35)% Total revenue 1,497.2 1,868.7 1,781.1 1,413.0 1,220.1 (14)
Slide 36: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Q2’26 EARNINGS ($ in millions) Q2ʼ23 Q3ʼ23 Q4ʼ23 Q1ʼ24 Q2ʼ24 Q3ʼ24 Q4ʼ24 Q1ʼ25 Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q2ʼ26 Net income (loss) (97.4) (2.3) 273.4 1,176.2 36.2 75.5 1,291.2 65.6 1,428.9 432.6 (666.7) (394.1) (359.5) Adjusted to exclude the following: Provision for (b
Slide 37: Reconciliation of Adjusted Net Income (Loss)
Q2’26 EARNINGS Reconciliation of Adjusted Net Income (Loss) ($ in millions) Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q2ʼ26 Net income (loss) 1,428.9 432.6 (666.7) (394.1) (359.5) Adjusted to exclude the following: Losses (gains) on crypto assets held for investment, net (362.1) (423.9) 718.2 482.4 209.5 (Gains) loss
Slide 38: Reconciliation of Adjusted Expenses
Q2’26 EARNINGS Reconciliation of Adjusted Expenses ($ in millions) Q2ʼ23 Q3ʼ23 Q4ʼ23 Q1ʼ24 Q2ʼ24 Q3ʼ24 Q4ʼ24 Q1ʼ25 Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q2ʼ26 Technology and development 320.7 322.8 323.1 357.9 364.3 377.4 368.7 355.4 387.3 430.6 497.3 525.6 472.8 Portion related to intangible amortization 15.6 7.
Slide 39: Select Operating Metrics
Q2’26 EARNINGS Select Operating Metrics ($ in billions) Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q2ʼ26 Consumer 41.5 57.4 53.7 33.8 25.8 Institutional 184.1 236.9 207.8 158.7 120.6 Crypto Spot Trading Volume 225.6 294.3 261.5 192.5 146.4 Crypto Derivatives Trading Volume 1,029.5 843.8 1,318.5 1,032.1 1,027.0 Other D
Slide 40: USDC Balances & Revenue
Q2’26 EARNINGS USDC Balances & Revenue Average USDC Market Capitalization1 ($ in billions) Stablecoin Revenue & Revenue on Corporate Balances ($ in millions) Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q2ʼ26 Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q2ʼ26 Average USDC Held in Coinbase Products2 14 15 18 19 20 144 159 172 161 174 Portion
Slide 41: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Q2’26 EARNINGS ($ In thousands, except per share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue: Net revenue ..........................................................................................
Slide 42: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Q2’26 EARNINGS ($ In thousands, except per share data) (unaudited) June 30, December 31, June 30, December 31, 2026 2025 2026 2025 Assets Liabilities and Shareholders’ Equity Current assets: Current liabilities: Customer custodial fund liabilities ..............
Slide 43: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Q2’26 EARNINGS ($ In thousands) (unaudited) Six Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Cash flows from operating activities Cash flows from financing activities Net (loss) income ............................................
Slide 44: Non-GAAP Financial Measures
Q2’26 EARNINGS Non-GAAP Financial Measures Adjusted EBITDA In addition to our results determined in accordance with GAAP, we believe Adjusted EBITDA, a non-GAAP financial performance measure, is useful information to help investors evaluate our operating performance because it: enables investors to