Coinbase pulled in $1.29 billion in revenue for Q2 2026, while Strategy (the company formerly known as MicroStrategy) posted $122.9 million. Both figures landed right on consensus estimates, and both results were released on July 30.
Coinbase: revenue slides but expectations hold
Coinbase’s $1.29 billion in Q2 revenue came in squarely within the analyst consensus range of $1.29 billion to $1.31 billion. Meeting expectations sounds fine until you compare it to the $1.41 billion the company brought in during Q1 2026. That is roughly an 8.5% decline quarter over quarter.
The culprit is familiar to anyone who has watched crypto exchanges over the past several cycles: trading volumes dried up. When fewer people are buying and selling, exchanges make less money. Coinbase has been working to diversify beyond pure trading revenue, building out subscription and services income, staking products, and its Base layer-2 network. But trading fees still make up the backbone of the business.
Strategy: the Bitcoin treasury play stays steady
