Cryptocurrency trading company Coinbase Global (NASDAQ:COIN) reports second-quarter financial results after market close Thursday.
COIN shares are trending up modestly. See real-time price here.
Here are the earnings estimates and key items to watch.
Earnings Estimates: Analysts expect Coinbase to report second-quarter revenue of $1.69 billion, up from $1.45 billion in last year's second quarter according to data from Benzinga Pro.
The company missed analyst estimates in the first quarter but has beaten estimates in nine of the last 10 quarters overall.
Analysts expect Coinbase to report second quarter earnings per share of $1.35, up from $1.07 in last year's second quarter. The company missed analyst estimates in the first quarter, but has beaten analyst estimates in eight of the past 10 quarters.
Read Also: JPMorgan Partners With Coinbase To Expand Crypto Access For 80M Customers
Key Items to Watch: Analysts have been raising their price targets on Coinbase stock with optimism for the cryptocurrency sector as Bitcoin (CRYPTO: BTC) hit all-time highs and Ethereum (CRYPTO: ETH) gained momentum in recent weeks.
Bills in Congress as part of "Crypto Week" are likely to be a key topic as the cryptocurrency sector moves forward and Coinbase has been pushing for regulation in the sector.
Another key area to watch is stablecoin USDC (CRYPTO: USDC), which is part of a partnership between Coinbase and Circle (NYSE:CRCL).
JPMorgan analyst Kenneth B. Worthington recently said that the USDC unit of Coinbase could be underestimated by investors.
“We see USDC economics as particularly attractive,” Worthington said, pointing to high margins and future growth.
Stablecoins have become a key talking point of bills in Congress for cryptocurrency.
Partnerships signed by Coinbase with major banks like JPMorgan and PNC could also be a talking point in the company's earnings results and guidance. The company continues to sign partnerships with key names in the financial world as companies explore more use cases for cryptocurrency.
Cryptocurrencies outside of Bitcoin and Ethereum could also be worth watching in Coinbase's report. In the first quarter, the company highlighted Solana (CRYPTO: SOL) and XRP Token (CRYPTO: XRP) as seeing increased trading volume.
Subscription and services revenue will be a key area to watch as this high-margin revenue has helped offset quarters with lower crypto trading revenue. The company is guiding for this revenue to be in a range of $600 million to $680 million, versus a total of $698.1 million in the first quarter.
After growing quarter-over-quarter, Coinbase's guidance forecasts a drop in the second quarter.
Coinbase's report comes a day after Robinhood Markets, which highlighted crypto trading growth in its recent quarter results. Robinhood saw its cryptocurrency trading revenue up 98% year-over-year and its cryptocurrency trading volume up 32% year-over-year in its fourth fiscal quarter.
While Robinhood and Coinbase don't offer all of the same products, both have high usage among retail traders and likely see similar growth in the crypto sector during bull markets like parts of 2025 have been.
COIN Price Action: Coinbase stock closed Wednesday up 1.63% to $377.48 versus a 52-week trading range of $142.58 to $444.65. Coinbase stock is up 50% year-to-date in 2025.
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