Coinbase's $4.65B Volume Ranks 16th as Shares Rally 50% YTD Despite Mixed Earnings

On July 31, 2025, Coinbase Global (COIN) recorded a trading volume of $4.65 billion, ranking 16th in the U.S. stock market. The stock closed with a 0.07% gain, reflecting mixed market sentiment ahead of its earnings release.

Coinbase’s Q2 earnings report highlighted a $1.5 billion revenue increase from $1.45 billion in the prior year, though it fell short of analyst expectations. Subscription and services revenue, including stablecoins and staking, rose 9% year-over-year to $655.8 million but lagged projections. Trading volumes declined, particularly in retail transactions, which grew 16% to $43 billion, below the $48.05 billion forecast. The drop in transaction revenue—down 39% from Q1—was attributed to reduced speculative activity as Washington shifted focus to tariffs, dampening retail trading enthusiasm.

Despite a $1.5 billion non-operating gain from its Circle investment, adjusted earnings of $1.96 per share exceeded expectations. The company announced plans to expand into tokenized real-world assets and derivatives within its app, targeting U.S. users. These initiatives aim to capitalize on pro-crypto regulatory developments, though trading remains its core revenue driver. Coinbase’s shares remain up over 50% year-to-date, outperforming the S&P 500 since its inclusion in May.

The strategy of purchasing the top 500 stocks by daily trading volume and holding them for one day delivered a 166.71% return from 2022 to July 30, 2025, significantly outperforming the benchmark return of 29.18%. This approach achieved an excess return of 137.53%, demonstrating its effectiveness in capturing momentum-driven market shifts through high-liquidity assets.