Crypto’s regulated front door → a toll on every trade that swings with crypto prices: Q2 2026 transaction revenue fell 22% to $599M and Coinbase lost $359M. Its cycle buffer is the float — a share of interest on USDC reserves, staking commissions and Coinbase One memberships — now 48% of net revenue. Next bet: an “Everything Exchange” (Deribit, Kalshi-powered prediction markets, stocks) plus onchain rails on Base, while cutting 14% of staff and waiting on a stalled CLARITY Act.
Click any of the 9 blocks below for a plain-language story of how that part of the model works for Coinbase — and how it connects to the others.
Static handout preview — use Downloads in the top bar for PDF, PNG, poster HTML, or the research brief. The interactive canvas above is the primary experience.
