Bernstein: "Coinbase’s sluggish Q2 isn’t important... Optimism remains for H2"

After the Q2 earnings announcement of the global virtual asset (cryptocurrency) exchange Coinbase (Coinbase), its stock price plummeted by 15%, but Wall Street-based asset management firm Bernstein (Bernstein) evaluated that "this quarter’s results are not very meaningful," cautioning against excessive concern.

According to virtual asset media The Block on the 1st (local time), Coinbase’s Q2 revenue was $1.5 billion, a 26% decline from the previous quarter, while trading revenue fell by 39%. Staking rewards decreased by 25%, whereas stablecoin revenue increased by 12%.

This quarter's results were also affected by one-off factors, including $307 million spent on a data breach, a $1.5 billion loss from Circle equity revaluation, and a $362 million gain in virtual asset valuation.

Bernstein analyzed that in July, trading revenue surged and asset classes expanded to include Ethereum (ETH) and Solana (SOL), making H2 results a key focus.

Additionally, Coinbase acquired an additional 2,509 Bitcoin (BTC) in Q2—now holding a total of 11,776 BTC—allowing it to re-enter the top 10 listed holders, surpassing Tesla.

Bernstein maintained an 'Outperform' rating (which is a moderately bullish recommendation, not as strong as 'buy' or 'strong buy') on Coinbase, setting a target price of $510.