Coinbase Global, Inc. (NASDAQ: COIN) held its FY26Q2 earnings call, reporting a record high for paid Coinbase One subscribers. Revenue from Bitcoin-related trading has dropped from over half of total revenue to just 12%, as the company diversifies income across both transaction fees and subscription services. If the subscription model gains widespread adoption, shifting users from one-time payments to Coinbase One, revenue will structurally migrate within the P&L. Despite a decline in crypto trading volumes, the growth in Coinbase One memberships highlights the product's value, and these members are often the most loyal, engaging with the broadest range of services.

This makes membership a key growth driver for boosting user retention and activity on the platform. Meanwhile, new products like prediction markets are generating incremental spot trading volume from participating customers. Regarding the partnership with Circle, Coinbase Global, Inc. (NASDAQ: COIN) has met the renewal conditions for the Circle contract and will continue to collaborate on expanding USDC and the ecosystem. Company leadership believes Bitcoin will return strongly, navigating through market cycles. The trading business always sees some assets rising while others fall, which is part of the "everything exchange" strategy—stocking a full inventory to be ready when any category gains traction.

Q: What would the failure of the CLARITY Act mean for Coinbase and consumers? Would you be more cautious amid the regulatory grey area between the CFTC and SEC?

A: I'm optimistic about the bill reaching a full Senate vote. The intense last-minute negotiations show commitment to pushing it through. If it doesn't pass, Coinbase would operate as usual since we already follow many of its requirements. Both SEC and CFTC chairs have indicated they'll issue clear rules regardless, so consumers would be the real losers, not Coinbase.

Q: Why did Coinbase join Open USD (OUSD)? Is this a negotiation tactic with Circle?

A: We've already met Circle's contract renewal conditions, so the contract will continue. We're a multi-stablecoin platform, wanting to support all major stablecoins with good economic arrangements. We're excited about the OUSD alliance as it creates additional business opportunities.

Q: Are the recent public appearances and new Base App head aimed at reconnecting with crypto-native users?

A: We serve diverse groups—from global banks to AI agents, fintechs, retail, and professionals. The crypto-native community is important, and we actively engage them. Our new hire from that community will help, and I continue participating in podcasts to reach different audiences.

Q: Why the recent executive departures? Any strategic changes?

A: No strategic changes. We have deep talent benches and strong succession planning. These are individual decisions, and we're excited about the next generation of leaders, many trained by those leaving.

Q: Can trust as a moat transfer to AI agents who optimize for cost and latency?

A: AI agents will likely value similar things to humans—cost, but also reliability, security, liquidity, and compliance. Base offers sub-penny costs and sub-second settlement. Trust will remain important, and we'll ensure agents are well-served.

Q: How are you driving cross-product adoption and allocating marketing spend?

A: Our strategy starts with asset custody on the platform. We see growth marketing working well for prediction markets, crypto trading, and derivatives. New product participation brings incremental spot volume without cannibalization. Asset custody is key—more products used leads to better retention.

Q: With Bitcoin-related income dropping to 12%, what other revenue streams are you focusing on?

A: We're diversifying both transaction fees (prediction markets, perpetuals, stock trading) and non-transaction subscription services. Bitcoin will likely return strongly. Coinbase One paid subscribers hit a record this quarter, showing subscription value even in a down market.

Q: What's next for Pre-IPO perpetual contracts after SpaceX?

A: Early results are encouraging with strong demand. US customer access is on the roadmap. We're democratizing access to previously unavailable investments.

Q: How do you view competition from Robinhood's crypto expansion and its own L2?

A: We're seeing fragmentation in the market, which typically leads to consolidation over time. Base, as Ethereum's largest L2, has strong liquidity and leads in stablecoin transfer volume. We have about a two-year head start and will continue investing.

Q: How do you protect USDC's long-term economics while sharing rewards with partners like HyperLiquid?

A: We welcome any participant holding USDC to earn rewards. Hyperliquid is a major perpetuals market participant, and this partnership drives broader USDC adoption. We're willing to share economic benefits to build network effects, as being number one in all metrics brings disproportionate returns.

Q: Does Coinbase One increase profits or compress take rates?

A: On average, Coinbase One subscribers trade more and have better unit economics. Revenue comes from multiple streams beyond trading fees, making it accretive overall. If subscription adoption expands, you'll see structural revenue migration within the P&L.