Coinbase, the US-based cryptocurrency exchange platform, has released details from its second-quarter 2025 earnings report, which includes the financial impact of a previously disclosed data breach.
The report revealed that the data breach, which occurred in May 2025, cost the company US$307 million during the second quarter. This figure represents a revised estimate from an earlier projection of US$400 million. The company attributed the breach to cyber criminals who bribed offshore customer service representatives to gain unauthorized access to sensitive data. This incident impacted overall financial performance during the reporting period.
Coinbase reported a 26% decrease in total revenue. Transaction revenue specifically experienced a 39% decline. Additionally, cryptocurrency spot volumes decreased by over 30% compared to the previous quarter, contributing to the overall revenue downturn. Despite these challenges, Coinbase reported a net income of US$1.43 billion for the second quarter of 2025. This represents an increase from US$66 million in the previous quarter and US$36 million during the same period last year. Trading volumes for the quarter reached US$237 billion, compared to US$226 billion in the second quarter of 2024.
Following the release of the earnings report, Coinbase shares experienced a decline of over 3% in after-hours trading, with the last traded price at US$363.80. Despite this recent dip, Coinbase shares are still up more than 40% year to date.
