Catenaa, Friday, August 1, 2025-Coinbase said yesterday that the major data breach cost the company $307 million in the second quarter as spot trading volumes and revenue declined.
The incident, first disclosed in May, involved cybercriminals bribing offshore customer service staff to access user data and account records.
The cryptocurrency exchange reported that total revenue fell 26% from the prior quarter, while transaction revenue dropped 39% and spot trading volumes slid over 30%. Quarterly trading activity totaled $237 billion, down from $340 billion in the first quarter.
Despite the breach and lower activity, net income rose to $1.43 billion, up from $66 million in the previous quarter and $36 million in the year-ago period.
Coinbase said its focus is shifting toward becoming an “everything exchange,” offering trading in tokenized assets, derivatives and early-stage tokens to diversify its business.
Analysts remain cautiously optimistic about Coinbase’s longer-term strategy.
Bernstein recently raised its price target to $510, citing the company’s role in custodying Bitcoin ETF assets and operating Base, Ethereum’s fast-growing Layer 2 network for tokenization.
Shares fell 3% in after-hours trading to $363.80 but remain up 40% this year.
