Coinbase reported Q2 revenue of $1.50 bn (up about 3 % year on year but down 26 % from Q1), missing the $1.59 bn consensus, while transaction and subscription revenues fell short as retail trading slipped. GAAP EPS came in at $5.14, far exceeding forecasts around $1.25, largely due to one time gains on investments. Guidance for Q3 includes July transaction revenue of $360 m and subscription revenue of $665m to $745m, slightly below analyst models.