Coinbase Q2 – ETF Flows, Base Revenue, Stripe Wedge

Coinbase reports Q2 in three weeks. Three lines move COIN: ETF custody flows, Base sequencer revenue, and the Stripe stablecoin partnership.

The narrative the street wants confirmed: subscription and services revenue – staking, custody, USDC interest, Base sequencer fees – finally meaningful enough to soften trading-volume volatility on the P&L.

What to watch

Subscription revenue as percentage of total – is the mix shift accelerating? Base sequencer fees – first quarter where this gets real disclosure. Operating leverage on the cost side after two years of headcount discipline.

The EsportForge read: Coinbase has, almost without fanfare, become an infrastructure company with a trading desk attached. Watch the mix.