Coinbase Q2 – ETF Flows, Base Revenue, Stripe Wedge

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

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 cost side after two years of headcount discipline.

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