Coinbase (COIN -10.59%) captured a record 10.3% share of global crypto trading volume in the second quarter of 2026, its third straight all-time high. The company also reported a $359.5 million net loss Thursday afternoon, its third consecutive quarterly loss.

Industry spot trading volumes fell more than 20% during the quarter, according to the company, and Coinbase’s revenue fell with them — to $1.22 billion, down from $1.5 billion in the year-ago period. Shares, which closed Thursday at $163.58, slipped about 5% in after-hours trading following the report — and they remain far below their 52-week high of $402.16.

Image source: Getty Images.

Winning share of a shrinking market

The share gains aren’t the whole strategy, either….