For example, Coinbase’s second-quarter 2025 earnings call Thursday (July 31) show a company treading a narrow path between innovation, compliance and resilience.

On one hand, it recorded a $1.5 billion unrealized gain on strategic investments, including from its stake in Circle, and a $362 million uplift from crypto asset holdings. On the other, the crypto platform’s core transactional revenues fell 39% quarter-over-quarter, reflecting softening volatility, weaker retail sentiment and deliberate changes in fee structures on stablecoin pairs.

Coinbase leadership also used the investor call to share…