Cryptocurrency exchange Coinbase (NASDAQ: COIN) announced its financial results for the second quarter of 2025. The company's revenue and trading volume fell short of analyst expectations. The most important points that emerged from the data published by the company are as follows: Total revenue: $1.50 billion (Expected: $1.59 billion) Trading volume: $237 billion (Expectation: $252.76 billion) Transaction revenue: $764.3 million (Expectation: $810 million) Subscription and services revenue: $655.8 million (Expected: $715.2 million) Coinbase also forecast subscription and services revenue in the third quarter of $665 million to $745 million. This forecast suggests cautious but steady growth in the closely watched services revenue segment. *This is not investment advice.