Key Takeaways Crypto momentum and U.S. market share gains fueled core revenue growth at Coinbase. Transaction revenues offer strong operating leverage as well as help scale globally. COIN expects a $30M-$40M Q/Q decline in institutional transaction revenues for Q2 2025.Coinbase Global Inc. (COIN) generates the bulk of its revenues from transaction fees, its biggest but most volatile income source. Transaction revenues, which contribute over 50% of COIN’s top line, are closely tied to trading volumes and a ...