TLDR
- Coinbase released a five step digital asset listing guide free of fees.
- Q2 revenue dropped to $1.5B while trading volume fell 45 percent.
- XRP generated 13 percent of consumer transaction revenue in Q2.
- Coinbase purchased 2,509 BTC raising holdings to 11,776 BTC total.
Coinbase has released a public guide on its digital asset listing process, aiming to provide clarity as disputes over alleged fees continue. The transparency initiative comes as the exchange faces weaker earnings and falling trading activity.
New Listing Guide for Digital Assets
Coinbase has published a detailed guide explaining how projects can apply for token listings on its platform. The company stated that applications are free and based on merit, countering accusations that it demanded payments reaching into the hundreds of millions.
CEO Brian Armstrong introduced the initiative to build transparency. “We want projects to have clarity on how the process works,” he said. Allegations by TRON founder Justin Sun claimed Coinbase requested 500 million TRX worth $80 million, plus $250 million in Bitcoin for custody. Sonic Labs co-founder Andre Cronje also reported demands ranging from $30 million to $300 million.
Five Step Review and Launch Process
The listing process involves five stages: submission, business assessment, and legal, compliance, and technical reviews. On average, due diligence lasts one week, with trading enabled within two weeks. However, timing varies depending on asset complexity.
Projects on supported networks like Ethereum, Base, Solana, Arbitrum, Optimism, Polygon, and Avalanche benefit from faster reviews. Tokens promising speculative returns face more scrutiny, while those with governance functions and clear utility receive smoother evaluations.
Coinbase’s phased market launch includes transfer-only stages, limit order auctions, and full trading. The company said these steps protect market integrity and provide liquidity within a regulatory framework.
Q2 Earnings Decline and Market Response
The new guide was released alongside Coinbase’s weaker second quarter results. Revenue dropped to $1.5 billion, missing analyst expectations of $1.59 billion. Consumer trading volume fell 45 percent year-over-year to $43 billion. Net income decreased to $33.2 million from $294.4 million in the same period last year.
Shares of Coinbase fell 9.2 percent in after-hours trading after the report, though the stock remains up nearly 50 percent year-to-date. XRP contributed 13 percent of consumer transaction revenue, surpassing Ethereum for the second quarter in a row.
New Fees and Bitcoin Holdings
Coinbase recently introduced a 0.1 percent fee on USDC-to-USD conversions above $5 million within 30 days. The change took effect on August 13 and marked the first monetization of previously free stablecoin off-ramps. Armstrong said the measure was needed to address arbitrage opportunities that reduced USDC supply.
The exchange also issued $2 billion in convertible senior notes, with maturities in 2029 and 2032, to fund operations and acquisitions. During the second quarter, Coinbase bought 2,509 Bitcoin worth $222 million, raising its holdings to 11,776 BTC. This placed Coinbase among the top ten public holders, surpassing Tesla.
Expansion and Regulatory Framework
Despite financial challenges, Coinbase secured a European MiCA license through Luxembourg and partnered with Chase to allow point transfers into crypto wallets. TIME named Coinbase one of 2025’s 100 Most Influential Companies for shaping digital asset policy in the United States.
The transparency guide aligns with broader regulatory efforts, including the SEC’s Project Crypto and the GENIUS Act, which establishes frameworks for stablecoins. Coinbase said these measures support its ambition to become an “everything exchange” supporting millions of assets.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
