Three companies with different exposure to digital assets will report second-quarter results over four days next week, creating a concentrated test of whether stablecoins, prediction markets and crypto services have become material earnings drivers rather than additions to established businesses.
PayPal is scheduled to report on July 28, followed by Robinhood on July 29 and Coinbase after the market closes on July 30. Robinhood will hold its earnings call at 5:00 p.m. ET, while Coinbase plans a question-and-answer session at 2:00 p.m. PT.
The important question is not which company produces the largest headline revenue beat. Investors will be watching a different line at each business: whether PayPal can turn PYUSD and crypto payments into measurable transaction growth, whether Robinhood’s prediction markets are becoming a larger economic engine than crypto trading, and whether Coinbase can protect the roughly $1.35 billion stablecoin revenue stream now exposed to the stablecoin-rewards fight in Washington.
Three Reports, Three Tests of the Crypto Revenue Model
The reporting sequence covers three stages of the digital-asset economy. PayPal represents crypto integration inside a global payments company. Robinhood combines crypto trading with event contracts, equities, options and interest income. Coinbase remains the most direct public-market exposure to crypto trading, stablecoin adoption and blockchain services.
That distinction matters because the same market environment can affect each company differently. Rising token prices can support Coinbase transaction revenue and Robinhood crypto volumes, but PayPal needs digital assets to generate payment activity rather than speculation. Prediction markets can reduce Robinhood’s dependence on crypto cycles, while Coinbase’s USDC economics depend on balances, interest rates and the regulatory treatment of customer rewards.
BigBear.ai also reports on July 30, with its release expected at approximately 4:15 p.m. ET and its call at 4:30 p.m. ET. Although it is not crypto-exposed, the defence technology company adds another retail-heavy stock to an already crowded post-market session.
PayPal Must Show That PYUSD Is More Than a Strategic Asset
PayPal enters earnings in the shadow of a reported $53 billion takeover proposal from Stripe and Advent International. Reuters reported that PayPal’s board considered the $60.50-per-share offer inadequate, although the company had not formally announced a completed rejection when the report was published. The earnings release could strengthen PayPal’s negotiating position if its core checkout, Venmo and transaction-margin figures show improvement, or increase pressure if growth remains weak.
For crypto investors, the line to watch is not a separately disclosed PYUSD revenue figure because PayPal has not historically broken one out. The relevant evidence will instead come from transaction growth, merchant adoption and management’s commentary on stablecoin settlement and crypto payments.
PayPal has expanded support for crypto-funded payments and has positioned PYUSD as settlement infrastructure rather than only a token held by traders. A quarter in which total payment volume grows but management offers little evidence of stablecoin or crypto-payment adoption would suggest that PYUSD remains strategically useful but financially immaterial. Clear growth in merchant settlement, cross-border use or Venmo integration would support the argument that the asset can contribute to PayPal’s broader payments turnaround.
Robinhood’s Prediction Markets Face Their First Major Revenue Test
Robinhood’s second-quarter report may provide the clearest evidence that prediction markets are becoming a meaningful public-company business. The company reported that users traded 3.2 billion event contracts in April and 3.9 billion in May. May event-contract volume rose 22% from April, while Robinhood App crypto volume was $5.9 billion and remained 50% below the previous year’s level.
Those units cannot be compared directly because crypto volume is reported in dollars and event activity in contracts. The earnings question is therefore whether the growth appears in transaction-based revenue and whether management begins offering greater visibility into prediction-market monetisation.
Robinhood said customers traded more than 12 billion event contracts during 2025, but the second quarter of 2026 includes a much larger monthly run rate. If prediction markets produce material revenue while crypto trading remains subdued, Robinhood will have shown that it can capture speculative retail activity without relying entirely on Bitcoin and altcoin turnover. A weak contribution despite billions of contracts would raise a different concern: prediction markets may generate engagement and volume without producing economics comparable with crypto, options or interest income.
Coinbase’s $1.35 Billion USDC Business Meets the CLARITY Act
Coinbase presents the most consequential test because stablecoin revenue is already material. The company reported $1.349 billion of stablecoin revenue for 2025, up 48% from $910 million a year earlier. Coinbase said the increase came from higher USDC balances on and off its platform, partly offset by lower interest rates.
The figure is sometimes described as USDC rewards revenue, but Coinbase’s filing calls it stablecoin revenue. It is generated primarily through the company’s arrangement with Circle and depends on income earned from the reserves backing USDC. Customer rewards are a related expense and distribution tool, not the same accounting line.
That distinction has become central to the Senate’s CLARITY Act negotiations. Updated legislation would restrict rewards paid merely for holding idle stablecoins while allowing certain activity-based incentives, with regulators expected to define the boundary. Senator Cynthia Lummis released updated draft text on July 22 as lawmakers sought an agreement before the legislative window narrowed.
Coinbase therefore needs to show that USDC balances and stablecoin revenue can remain strong even if future rules limit how platforms attract deposits. A decline caused by lower rates would be manageable if balances continue growing. A decline in both balances and revenue would suggest that the regulatory dispute is beginning to affect customer behaviour before legislation is completed.
The Number That Could Reprice the Whole Cohort
The most important number across the three reports will be the proportion of revenue generated outside traditional crypto trading.
For PayPal, that means evidence that digital-asset payment services are contributing to transaction growth. For Robinhood, it means prediction-market revenue becoming visible beside crypto trading. For Coinbase, it means stablecoin and subscription revenue offsetting volatility in transaction fees.
A strong showing would support higher valuations for platforms that have diversified beyond spot trading, including companies building perpetual futures, stablecoin payments and tokenised markets. FinanceFeeds recently examined that competition after KuCoin said Meta had overtaken Coinbase in stock perpetual futures.
A broad miss would carry a harsher message. It would suggest that the sector has added new products faster than it has added durable revenue. By Thursday evening, investors should have a clearer answer on whether stablecoins and prediction markets are beginning to stabilise crypto-exposed earnings or merely adding new volume statistics to businesses still governed by the trading cycle.
