olivLaw · US equity research
Coinbase Global, Inc. COIN
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Coinbase Global, Inc. is a crypto asset trading and infrastructure platform that is expanding into stock trading, commodity futures and prediction markets. In fiscal 2025 net revenue was 6.9 billion USD, of which 4.1 billion USD came from transactions and 2.8 billion USD from subscription and services. In the first half of 2026 revenue declined and the net loss reached 753.6 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Coinbase Global, Inc. (COIN) stock was 151.50 USD (+4.16% on the day), with market capitalisation 40.1 bn USD, beta 2.61, 52-week range 137.83–319.30 USD. Latest reported quarter (Q3 2026): revenue of 1.2 bn USD (−35.0% YoY), net income of 718.7 m USD (+66.2% YoY), diluted EPS 2.51 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 40.7
- weak (30–45)
- Bollinger (20, 2)
- 140.12 – 191.41
- in the lower half of the band · %B 0.22 · band width 30.9%
- SMA 50 / 200
- 177.37 / 176.88
- mixed trend
- MACD (12, 26, 9)
- -8.94 / -6.56
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −19.5% | −1.1% | −18.4 pp | — |
| 3 months | +1.1% | −0.5% | +1.5 pp | — |
| 6 months | −23.5% | +4.4% | −27.9 pp | — |
| Year to date | −33.0% | +12.3% | −45.3 pp | — |
| 1 year | −50.7% | +13.5% | −64.2 pp | −53.7% |
| 3 years | +76.6% | +76.4% | +0.2 pp | −69.3% |
| 5 years | −55.1% | +63.7% | −118.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.3 bn | 2.0 bn | 1.5 bn | 1.9 bn | 1.8 bn | 1.4 bn | 1.2 bn | 1.2 bn |
| Research & development | 368.7 m | 355.4 m | 387.3 m | 430.6 m | 497.3 m | 525.6 m | 472.8 m | 447.4 m |
| Operating income | 1.0 bn | 705.8 m | -24.7 m | 480.5 m | 273.8 m | -21.4 m | -113.5 m | 61.7 m |
| Depreciation & amortisation | 33.0 m | 33.3 m | 33.9 m ≈ | 50.1 m ≈ | 71.1 m | 68.0 m | 64.4 m ≈ | 61.2 m ≈ |
| Interest expense | 20.5 m | 20.5 m | 20.5 m | 21.8 m | 22.6 m | 22.6 m | 22.5 m | 19.5 m |
| Pre-tax income | 1.5 bn | 82.5 m | 1.8 bn | 502.1 m | -886.3 m | -464.7 m | -395.4 m | 823.9 m |
| Income tax | 205.7 m | 16.8 m | 394.9 m | 69.6 m | -219.6 m | -70.6 m | -35.9 m | 105.2 m |
| Net income | 1.3 bn | 65.6 m | 1.4 bn | 432.6 m | -666.7 m | -394.1 m | -359.5 m | 718.7 m |
| Diluted EPS | 4.67 ≈ | 0.24 | 5.14 | 1.50 | -2.23 ≈ | -1.49 | -1.36 | 2.51 |
| Operating cash flow | 1.5 bn | 852.7 m | 240.1 m ≈ | 709.9 m ≈ | 623.7 m | 182.7 m | 197.3 m ≈ | 405.5 m ≈ |
| Share repurchases | — | 0 | 0 ≈ | 0 ≈ | 790.2 m | 1.1 bn | 181.3 m ≈ | 5.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 533.7 m | 1.3 bn | 7.8 bn | 3.2 bn | 3.1 bn | 6.6 bn | 7.2 bn |
| Revenue YoY | unavailable | +139.3% | +513.7% | −59.3% | −2.7% | +111.2% | +9.4% |
| Net income | -30.4 m | 322.3 m | 3.6 bn | -2.6 bn | 94.9 m | 2.6 bn | 1.3 bn |
| Net income YoY | unavailable | unavailable | +1,024.4% | −172.4% | unavailable | +2,618.5% | −51.1% |
| Diluted EPS | -0.50 | 1.40 | 14.50 | -11.83 | 0.37 | 9.48 | 4.45 |
| Diluted EPS YoY | unavailable | unavailable | +935.7% | −181.6% | unavailable | +2,462.2% | −53.1% |
| net % | -5.7% | 25.2% | 46.2% | -82.2% | 3.1% | 39.3% | 17.6% |
| Free cash flow | -114.1 m | 283.6 m | 4.0 bn | -1.6 bn | unavailable | unavailable | unavailable |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.3 bn USD
- Financial debt
- 6.4 bn USD
- Net debt
- -4.9 bn USD
- Equity
- 14.8 bn USD
- Total assets
- 29.7 bn USD
- Debt / equity
- 0.43x
- Current ratio
- 2.34x
- ROE
- 10.1%
- ROA
- 4.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 7.8 bn | 3.2 bn | 3.1 bn | 6.6 bn | 7.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Research & development | 271.7 m | 1.3 bn | 2.3 bn | 1.3 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | 409.0 m | 3.1 bn | -2.7 bn | -161.7 m | 2.3 bn | 1.4 bn | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 31.0 m | 63.7 m | 154.1 m | 139.6 m | 127.5 m | 188.4 m | SEC (XBRL)· 12 Feb 2026verified |
| EBITDA | 439.9 m ≈ | 3.1 bn ≈ | -2.6 bn ≈ | -22.0 m ≈ | 2.4 bn ≈ | 1.6 bn ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Interest expense | 0 | 29.2 m | 88.9 m | 82.8 m | 80.6 m | 85.4 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | 409.2 m | 3.0 bn | -3.1 bn | -76.8 m | 2.9 bn | 1.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 86.9 m | -597.2 m | -439.6 m | -171.7 m | 363.6 m | 261.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 322.3 m | 3.6 bn | -2.6 bn | 94.9 m | 2.6 bn | 1.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 1.40 | 14.50 | -11.83 | 0.37 | 9.48 | 4.45 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 91.2 m | 220.0 m | 222.3 m | 254.4 m | 273.4 m | 287.2 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.1 bn | 7.1 bn | 4.4 bn | 5.5 bn | 9.3 bn | 11.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Receivables | — | — | 220.3 m | 168.3 m | 265.3 m | 307.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 5.1 bn | 18.4 bn | 86.4 bn | 11.4 bn | 18.1 bn | 20.4 bn | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 49.3 m | 59.2 m | 171.9 m | 192.6 m | 200.1 m | 264.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 77.2 m | 625.8 m | 1.1 bn | 1.1 bn | 1.1 bn | 4.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 376.9 m | 176.7 m | 135.4 m | 86.4 m | 46.8 m | 1.4 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 5.9 bn | 21.3 bn | 89.7 bn | 14.8 bn | 22.5 bn | 29.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 12.0 m | 39.8 m | 56.0 m | 39.3 m | 63.3 m | 117.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Short-term debt | — | 20.1 m | 20.5 m | 0 | 374.3 m | 452.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Long-term debt | 0 | 3.4 bn | 3.4 bn | 3.0 bn | 4.2 bn | 5.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 4.2 bn | 11.4 bn | 80.8 bn | 5.5 bn | 7.9 bn | 8.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 4.3 bn | 14.9 bn | 84.3 bn | 8.5 bn | 12.3 bn | 14.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 963.6 m † | 6.4 bn † | 5.5 bn † | 6.3 bn † | 10.3 bn † | 14.8 bn † | SEC (XBRL)· 12 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 293.5 m | 4.0 bn | -1.6 bn | 673.4 m | 3.1 bn | 2.4 bn | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 9.9 m | 2.9 m | 2.9 m | — | — | — | SEC (XBRL)· 21 Feb 2023verified |
| Free cash flow | 283.6 m ≈ | 4.0 bn ≈ | -1.6 bn ≈ | — | — | — | SEC (XBRL)· 21 Feb 2023derived |
| Investing cash flow | 50.8 m | -1.1 bn | -663.8 m | -206.2 m | -201.0 m | -2.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | 2.7 bn | 10.0 bn | -5.8 bn | -838.2 m | 2.9 bn | 740.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | — | — | — | 0 | 0 | 790.2 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 40.1 bn USD
Key indicators
Coverage and freshness
Score by group
63% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.4% | 90 (vs peers) | 17% |
| Net margin · Quality | -12.5% | 55 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 31.0% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -4.1x | 100 (on a fixed band) | 17% |
| Interest coverage · Balance sheet | 2.3x | 12 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 82.1x | 0 (on a fixed band) | 17% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.1% | 73 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet74/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality77/100 · 2/3 factors with a value
- Returns· partial73/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Coinbase Global, Inc. (COIN). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 7.2 bn USD in 2025; YoY growth 9.4%; net margin -12.5%; ROE -4.7%; net debt/EBITDA -4.1x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 1.4%
- Revenue CAGR 3Y: 31.0%
- Net debt / EBITDA: -4.1x
- Current ratio: 2.4x
- Shareholder yield (distributions): 5.1%
What contradicts it
- Interest coverage: 2.3x
- EV/EBITDA: 82.1x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), FCF yield, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −51% / +77% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| KLARKlarna Group plc | 5.2 bn | — | -11.9% | -7.8% | +24.8% | −56% / unavailable |
| GPGIGPGI, Inc. | 3.7 bn | — | -20.6% | — | −85.8% | −36% / +208% |
| BLSHBullish | 3.5 bn | — | -27.3% | -0.3% | −2.2% | −47% / unavailable |
| CIFRCipher Digital Inc. | 3.0 bn | — | -156.8% | -742.3% | +48.0% | −68% / +135% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| WLTHWealthfront Corporation | 1.7 bn | — | -20.5% | -19.4% | +18.2% | unavailable / unavailable |
| WDWalker & Dunlop, Inc. | 1.3 bn | 34.4 | 2.2% | 3.0% | +9.0% | −41% / −54% |
| KEELKeel Infrastructure Corp. | 1.3 bn | — | -87.6% | -230.6% | +72.0% | −40% / +47% |
| XYFX Financial | 1.2 bn | 5.9 | 20.2% | 19.2% | +35.8% | −28% / +15% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| BKKTBakkt, Inc. | 215.0 m | — | -15.9% | -1.3% | −32.1% | −70% / −87% |
| ZSQRZ Squared Inc. | 192.4 m | — | -25.9% | -642.0% | unavailable | −81% / −84% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| HSDTSolana Company | 127.0 m | — | -183.2% | -1,302.8% | +1,057.1% | −49% / −100% |
| GHIGreystone Housing Impact Investors LP | 111.0 m | — | — | -5.1% | −6.4% | −33% / −72% |
| AGPUAxe Compute Inc | 86.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +24% / −85% |
| YRDYiren Digital Ltd. | 68.9 m | 8.8 | 0.6% | 1.0% | −85.9% | −91% / −86% |
| BTCSBTCS Inc. | 54.6 m | — | -354.8% | -746.3% | +304.8% | −67% / +6% |
| ZSTKZeroStack Corp. | 47.4 m | — | -1,993.6% | -444.2% | −0.5% | −67% / −94% |
1- and 3-year price returns: for COIN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Coinbase Global, Inc. is a crypto asset trading and infrastructure platform that is expanding into stock trading, commodity futures and prediction markets. In fiscal 2025 net revenue was 6.9 billion USD, of which 4.1 billion USD came from transactions and 2.8 billion USD from subscription and services 1. In the first half of 2026 revenue declined and the net loss reached 753.6 million USD 2.
SWOT
Strengths
- The company has a broad user base and strong brand recognition in regulated crypto assets.
- Diversification into subscriptions and services has reduced dependence on transaction volume and grew recurring revenue.
- The Deribit acquisition strengthened its position in derivatives, a segment with growth potential.
Weaknesses
- Revenue depends heavily on crypto prices and volumes, which are highly volatile.
- Stablecoin revenue is sensitive to interest rates, and lower rates could reduce revenue materially.
- The net loss in the first half of 2026 shows that the cost structure needs adjustment.
Opportunities
- Expansion into derivatives, stocks and prediction markets could diversify revenue sources.
- Growing adoption of stablecoins and payments could support subscription revenue.
- Clearer regulation and tokenization of assets could open new markets for the platform.
Threats
- A fall in crypto asset prices could reduce assets on the platform and trading volume.
- Regulatory changes or restrictions on products could limit activity in some jurisdictions.
- Competition and security breaches or errors could affect user confidence.
Risks
- Dependence on crypto priceshigh
Transaction revenue and the value of assets on the platform fall when crypto asset prices fall, which could affect financial results.
- Revenue concentrationhigh
A significant part of revenue comes from bitcoin and ethereum transactions and from the USDC stablecoin, and a decline in these could have a large impact.
- Regulatory riskshigh
Legislative changes or enforcement actions could restrict products or lead to fines and compliance costs.
- Relationship with the USDC issuermedium
Stablecoin revenue depends on the agreement with Circle, and changes or restructuring of the agreement could affect revenue.
- Security and custody risksmedium
Cyberattacks, technical errors and problems in third-party networks could lead to losses or platform unavailability.
Investment thesis
What would need to be true (bull case)
- Diversification into subscriptions, stablecoins and derivatives could reduce dependence on transaction volume and stabilise revenue if the crypto market recovers.
- A leading position in U.S. spot trading and in asset custody could support market share if regulation becomes clearer.
- The 2026 restructuring could improve margins if revenue returns to earlier levels.
What would break the thesis
- Transaction revenue fell considerably in the first half of 2026, and a further decline in prices could deepen losses.
- Dependence on interest rates and USDC makes stablecoin revenue vulnerable if conditions change.
- Competition and changing regulation could reduce market share and margins.
What to watch
- Development of transaction revenue and consumer trading volumeQ3 2026
- Expense guidance and the effects of the restructuringQ3 2026
- Progress of the derivatives and prediction markets business2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
The company aims to offer an Everything Exchange, a single platform for trading diverse assets, and serves consumers, institutions and developers 1. Transaction revenue comes from volume-based fees and spreads, while subscription revenue includes stablecoin revenue, staking rewards and the Coinbase One subscription 1. The Circle agreement on USDC means part of the revenue depends on how much USDC circulates on the platform 1.
Through Deribit, acquired in August 2025, the company expanded into derivatives and launched U.S. perpetual-style futures 1. The Base platform, a Layer 2 Ethereum network, generates revenue from sequencer fees 1. The company holds customer assets one-to-one and keeps them separate from its own assets, which makes custody practices central to its model 1.
The revenue mix has gradually shifted toward recurring services, as subscription and services revenue grew faster than transaction revenue in 2025 1. Subscription and services reached 48% of net revenue in Q2 2026, according to the Q2 2026 results release 3.
Market context
Trends
- Crypto price volatilityheadwind
Transaction revenue depends directly on crypto prices and volumes, and the declines in the first half of 2026 showed how exposed the business model is 2.
- Growth of stablecoinstailwind
Stablecoin revenue grew in 2025 and remains a pillar of subscription revenue, although lower interest rates limit it 1.
- Regulatory claritymixed
Management believes clearer U.S. regulation could support crypto adoption, but regulatory changes may also restrict the products offered 1.
- Cost reduction and restructuringtailwind
The company announced a restructuring in May 2026 to align expenses with market conditions, which could support margins if revenue recovers 2.
Competitive position
The company competes with other crypto trading platforms and with custody and staking providers, and its revenue is sensitive to losing market share in stablecoin transactions 1. Competition from other payment services and other crypto assets may reduce transaction volume 1.
The company says it holds a leading position in U.S. spot trading volume and in custody, but its market share can vary from quarter to quarter 3. In derivatives, the Deribit acquisition gives it an important position, although the market is competitive 1.
- U.S. crypto trading platforms
Other crypto asset trading platforms compete for the same users and institutions, with competition centred on fees and liquidity.
- Custody service providers
Custody and staking providers compete for institutional assets and for assets held by exchange-traded products.
- Stablecoin issuers
Stablecoin issuers and their partners influence how reserve income is shared.
- Crypto derivatives platforms
Derivatives platforms compete for futures and options volume, a segment where the company has expanded.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Stocks making the biggest moves midday: Apple, Palantir, Nvidia, Coinbase, Bloom Energy & moreCNBC — Top News · 03 Nov 2026 · EN
- Banca Transilvania, pe primul loc în topul acțiunilor românești tranzacționate de investitorii NAGA în 2026. Clasamentul celor mai căutate companii la bursăStartupCafe.ro · 03 Nov 2026 · RO
- Coinbase has been battered over the past month. Morgan Stanley says steer clearCNBC — Top News · 02 Nov 2026 · EN
- Индексы S&P 500 и Nasdaq снизились по итогам 3-й недели подряд впервые с мартаInterfax Russia (RU) · 02 Nov 2026 · RU
- Nasdaq scade 2,8% pe fondul rezultatelor Intel și Amazon, care amplifică vânzările în AI - InvezzSurge — Google News · 30 Oct 2026 · RO
- Digest de seară: hackul Binance zguduie criptomonedele, petrolul urcă - InvezzSurge — Google News · 30 Oct 2026 · RO
- Wall Street încheie săptămâna cu scăderi puternice. Acțiunile companiilor tehnologice se prăbușesc pe fondul îngrijorărilor privind investițiile în inteligența artificială - Capital.roCapital.ro · 30 Oct 2026 · RO
- Acțiunile Coinbase ating minimul din doi ani după reducerile analiștilor și hackul Binance - InvezzSurge — Google News · 30 Oct 2026 · RO
- Rezumatul zilei: Prăbușirea sectorului tehnologic pe Wall Street și un atac istoric asupra Binance - XTB.comSurge — Google News · 30 Oct 2026 · RO
- Vor evita acțiunile Coinbase pierderi mai mari în contextul rezultatelor slabe și al vânzărilor efectuate de persoane din interior? - Traders UnionSurge — Google News · 30 Oct 2026 · RO
- Stocks making the biggest moves midday: Intel, Lumentum, Sandisk, Twilio, Coinbase & moreCNBC — Top News · 30 Oct 2026 · EN
- Coinbase și strategia Bitcoin se prăbușesc după atacul cibernetic Binance - Bitcoin NewsSurge — Google News · 30 Oct 2026 · RO
- Cel mai mare jaf de criptomonede din lume: Hackerii fură 6,3 miliarde de dolari de la Binance în doar 20 de minute. - Vietnam.vnSurge — Google News · 30 Oct 2026 · RO
- Here are Friday's biggest analyst calls: Nvidia, SpaceX, Amazon, Intel, Rivian, Coinbase, Reddit, GE Vernova & moreCNBC — Top News · 30 Oct 2026 · EN
- Crypto giant Binance hit by $6.3bn hack suspected to be largest in history - BBCSurge — Google News · 30 Oct 2026 · RO
- Хакеры украли рекордные $6,3 млрд с криптовалютной биржи BinanceInterfax Russia (RU) · 30 Oct 2026 · RU
- Atac de proporții la Binance: 6,3 miliarde de dolari în criptomonede, transferate în doar 20 de minute - Evenimentul ZileiSurge — Google News · 30 Oct 2026 · RO
- Cel mai mare furt de criptomonede din istorie: Hackerii au sustras 6,3 miliarde de dolari de pe Binance în... - Digi24Digi24 · 30 Oct 2026 · RO
- Coinbase revine pe plus după trei trimestre consecutive de pierderi. Compania a raportat un profit net de 719 milioane de dolari - Capital.roCapital.ro · 30 Oct 2026 · RO
- „E cel mai mare atac informatic din istorie”. Hackerii au furat 6,3 miliarde de dolari în criptomonede de la Binance. E bănuită Coreea de Nord - Capital.roCapital.ro · 30 Oct 2026 · RO
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report02 Oct 2026Departure or appointment of officers
- Current report02 Sept 2026Departure or appointment of officers
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report23 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report09 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report18 Jun 2026Shareholder vote
- Quarterly report07 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Coinbase Global, Inc. · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Coinbase Global, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Coinbase Global, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.