Coinbase Global (COIN) — Company Research

Last Updated: 04 Oct 2026

Coinbase Global, Inc. (NASDAQ: COIN) runs the largest US-listed crypto exchange and is building what it calls the “Everything Exchange”. Its business has three main parts:

• trading: crypto spot and derivatives (including Deribit, bought in Aug 2025), plus US equities and prediction markets added in Dec 2025;
• subscriptions and services: stablecoin income from USDC, staking rewards, interest, custody and the Coinbase One membership;
• infrastructure: the Base blockchain, the Base app and payment tools for businesses and AI agents.

Coinbase joined the S&P 500 on 19 May 2025 and became a Texas corporation on 15 Dec 2025.

FY2025 total revenue rose 9% to $7,181m and GAAP diluted EPS was $4.45. Since then, falling crypto prices have hit trading: Q2 2026 revenue fell 19% to $1,220m, and Coinbase has reported three straight quarterly GAAP net losses. It cut about 700 jobs in May 2026 and lowered its 2026 expense outlook. The shares closed at $183.00 on 02 Oct 2026, a market value of about $48.3bn and 55% below the 52-week high.

This refresh draws on Coinbase's shareholder letters and earnings materials, the FY2025 Form 10-K, the Q2 2026 Form 10-Q, SEC XBRL company facts, 8-K and Form 4 filings, all retrieved on 04 Oct 2026. Follow the price on ChartsView Live Charts.

1. Company Snapshot

Field	Value
Full name	Coinbase Global, Inc. (Texas corporation since 15 Dec 2025; previously Delaware)
Ticker	COIN (Nasdaq)
Sector	Financials: crypto exchange, custody, stablecoin and blockchain infrastructure
Headquarters	Remote-first with no headquarters; filing address One Madison Avenue, New York
CEO / Leadership	Brian Armstrong (co-founder, Chairman and CEO); Alesia Haas (CFO); Jennifer Jones (Chief Accounting Officer, retiring once a successor is found)
Market cap	~$48.3bn (263.8m Class A and B shares at 23 Jul 2026 × $183.00 at the 02 Oct 2026 close)
Revenue (FY2025)	$7,181m total revenue (+9.4% YoY)
Net income (FY2025)	$1,260m GAAP; GAAP diluted EPS $4.45; adjusted net income $1,156m ($4.03 a share)
Employees	4,951 full-time at 31 Dec 2025 (FY2025 10-K); 4,321 at 30 Jun 2026 after the May 2026 restructuring
Scale	Q2 2026 record 10.3% share of crypto trading volume; average $20bn of USDC held in Coinbase products; nearly 1m Coinbase One subscribers at end-2025
Dividend	None

2. Bull Case vs Bear Case

Distilled from the full report below. Factual only, no ratings.

Bull Case

• Record market share: Coinbase's share of crypto trading volume hit a record 10.3% in Q2 2026, up from 9.1% in Q1, the third straight quarter of record share.
• More diversified revenue: Subscriptions and services were 48% of net revenue in Q2 2026, and 88% of net revenue came from sources other than bitcoin spot trading.
• Stablecoin franchise: An average of $20bn of USDC sat in Coinbase products in Q2 2026, more than 30% of USDC in circulation, and the Circle revenue-sharing agreement has met its conditions to renew on the same terms.
• Full regulated derivatives stack: The CFTC registered Coinbase Clearing as a clearinghouse on 28 Sep 2026, giving Coinbase an exchange, a broker and a clearinghouse in the US alongside Deribit offshore. Prediction-markets revenue doubled quarter on quarter to more than $100m a year.
• Costs coming down: About 700 jobs were cut in May 2026, and the FY2026 adjusted expense outlook was lowered to $4.20bn–$4.45bn, about $600m below the 2025 exit rate.

Bear Case

• Revenue falling, losses mounting: Q2 2026 revenue fell 19% YoY to $1,220m and GAAP diluted EPS was -$1.36, the third straight quarterly loss. Trailing GAAP EPS is -$3.84.
• US market-structure bill stalled: The Senate cloture vote on the CLARITY Act failed 49–50 on 15 Sep 2026. Disputed provisions included a restriction on stablecoin yield, which matters for USDC rewards.
• Trading tied to crypto prices: Transaction revenue was only about $130m for Q3 2026 up to 26 Jul, and the shares are down about 55% from their 52-week high of $402.16.
• Insider selling, no buying: The CFO and directors Marc Andreessen and Fred Wilson sold shares in Aug–Sep 2026 under trading plans, and no insider bought in the open market over the past year.
• Debt and leadership turnover: Coinbase carries about $6.5bn of debt and short-term borrowings. The Chief Legal Officer left in Jul 2026 and the Chief Accounting Officer said on 29 Sep 2026 she will retire.

3. What Does This Company Actually Do?

Coinbase earns fees when customers trade crypto (and now stocks, derivatives and event contracts), and recurring income from holding assets for them: its share of USDC reserve income, staking rewards, interest on customer cash and loans, custody fees and subscriptions. It reports a single operating segment, so the table shows its disclosed revenue categories.

Segment / category	% of revenue	What it is
Consumer transaction revenue	46.3% ($3,323m)	Trading fees from retail customers on the Coinbase app and Advanced trading
Institutional transaction revenue	6.7% ($480m)	Fees from institutions trading on Coinbase Prime, the Coinbase exchange and derivatives venues
Other transaction revenue	3.5% ($253m)	Other trading-related fees
Stablecoin revenue	18.8% ($1,349m)	Coinbase's share of income on USDC reserves under its agreement with Circle
Blockchain rewards	9.4% ($677m)	Staking rewards earned for customers, of which Coinbase keeps a commission
Interest and finance fee income	3.4% ($247m)	Interest on customer cash and margin and crypto-backed lending
Other subscription and services	7.7% ($555m)	Coinbase One subscriptions, custody fees and other services
Corporate interest and other income	4.1% ($298m)	Interest on Coinbase's own cash and other income

FY2025 figures as originally reported in the Q4 2025 shareholder letter (total revenue $7,181m); percentages are ChartsView calculations. From Q1 2026 Coinbase moved income on its own stablecoin balances from subscriptions and services into other revenue; total revenue is unchanged.

4. The Business Model

How it makes money. In FY2025, 56% of revenue came from trading fees, most of it from retail customers, so revenue rises and falls with crypto prices and volumes. The other 44% is steadier: stablecoin income, staking rewards, interest, custody and subscriptions. Stablecoin revenue depends on how much USDC customers hold and on US interest rates.

Where the moat sits. Coinbase's advantages are:

• US regulatory licences across spot trading, derivatives (exchange, broker and, since Sep 2026, a clearinghouse) and custody, which newer rivals do not have;
• scale: a record 10.3% share of global crypto trading volume in Q2 2026 and nearly 1m paying Coinbase One members;
• its USDC partnership with Circle, which gives it about half of USDC economics;
• Base, its own blockchain network, which carries most stablecoin payments made by AI agents.

What changed in 2025–2026. Coinbase bought Deribit for $4.3bn (closed 14 Aug 2025), added stocks and prediction markets in Dec 2025, moved its incorporation to Texas, and agreed to buy prediction-markets firm The Clearing Company in Jan 2026. With crypto prices weaker in 2026 it cut about 14% of staff and narrowed its expense outlook.

5. Financial Health

Sources: Coinbase shareholder letters and earnings decks (SEC 8-K exhibits), the FY2025 Form 10-K, the Q2 2026 Form 10-Q, and SEC XBRL company facts (data.sec.gov) for revenue, EPS, debt, cash flow, D&A and operating income. The fiscal year ends 31 December.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$7,839m	+513.7%	$14.50	$14.50†	$0.00	$3,385m
FY2022	$3,194m	-59.3%	-$11.83	-$11.83†	$0.00	$3,393m
FY2023	$3,108m	-2.7%	$0.37	$0.37†	$0.00	$2,980m
FY2024	$6,564m	+111.2%	$9.48	$7.58	$0.00	$4,234m
FY2025	$7,181m	+9.4%	$4.45	$4.03	$0.00	$5,937m

Notes on the annual table:

• Adjusted EPS is Coinbase's adjusted net income per diluted share from its shareholder letters (FY2025 adjusted net income $1,156m; FY2024 $2,073m).
• † A per-share adjusted figure for FY2021–FY2023 was not found in the sources reviewed, so the GAAP figure is repeated.
• FY2020 revenue was $1,277m, the base for the FY2021 YoY figure.
• Long-term debt is the noncurrent portion at year-end (XBRL tag LongTermDebtNoncurrent). The current portion was nil at FY2024 year-end and $1,270m at FY2025 year-end (the 0.50% convertible notes repaid on 01 Jun 2026).

Quarterly results (most recent first)

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026 (to 30 Jun 2026)	$1,220m	~-$0.40‡	-$1.36
Q1 2026 (to 31 Mar 2026)	$1,413m	~-$0.17‡	-$1.49
Q4 2025 (to 31 Dec 2025)	$1,781m	$0.66	-$2.49
Q3 2025 (to 30 Sep 2025)	$1,869m	$1.44	$1.50
Q2 2025 (to 30 Jun 2025)	$1,497m	$0.12	$5.14
Q1 2025 (to 31 Mar 2025)	$2,034m	$1.93	$0.24
FY2025 total	$7,181m	$4.03	$4.45

Notes on the quarterly table:

• Release dates: Q2 2026 on 30 Jul 2026; Q1 2026 on 07 May 2026; Q4 2025 on 12 Feb 2026.
• ‡ Coinbase reported adjusted net losses of $104.9m (Q2 2026) and $45.6m (Q1 2026) but not a per-share figure. ChartsView divided them by about 263m–265m diluted shares.
• GAAP results swing with the value of the crypto and strategic investments Coinbase holds, which is why GAAP and adjusted EPS diverge so sharply in some quarters. Q2 2026 also includes a $52.4m restructuring charge.
• Adjusted EBITDA by quarter: Q2 2026 $207.8m; Q1 2026 $303.3m; Q4 2025 $565.9m; Q3 2025 $800.7m. FY2025 adjusted EBITDA was $2,808.5m.

Cash flow and balance sheet.

• Cash flow (FY2025).
  • Operating cash flow was $2,426m. Coinbase does not report capex on its own line; purchases of property, equipment and capitalised software are inside “other investing activities, net” of $111m. On that basis free cash flow was about $2,316m.
  • D&A was $188m and GAAP operating income $1,435m. Customer custodial cash movements are in financing, not operating cash flow.
• Cash flow (H1 2026).
  • Operating cash flow was $380m and D&A $132m. GAAP operating loss was $135m.
  • Trailing-twelve-month operating cash flow was $1,714m.
• Balance sheet at 30 Jun 2026.
  • Coinbase's own cash and cash equivalents were $8,614m (including $2,957m of stablecoins), plus $175m of marketable investments. Customer custodial cash of $4,299m is held separately.
  • Long-term debt was $5,944m, with no current portion after the 2026 convertible notes were repaid, plus $539m of short-term borrowings.
  • Crypto held for investment was $1,468m. Shareholders' equity was $13,080m.
• Outlook (30 Jul 2026):
  • Q3 2026 subscription and services revenue of $500m–$580m;
  • Q3 2026 adjusted expenses of $980m–$1,080m;
  • FY2026 adjusted expenses lowered to $4.20bn–$4.45bn. Coinbase does not give revenue or EPS guidance.

6. Valuation & Market Data

Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$48.3bn (263.8m shares at 23 Jul 2026 × $183.00 at the 02 Oct 2026 close)
Enterprise value	~$46.0bn = market cap ~$48.3bn + total debt ~$6.5bn (long-term $5,944m + short-term borrowings $539m; current portion nil) − cash and marketable investments ~$8.8bn ($8,614m + $175m), per the 30 Jun 2026 balance sheet. Customer custodial funds and $1,468m of crypto held for investment are excluded.
Trailing P/E (GAAP)	n/m: TTM GAAP diluted EPS is a loss of $3.84 (Q3 2025 to Q2 2026). On TTM adjusted net income of $448m the multiple is ~108x.
P/E (forward)	n/m: Coinbase does not guide revenue or EPS; its outlook covers subscription revenue and expenses only.
P/S (TTM)	~7.7x (market cap / TTM total revenue of $6,283m, Q3 2025 to Q2 2026)
EV/EBITDA (TTM)	~52.7x (EV ~$46.0bn / TTM EBITDA ~$873m). EBITDA = TTM GAAP operating income $619m (FY2025 $1,435m less H1 2025 $681m plus H1 2026 -$135m) + TTM D&A $254m (XBRL DepreciationDepletionAndAmortization). On TTM company-defined adjusted EBITDA of $1,878m the multiple is ~24.5x.
P/FCF	~20.9x (market cap ~$48.3bn / FY2025 FCF ~$2.32bn). FCF = operating cash flow $2,426m − other investing activities, net $111m, used as a capex proxy because Coinbase does not report capex separately. On TTM operating cash flow of $1,714m alone the multiple is ~28.2x.
52-week high	$402.16 (intraday, 10 Oct 2025)
52-week low	$139.11 (intraday, 31 Jul 2026)
Short interest (% of float)	11.48% (25.2m shares, settlement date 15 Sep 2026, per MarketBeat from FINRA data)
Days to cover	2.78 (MarketBeat, 15 Sep 2026)
Dividend yield	Nil (no dividend)

Share-price-based metrics use the 02 Oct 2026 close; 52-week range from Yahoo Finance daily bars. For live prices see ChartsView Live Charts.

7. What Are They Building

The “Everything Exchange”.

• Derivatives: Deribit plus Coinbase's own perpetual futures on crypto, equities, pre-IPO companies and metals. Crypto derivatives volume passed $4.2trn over the past twelve months. A CFTC-regulated route into perpetuals for US customers is next.
• Clearing: Coinbase Clearing LLC was registered by the CFTC on 28 Sep 2026 to clear fully collateralised futures, options and swaps, using USDC as collateral.
• Prediction markets: Event contracts launched in Dec 2025, revenue doubled in Q2 2026 to more than $100m a year, and The Clearing Company acquisition supports the push.
• Stocks and IPOs: US equity trading launched in Dec 2025, and from 21 Sep 2026 eligible US retail customers can get IPO allocations, starting with Oura. The SEC's “Innovation Exemption” of 18 Sep 2026 opens the way for tokenised-stock trading venues.

Stablecoin payments. Coinbase Payments powers merchant stablecoin acceptance, and on 28 Sep 2026 Citi expanded its partnership: Coinbase virtual accounts will run on Citi's Virtual Account Wallet, and Spring by Citi will accept stablecoins through Coinbase. Coinbase also supports PYUSD, USDT and EURC, and offers custom stablecoins for businesses.

Base and AI agents. More than 90% of stablecoin volume from AI agents runs on Base, and 97% of onchain agent transactions used Coinbase's x402 payment protocol. Products include Coinbase for Agents, the Base app, DeFi borrowing and lending, crypto-backed mortgages and the Coinbase One Card.

8. Competitive Landscape

Peer	Market cap (Oct 2026)	Key 2025 metric
Robinhood Markets (HOOD)	~$101.4bn	FY2025 revenue a record ~$4.5bn; Q4 2025 revenue $1.28bn, +27% (Robinhood Q4 2025 results)
CME Group (CME)	~$94.6bn	FY2025 revenue a record $6.5bn; average daily volume a record 28.1m contracts (CME release, 04 Feb 2026)
Kraken / Payward (private)	~$20bn (last private valuation, Nov 2025)	FY2025 adjusted revenue $2.2bn, +33% (The Block); IPO delayed to Q2 2027 at the earliest
Galaxy Digital (GLXY)	~$9.0bn	FY2025 net loss $241m; adjusted EBITDA $34m (Galaxy FY2025 release)
Gemini Space Station (GEMI)	~$0.6bn	FY2025 revenue $179.6m (+26%); net loss $582.8m (Gemini Q4 2025 results)

Market caps are at the 02 Oct 2026 close from StockAnalysis quote pages; Kraken is private. Decentralised exchanges also compete for trading volume (FY2025 10-K risk factors).

9. Leadership and Ownership

Brian Armstrong co-founded Coinbase and is Chairman and CEO. Alesia Haas is CFO. Chief Legal Officer Paul Grewal stepped down on 31 Jul 2026 and advises the company until 31 Oct 2026, and Chief Accounting Officer Jennifer Jones said on 29 Sep 2026 that she will retire once a successor is in place. Armstrong's last reported sale was on 05 Jan 2026. Class B shares carry 20 votes each.

Name	Date	Type	Shares	Price	Value	Plan Type
Alesia Haas (CFO)	21 Sep 2026	Sale	39,030	$205.24 (avg)	~$8.01m	10b5-1 (adopted 03 Sep 2025)
Marc Andreessen (director, via trust)	21 Sep 2026	Sale	6,838	$205.05	~$1.40m	10b5-1 (adopted 05 Jun 2026)
Marc Andreessen (director, via trust)	08 Sep 2026	Sale	13,676	$181.14	~$2.48m	Data not available
Fred Wilson (director)	01 Sep 2026	Sale	10,000	$178.93 (avg)	~$1.79m	10b5-1 (adopted 18 Feb 2026)
Jennifer Jones (Chief Accounting Officer)	24 Aug 2026	Sale	2,062	$188.75	~$389,000	10b5-1 (adopted 06 Mar 2026)
Fred Wilson (director)	03 Aug 2026	Sale	35,068	$144.32	~$5.06m	Data not available
Brian Armstrong (Chairman and CEO)	05 Jan 2026	Option exercise and sale	40,000	$248.96 (avg)	~$9.96m	10b5-1 (adopted 15 Aug 2025)

Sources: SEC Form 4 filings on EDGAR, cross-checked against OpenInsider. No open-market purchases by insiders were found in the past twelve months. Haas also sold 364,600 shares on 06 Feb 2026 to cover the exercise price and taxes on expiring options.

10. Risks and Challenges

• Crypto market cycles (Market): Trading fees are still more than half of revenue, so falling crypto prices and volumes cut revenue quickly, as Q2 2026's 19% drop showed. Marking down crypto held for investment also hits GAAP earnings.
• Regulatory uncertainty (Regulatory): With the CLARITY Act stalled after the 15 Sep 2026 vote, the US still lacks a full market-structure law. Rules on stablecoin yield or on which tokens are securities could hurt key products.
• Dependence on USDC and interest rates (Strategic): Stablecoin revenue was 19% of FY2025 revenue and depends on the Circle agreement, USDC balances and US short-term interest rates. Rate cuts reduce this income.
• Cybersecurity (Operational): The May 2025 customer-data theft cost $345.2m in FY2025 and still carries litigation and regulatory exposure. As a large custodian, Coinbase is a constant target.
• Competition and fee pressure (Competitive): Robinhood, Kraken, Gemini, CME and decentralised exchanges compete for the same traders, which keeps pressure on fees.
• Leverage and acquisitions (Financial): About $5.9bn of notes mature between 2028 and 2032, and Coinbase is absorbing Deribit ($4.3bn), Echo and The Clearing Company while revenue is falling.
• Concentrated control (Governance): Class B shares carry 20 votes each, so outside shareholders have limited influence over strategy and board composition.

11. Recent Developments

• 29 Sep 2026 — Chief Accounting Officer to retire. An 8-K said Jennifer Jones will retire and stay until a successor is appointed. The same day Coinbase Ventures co-led a strategic round in trading firm Raven.
• 28 Sep 2026 — Clearinghouse approval and Citi deal. The CFTC registered Coinbase Clearing LLC as a derivatives clearing organisation, and Citi expanded its partnership to link Coinbase stablecoin payments with Citi's corporate and consumer services.
• 21 Sep 2026 — Retail IPO access. Coinbase began offering IPO share allocations to eligible US retail customers, starting with Oura. CFO Alesia Haas sold 39,030 shares the same day under her trading plan.
• 18 Sep 2026 — SEC tokenised-stock exemption. The SEC adopted a five-year Innovation Exemption for tokenised-stock trading venues, and COIN rose about 10% that day.
• 15 Sep 2026 — CLARITY Act stalls. The Senate cloture vote on the crypto market-structure bill failed 49–50, making passage before 2027 unlikely.
• 01 Sep 2026 — New director. Anthony Armstrong joined the board, expanding it to 10 members, and sits on the Audit and Compliance Committee.
• 30 Jul 2026 — Q2 2026 results. Revenue fell 19% YoY to $1,220m and GAAP EPS was -$1.36, but trading market share hit a record 10.3% and FY2026 expense guidance was lowered.
• 08 Jul 2026 — Chief Legal Officer to leave. Paul Grewal said he would step down on 31 Jul 2026; Molly Abraham is expected to become General Counsel.
• 01 Jun 2026 — Convertible notes repaid. Coinbase repaid about $1.27bn of 0.50% convertible notes at maturity.
• 05 May 2026 — Restructuring. Coinbase announced about 700 job cuts, roughly 14% of staff, with a $52.4m charge in Q2 2026.

12. Key Dates Coming Up

• 21 Oct 2026 — CME Group Q3 2026 results (peer read-across for derivatives volumes).
• 27 Oct 2026 — Robinhood Q3 2026 results (peer read-across for retail crypto trading).
• Expected 29 Oct 2026 — Coinbase Q3 2026 results after the US market close. This is a market-calendar estimate (MarketBeat); Coinbase had not announced the date at the time of writing. Last year the Q3 date was announced on 10 Oct and results came on 30 Oct 2025.
• 31 Oct 2026 — End of Paul Grewal's advisory period after stepping down as Chief Legal Officer.
• TBC — Appointment of a new Chief Accounting Officer; revival of the CLARITY Act, now seen as unlikely before 2027.

Macro events are on the ChartsView Economic Calendar, and you can discuss Coinbase on the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.