Companies/Financials/Cryptocurrency exchange and crypto financial services

Coinbase

COIN · NasdaqEarnings Oct 29 (est.)Remote-first, no headquarters (cover-page address One Madison Avenue, New York, NY)5.0K employeesWebsite ↗
182.01▲ 1.99%Pooled price · full market data →

What matters nowUpdated 11 h ago

  • Coinbase said on October 6 at Token2049 Singapore that its Pro trading platform will return inside a new Coinbase Global Exchange by the end of 2026, with a waitlist already open, and Crypto Briefing reports the Deribit migration step finished on October 1 1.
  • Two October filings and notices added smaller news: chief accounting officer Jennifer Jones will retire and a successor search is under way 2, and Blast network users must move their BLAST tokens before the October 26 shutdown 3.
  • COIN was $182.04 on a pooled 24/7 venue price at 11:52 UTC on October 13, up 2.0% from the previous close of $178.46, after a 12.4% jump on September 18 in a crypto-led rally and an 8.8% drop on September 15, when the Senate's CLARITY Act cloture vote failed 49-50 4.
  • Trailing twelve-month revenue to June 30, 2026 was $6.28 billion, down 10.4% year over year, with a net loss of $987.8 million, a 7.6 price-to-sales ratio on a $48.0 billion market cap and $2.17 billion of net cash, while Q2 revenue fell 19% to $1.22 billion as crypto activity slowed.
  • Insiders sold 177,585 shares worth $32.4 million in 15 planned sales over the last 180 days and bought none, while subscriptions and services made up 48% of Q2 net revenue with Q3 guidance of $500 million to $580 million.
  • The Q3 2026 earnings date is estimated at October 29, 2026 at 16:00 UTC but is not confirmed, the September CPI release is due October 14 at 12:30 UTC, and Polymarket gives 9.5% odds of COIN hitting $230 in October, 38% for $205 and 40% for a dip to $160, all resolving November 1, 2026.

Coinbase runs a crypto trading platform for consumers and institutions, a stablecoin business built around USDC with Circle, the Base layer-2 blockchain, the Deribit crypto derivatives exchange (acquired August 2025), prediction markets, stock and tokenized-stock trading, custody and staking services, and a subscription and services line. Total revenue was $7.18 billion in 2025, up 9% from $6.56 billion in 2024. Q2 2026 total revenue fell to $1.22 billion (down 19% year over year) as crypto trading activity slowed. Headcount was 4,951 at December 31, 2025, before a roughly 700-person cut (about 14%) announced in May 2026.

How it makes money

Coinbase earns transaction fees when consumers and institutions buy, sell and trade crypto, including spot and derivatives, plus newer stock, prediction-market and tokenized-stock products. It earns subscription and services revenue from USDC economics under its Circle agreement, staking (blockchain rewards), custody and Prime services, Base-related activity, and Coinbase One and other subscriptions. Transaction revenue tracks crypto prices and volumes, so earnings swing with the market, while subscription and services revenue is steadier and is guided each quarter.

Last 12 monthsChart & venues →

146.87199.39251.91Coinbase says Pro returns inside a Global Exchange by end-2026 as Deribit integration completes1Coinbase shares fall about 5% after hours after Q2 revenue misses estimates2Coinbase Q2 2026 revenue falls 19% to $1.22 billion and it posts a $359.5 million net loss3Senate Banking Committee advances the CLARITY Act 15-94Coinbase Q1 2026 revenue of $1.41B, down 30.5%; net loss $394M, adjusted EBITDA $303M5Coinbase cuts about 700 jobs, roughly 14% of staff, and books $50M-$60M of charges6New York Attorney General sues Coinbase and Gemini over prediction markets7Coinbase tells senators it cannot back the latest CLARITY Act text8Dec 31Mar 13May 23Aug 2Oct 12
Numbered dots: the stories that mattered. Click one.

Valuation & fundamentalsFull financials →

Market cap$48.01Bpooled price × shares
Enterprise value$45.83B+ net debt −$2.17B
P/E (TTM)—EPS $-3.75
EV / EBITDA52.5×EBITDA $873.0M
P / Sales7.6×EV/Sales 7.3×
P / Book3.7×equity $13.08B
FCF yield—FCF —
Shareholder yield—div — · buyback —
Revenue (TTM)$6.28B-10.4% YoY
Last quarter revenue-18.5%growth YoY
EPS growth (TTM)-136.1%last Q -126.5%
Gross margin—operating 9.9%
Net margin-15.7%EBITDA 13.9%
ROE-7.8%on average equity
Cash$8.61Bdebt $6.44B
Shares out263.8Mdiluted 263.4M

TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →

Biggest businessesAll products & projects →

launchedproduct line

Consumer trading

Core retail app and web trading. Consumer transaction revenue fell to $452 million in Q2 2026 from $567 million in Q1 as crypto activity cooled.

Consumer transaction revenue · Q2 2026
$452 million about -20% QoQ from $567 million in Q1 2026
Consumer spot trading volume · Q2 2026
$25.8 billion down from $33.8 billion in Q1 2026
Consumer transaction revenue · Q4 2025
$733.9 million
scalingproduct line

Institutional trading (Coinbase Prime and institutional trading)

Largest share of trading volume. Institutional transaction revenue was $100 million in Q2 2026, down from $136 million in Q1 2026 and $185 million in Q4 2025.

Institutional transaction revenue · Q2 2026
$100 million about -26% QoQ from $136 million
Institutional trading volume · Q2 2026
$120.6 billion down from $158.7 billion in Q1 2026
Institutional spot trading volume · Q4 2025
$215 billion -13% QoQ
scalingservice

Subscriptions and services

Steadiest revenue line, 48% of net revenue in Q2 2026. Q3 2026 guidance is $500 million to $580 million.

Subscription and services revenue · Q2 2026
$555.1 million -5% QoQ from $583.5 million; -12% YoY; 48% of net revenue
Subscription and services revenue guidance · Q3 2026 outlook
$500 million to $580 million
Subscription and services revenue · FY2025
$2,828.0 million

Next: Q3 2026 results and Q4 2026 subscription and services outlook · 2026-10-01

scalingplatform

USDC stablecoin economics (Circle)

Average USDC held in Coinbase products hit a record $20 billion in Q2 2026. Stablecoin revenue was $292 million in the same quarter.

Average USDC held in Coinbase products · Q2 2026
$20 billion all-time high; up from $19 billion in Q1 2026; more than 30% of USDC in circulation at quarter-end
Stablecoin revenue · Q2 2026
$292 million down from $305 million in Q1 2026
Average USDC market cap · Q2 2026
$77 billion

Latest newsAll news →

Coinbase warns Blast network users to move BLAST tokens before the October 26 shutdown

Coinbase posted a network notice on October 7, 2026 that the Blast layer-2 network is shutting down, and users must act to keep access to their funds.

Product

Coinbase says Pro returns inside a Global Exchange by end-2026 as Deribit integration completes

At Token2049 Singapore, Coinbase said its Pro trading platform will return inside a new Coinbase Global Exchange, targeted to launch by the end of 2026, with a waitlist already open.

Product

Coinbase chief accounting officer Jennifer Jones to retire; successor search under way

Coinbase said in an 8-K dated October 2, 2026 that Chief Accounting Officer Jennifer Jones notified the company on September 29 that she will retire.

Management

Coinbase adds former xAI and X CFO Anthony Armstrong to its board, expanding it to ten directors

Coinbase announced on September 2, 2026 that Anthony Armstrong, a former CFO of xAI and X, joined its board.

Management

SEC proposes Regulation Crypto Assets with a $5 million startup and $75 million fundraising exemption

The SEC proposed Regulation Crypto Assets on August 18, 2026, under Chair Paul Atkins, setting out two Securities Act registration exemptions for token offerings.

Regulation