COINNasdaqFinance ServicesUS GAAP · USD

Coinbase Global, Inc.

Coinbase Global, Inc. operates a crypto-native financial platform that lets consumers, institutions, and developers buy, sell, custody, and build with digital assets. In 2025 it expanded beyond crypto trading toward an “Everything Exchange,” adding stocks, futures, perpetual futures, and prediction markets to broaden its role in the future of finance.

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Revenue7,181m USD
+9.4 %y/y
Operating profit (EBIT)1,435m USD
−37.8 %y/y
EBIT margin20.0%
−15.2 ppy/y
Net income1,260m USD
−51.1 %y/y
Free cash flow2,426m USD
−5.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-5,000-2,50002,5005,0007,50010,000m USD2020: 1,277 m USD2020: EBIT 409 m USD20202021: 7,839 m USD2021: EBIT 3,077 m USD20212022: 3,194 m USD2022: EBIT -2,710 m USD20222023: 3,108 m USD2023: EBIT -162 m USD20232024: 6,564 m USD2024: EBIT 2,307 m USD20242025: 7,181 m USD2025: EBIT 1,435 m USD20257,1811,435
RevenueOperating profit (EBIT)

Business

Share of revenue
Consumer trading and financial services58 %

Retail crypto trading, wallet, staking, subscriptions, and new consumer trading products such as equities and derivatives.

Institutional trading and custody24 %

Prime brokerage-style services for institutions, including custody, execution, and crypto derivatives access.

Subscription and services10 %

Recurring fees from Coinbase One, custody, custodial interest, and other non-transaction services.

Institutional financing5 %

Secured lending, leverage, short-selling tools, and structured loans for institutional clients.

Developer platform and onchain infrastructure3 %

Base Chain and developer tools used to build crypto-enabled products and applications.

Products

Reported · share of revenue
56.4%18.8%9.4%FY2025100 %
  • Bank Servicing56.4 %
  • Subscription and Circulation Stablecoin18.8 %
  • Subscription and Circulation Blockchain Infrastructure Service9.4 %
  • Subscription and Circulation Other7.7 %
  • Other Revenue4.1 %
  • Bank Servicing Other3.5 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Coinbase serves three core customer groups: consumers, institutions, and developers. Consumers use the platform as a primary account for crypto investing and trading, while institutions use Coinbase Prime for custody, execution, and financing, and developers use Base Chain and platform tools to build crypto-enabled products.

Consumers

Retail customers buy crypto trading, staking, subscription benefits, and increasingly equities, derivatives, and onchain access because Coinbase is their primary crypto financial account.

Institutions

Market makers, asset managers, hedge funds, banks, and corporates use Coinbase Prime for custody, trading, derivatives, and financing to access crypto markets securely.

Developers

Technology companies, fintechs, banks, and payment firms use Base Chain and Coinbase Developer Platform to build crypto-enabled products and scale onchain applications.

ETF issuers and asset managers

These clients use Coinbase as an institutional custodian for Bitcoin and Ethereum ETF assets and related storage needs.

Strategy

Coinbase is trying to move from a crypto exchange into a broader financial platform by expanding products, deepening engagement, and increasing recurring revenue. Its priorities are to grow the consumer ecosystem, scale institutional custody and financing, and build developer infrastructure around Base and onchain applications.

Expand the Everything Exchange offeringShort term

Broadens the platform beyond crypto trading and increases wallet share across more asset classes.

Increase recurring revenueMedium term

Subscription and custody fees reduce dependence on volatile transaction volumes.

Grow institutional financingMedium term

Lending and leverage products can deepen institutional relationships and raise monetization per client.

Build onchain developer infrastructureLong term

Base Chain and developer tools can create ecosystem lock-in and support future product adoption.

Geography

Q1/2026

Coinbase is a remote-first U.S.-based company with no traditional headquarters, and the U.S. remains its dominant revenue market. Management disclosed that the U.S. generated 84% of total revenue in 2025 and 81% in the third quarter, with no other country above 10%, so international exposure is meaningful but still secondary.

United States84 %
Other countries (US filing)16 %

Share of the revenue the company reports by geography.

Risks

Coinbase is exposed to regulatory, cybersecurity, custody, and market-structure risk because it operates as a regulated financial institution and holds customer assets. Its revenue is still heavily tied to trading activity, so crypto market volatility, pricing changes, and liquidity shifts can quickly affect results.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Custody and asset security failures1Regulatory interruptions and licensing risk2Cybersecurity and data protection breaches3Crypto market and trading volume volatility4Credit risk in institutional financing5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Custody and asset security failuresImpact: CriticalLikelihood: Medium

    Coinbase holds customer fiat and crypto assets and must maintain one-to-one trust; any failure would undermine the core value proposition.

    ExposureCustodyCold storageHot wallets
  2. Regulatory interruptions and licensing riskImpact: HighLikelihood: Medium

    As a regulated financial institution in some jurisdictions, service interruptions can trigger fines, penalties, or loss of licenses and banking relationships.

    Exposure: Global operations and licensing footprint

  3. Cybersecurity and data protection breachesImpact: HighLikelihood: Medium

    The company stores sensitive personal and financial data and holds customer assets, so a breach could create direct losses and reputational damage.

    ExposureCustomer dataFiat balancesCrypto custody
  4. Crypto market and trading volume volatilityImpact: HighLikelihood: Medium

    Transaction revenue depends on trading activity, which can fall sharply when crypto volumes or market sentiment weaken.

    Exposure: Consumer and institutional trading

  5. Credit risk in institutional financingImpact: MediumLikelihood: Low

    Lending, leverage, and short-selling products expose Coinbase to borrower default and collateral valuation risk.

    Exposure: Prime Financing and Agency Lending

Accounting

Judgemental items
Fair value accounting for crypto assets held for investment

Changes in crypto prices can create large gains or losses in earnings even when cash is unchanged.

Impact: Can materially distort period-to-period profitability

Revenue recognition across transaction, subscription, custody, and interest streams

Different products recognize revenue on different timing bases, affecting comparability across quarters.

Impact: Affects reported mix and seasonality

Customer custodial cash and financing cash flow presentation

Large movements in customer balances can drive financing cash flow swings without reflecting operating performance.

Impact: Important for cash flow interpretation

Acquisition accounting and intangible assets

Recent acquisitions such as Deribit require purchase accounting and may create goodwill or intangible amortization risk.

Impact: Can affect future impairment charges and expenses

Share-based compensation and equity award tax settlements

Employee compensation and related tax settlements can materially affect operating cash flow and expenses.

Impact: Impacts operating cash flow and G&A

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Last updated: 24/09/2026