Coinbase $COIN

Company profile

Coinbase Global, Inc. says in its Form 10-K for fiscal 2025 that its mission is to increase economic freedom in the world, and that it provides a platform for its customers to engage with crypto assets. It offers products primarily to three customer groups: consumers, institutions and developers. It earns transaction fees from trading on its platform, through its Simple and Advanced consumer trading experiences, Coinbase Prime for institutions, and the four exchanges it operates (Coinbase Exchange, Coinbase International Exchange, Coinbase Derivatives Exchange and Deribit), and it earns subscription and services revenue from stablecoins, blockchain rewards (staking), interest and finance fees, custody, its Coinbase One subscription and its developer platform. In December 2025 it expanded the assets available to trade on Coinbase to include stocks, commodity futures, perpetual futures and prediction markets, which the 10-K describes as a step toward becoming the "Everything Exchange"; its broker-dealer subsidiary began offering equities trading to individual U.S. customers that month, and its futures commission merchant subsidiary began offering event contracts.

In fiscal 2025 total revenue was $7,181,325 thousand, made up of net revenue of $6,883,438 thousand (transaction revenue of $4,055,390 thousand and subscription and services revenue of $2,828,048 thousand) and other revenue of $297,887 thousand; operating income was $1,435,441 thousand and net income $1,260,327 thousand, according to the 10-K. Its stablecoin revenue comes primarily from an arrangement with Circle Internet Financial, the issuer of the USDC stablecoin, under which Coinbase's revenue is based on the daily income generated from the reserves backing USDC and depends in part on the share of USDC held on its platform. On August 14, 2025 Coinbase acquired Deribit, a crypto derivatives exchange, for total consideration of $4.3 billion in cash and Class A common stock, and on October 8, 2025 it acquired Echo, an onchain capital raising platform, for $176.0 million (10-K).

According to its 10-Q for the quarter ended June 30, 2026 (unaudited), total revenue was $1,220,068 thousand in the second quarter of 2026, with transaction revenue of $599,156 thousand and subscription and services revenue of $555,145 thousand; the operating loss was $113,488 thousand and the net loss $359,468 thousand, and the statement of operations shows losses on crypto assets held for investment, net, of $209,499 thousand for the quarter. In the first quarter of 2026 Coinbase began presenting revenue earned on corporate payment stablecoin balances in other revenue rather than in net revenue, with no impact to total revenue, and reclassified the comparable 2025 amounts. On May 5, 2026 it announced a restructuring plan reducing its workforce by approximately 700 employees, about 14% of its global workforce as of May 1, 2026 (Form 8-K); the 10-Q says it recognized $52.4 million of restructuring expenses in the second quarter. It used cash to repay in full, at maturity, $1.3 billion of principal of its 0.50% convertible notes due June 1, 2026 (10-Q).

In its second-quarter 2026 earnings presentation of July 30, 2026, furnished with a Form 8-K, Coinbase reported Adjusted EBITDA, a non-GAAP measure, of $208 million and 4,321 employees at the end of the quarter, and said third-quarter transaction revenue was approximately $130 million through July 26. It gave a third-quarter 2026 outlook for subscription and services revenue of $500 million to $580 million, and a 2026 outlook for Adjusted Expenses, a non-GAAP measure, of $4,200 million to $4,450 million, reduced from its initial range of $4,250 million to $4,600 million. These are company projections, not reported results.

Coinbase, Inc. was founded in 2012, and Coinbase Global, Inc. became its holding company in April 2014. Coinbase Global reincorporated from Delaware to Texas on December 15, 2025, according to a Form 8-K. It describes itself as a remote-first company and does not maintain a headquarters. Its Class A common stock began trading on the Nasdaq Global Select Market under the symbol COIN on April 14, 2021. Class B shares carry twenty votes each and Class A shares one, and the 10-K says co-founder Brian Armstrong and the independent trustee of trusts he established can together exercise a majority of the voting power. Brian Armstrong is Chief Executive Officer and Chairman of the Board and Alesia J. Haas is Chief Financial Officer, according to the 10-K's signature page. Coinbase had 4,951 employees at December 31, 2025 (10-K). Shareholders elected nine directors at the June 16, 2026 annual meeting, and on September 1, 2026 the board increased its size to ten and appointed Anthony Armstrong a director, according to Forms 8-K.

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Revenue by fiscal year, as reported in 10-K

Products

Consumer trading

Institutional Trading and Markets

Other transaction products

Stablecoins

Blockchain Rewards

Institutional financing

Other subscription and services products

Building the Everything Exchange

Expanding payments and stablecoins

Bringing the world onchain

Everything Exchange

Segments and products

• Segment reporting as filed (the company as a whole): Coinbase does not report separate business segments. The 10-K for fiscal 2025 says its Chief Executive Officer and its President and Chief Operating Officer jointly act as chief operating decision maker and review and assess the performance of the company as a whole, using net income and operating income (loss) as the primary measures; segment expenses are provided on the same basis as the consolidated statements of operations, and segment assets are not presented. Revenue is broken down by type and by geography instead, as below.¹
• Transaction revenue (revenue by type): Fees from trading on the platform. Consumer transaction revenue was $3,322,835 thousand in fiscal 2025, $3,430,322 thousand in 2024 and $1,334,018 thousand in 2023; institutional transaction revenue $479,667 thousand, $345,598 thousand and $90,164 thousand; and other transaction revenue $252,888 thousand, $210,193 thousand and $95,472 thousand. Total transaction revenue was $4,055,390 thousand in 2025, $3,986,113 thousand in 2024 and $1,519,654 thousand in 2023, as reported in the 10-K.¹
• Subscription and services revenue (revenue by type): Stablecoin revenue was $1,348,821 thousand in fiscal 2025, $910,464 thousand in 2024 and $694,247 thousand in 2023; blockchain rewards $677,405 thousand, $705,757 thousand and $330,885 thousand; interest and finance fee income $247,047 thousand, $265,799 thousand and $186,685 thousand; and other subscription and services revenue $554,775 thousand, $425,113 thousand and $195,069 thousand. Total subscription and services revenue was $2,828,048 thousand in 2025, $2,307,133 thousand in 2024 and $1,406,886 thousand in 2023, as reported in the 10-K.¹
• Other revenue (revenue by type): Corporate interest and other income, presented outside net revenue, was $297,887 thousand in fiscal 2025, $270,782 thousand in 2024 and $181,843 thousand in 2023, as reported in the 10-K. Since the first quarter of 2026 this line also includes revenue earned on corporate payment stablecoin balances, previously presented in stablecoin revenue (10-Q).¹
• Revenue by type in the second quarter of 2026 (unaudited): For the three months ended June 30, 2026, consumer transaction revenue was $451,670 thousand, institutional $100,073 thousand and other transaction revenue $47,413 thousand (total transaction revenue $599,156 thousand); stablecoin revenue was $292,147 thousand, blockchain rewards $83,342 thousand, interest and finance fee income $66,128 thousand and other subscription and services revenue $113,528 thousand (total subscription and services revenue $555,145 thousand); and corporate interest and other income was $65,767 thousand, for total revenue of $1,220,068 thousand, as reported in the 10-Q.²
• Revenue by geography and counterparty concentration, fiscal 2025 (not a segment): Based on the domicile of the customer or other counterparty, revenue was $6,010,607 thousand in the U.S. and $1,170,718 thousand internationally in fiscal 2025, and the 10-K notes that no country in the international total accounted for more than 10% of total revenue. One counterparty, not named in the note, accounted for 19% of total revenue in 2025, 14% in 2024 and 22% in 2023 (10-K); in the second quarter of 2026 one counterparty accounted for 26% (10-Q).¹

Risks

• Crypto market activity and volatility: Coinbase says its operating results have fluctuated and will continue to fluctuate significantly from quarter to quarter because of the highly volatile nature of crypto asset prices, and that its total revenue is substantially dependent on the prices of crypto assets and the volume of transactions conducted on its platform; if price or volume declines, its business, operating results and financial condition would be adversely affected (10-K).¹
• Stablecoin revenue and the Circle relationship: The 10-K says subscription and services revenue has grown mainly because of stablecoin revenue, which depends on demand for payment stablecoins, the overall payment stablecoin market capitalization, the mix of balances held in Coinbase products versus off-platform, interest rates and its ongoing relationships with third parties such as Circle. It also says Circle provides creation and redemption services for USDC, and that if Circle fails to provide certain operational services its USDC offerings could be harmed (10-K).¹
• Regulation: Coinbase says it is subject to an extensive, highly-evolving and uncertain regulatory landscape, and that some applicable laws and regulations do not contemplate or address issues unique to the onchain economy. The 10-K says the SEC's enforcement case against Coinbase was dismissed with prejudice by joint stipulation on February 28, 2025, but that there is uncertainty and inconsistency in the courts on whether or how certain crypto asset transactions could be deemed securities (10-K).¹
• Competition: Coinbase says it faces significant competition from companies around the world, from crypto-native companies, including decentralized exchanges, to large traditional financial services incumbents and financial technology providers, and that it expects competition to intensify. It also competes with companies that operate outside local rules or in jurisdictions with less stringent requirements, and says its competitive set among traditional financial services and financial technology companies broadened as it added stocks, prediction markets and more in 2025 (10-K).¹
• Cybersecurity and the 2025 data theft incident: In a May 2025 Form 8-K Coinbase said a threat actor had obtained information about certain customer accounts and internal documentation, apparently by paying contractors or employees in support roles outside the United States, and that no passwords or private keys were compromised; it then preliminarily estimated expenses of approximately $180 million to $400 million. The 10-K says Coinbase paid $311.2 million of cash in 2025 related to the incident, comprising voluntary customer reimbursements and direct legal costs, and that it continues to face related risks, including governmental investigations, regulatory scrutiny and ongoing litigation (10-K; Form 8-K).¹
• Debt: As of December 31, 2025 Coinbase had approximately $7.28 billion in aggregate principal amount of outstanding long-term indebtedness, excluding crypto asset borrowings: $1.74 billion of senior notes and $1.27 billion, $1.50 billion, $1.27 billion and $1.50 billion of convertible notes due 2026, 2029, 2030 and 2032 respectively. It says it may not be able to generate sufficient cash to service its debt and other obligations (10-K). The 10-Q says the 0.50% convertible notes due June 1, 2026 were repaid in full at maturity, using cash.¹
• Lending and credit risk: Coinbase provides commercial loans to qualified customers secured by their fiat or crypto asset holdings, which it says exposes it to the risk that borrowers cannot repay. Its loan receivables were $1,354,692 thousand at December 31, 2025, when four counterparties each accounted for more than 10% of loan receivables (10-K).¹
• Custody and private keys: Coinbase says the theft, loss or destruction of the private keys needed to access crypto assets held for itself or its customers may be irreversible. It uses both hot and cold wallets and generally seeks to hold no more than 2% of assets under custody in hot wallets at any given time (10-K).¹
• Dual-class control: Class B common stock has twenty votes per share and Class A one. The 10-K says Brian Armstrong and the independent trustee of trusts he established can together exercise a majority of the voting power, and that holders of Class B stock are expected to continue to control a significant percentage of the combined voting power. The 10-Q for the quarter ended June 30, 2026 reports no material changes to the 10-K's risk factors (10-K).¹

Frequently asked questions

What does Coinbase do?

Coinbase runs a platform where customers hold, invest in and trade crypto assets, and also offers staking, according to its Form 10-K for fiscal 2025. It serves consumers, institutions and developers, operates four exchanges including Deribit, offers custody and its Coinbase One subscription, and since December 2025 also offers stocks, commodity futures, perpetual futures and prediction markets on Coinbase.

What was Coinbase's revenue in 2025?

Coinbase reported total revenue of $7,181,325 thousand for fiscal 2025, the year ended December 31, 2025, in its Form 10-K filed on February 12, 2026, compared with $6,564,028 thousand in 2024. Net income was $1,260,327 thousand, or $4.45 per diluted share.

How does Coinbase make money?

The 10-K splits net revenue into transaction revenue, mainly fees from consumer and institutional trading ($4,055,390 thousand in fiscal 2025), and subscription and services revenue ($2,828,048 thousand), which includes stablecoin revenue ($1,348,821 thousand), blockchain rewards from staking ($677,405 thousand), interest and finance fee income and other subscription and services revenue. It also reports other revenue, corporate interest and other income, of $297,887 thousand.

Does Coinbase have business segments?

No separate segments are reported. The 10-K says the chief operating decision maker, its Chief Executive Officer together with its President and Chief Operating Officer, reviews and assesses the performance of the company as a whole, using net income and operating income (loss). Revenue is disclosed by type (transaction, subscription and services, and other) and by geography (U.S. and international).

What is Coinbase's relationship with Circle and USDC?

Circle is the issuer of USDC. Under an arrangement updated in August 2023 and November 2024, Coinbase earns revenue based on the daily income generated from the reserves backing USDC, depending in part on the share of USDC held on its platform, according to the 10-K. Stablecoin revenue, which comes primarily from this arrangement, was $1,348,821 thousand in fiscal 2025.

How did Coinbase do in the second quarter of 2026?

Total revenue was $1,220,068 thousand in the quarter ended June 30, 2026, the operating loss was $113,488 thousand and the net loss $359,468 thousand, or $1.36 per diluted share, according to its 10-Q (unaudited). In its July 30, 2026 earnings presentation it gave a third-quarter outlook of $500 million to $580 million for subscription and services revenue, a company projection.

When did Coinbase buy Deribit?

Coinbase acquired Deribit, a crypto derivatives exchange, on August 14, 2025, for total consideration of $4.3 billion, made up of $721,460 thousand in cash and $3,573,092 thousand in Class A common stock, according to its 10-K.

Where is Coinbase headquartered?

Nowhere: Coinbase says it is a remote-first company and does not maintain a headquarters, according to its 10-K. Coinbase Global, Inc. reincorporated from Delaware to Texas on December 15, 2025, according to a Form 8-K.

Who runs Coinbase?

Co-founder Brian Armstrong is Chief Executive Officer and Chairman of the Board, and Alesia J. Haas is Chief Financial Officer, according to the 10-K for fiscal 2025. In 2026 Forms 8-K reported that Paul Grewal would step down as Chief Legal Officer effective July 31, 2026, that Lawrence Brock would step down as Chief People Officer effective August 17, 2026, and that Chief Accounting Officer Jennifer Jones decided to retire and will serve until a successor is in place.

What happened in the 2025 Coinbase data breach?

In a Form 8-K filed on May 15, 2025, Coinbase said a threat actor had obtained information about certain customer accounts and internal documentation and demanded money, which Coinbase did not pay; no passwords or private keys were compromised. The 10-K says Coinbase paid $311.2 million of cash in 2025 related to the incident, for voluntary customer reimbursements and direct legal costs.

Does Coinbase pay a dividend or buy back stock?

Coinbase says it has never declared or paid cash dividends and does not currently anticipate paying any (10-K). Its board raised its repurchase authorization to $4.0 billion in January 2026; as of June 30, 2026 it had used $2.0 billion to repurchase 10,131,734 Class A shares, with $2.0 billion remaining, according to its 10-Q.

How many employees does Coinbase have?

Coinbase had 4,951 employees at December 31, 2025, according to its 10-K. A restructuring announced on May 5, 2026 reduced the workforce by approximately 700 employees (Form 8-K), and its July 30, 2026 earnings presentation reported 4,321 employees at the end of the second quarter of 2026.

Sources

1. Coinbase Global, Inc. (SEC filing), Coinbase Global, Inc. Form 10-K for the fiscal year ended December 31, 2025, Feb 12, 2026
2. Coinbase Global, Inc. (SEC filing), Coinbase Global, Inc. Form 10-Q for the quarterly period ended June 30, 2026 (unaudited), Jul 30, 2026
3. Coinbase Global, Inc. (SEC filing), Coinbase Global, Inc. Form 8-K, Exhibit 99.1: Earnings Presentation dated July 30, 2026, with second-quarter 2026 results and third-quarter 2026 outlook, Jul 30, 2026
4. Coinbase Global, Inc. (SEC filing), Coinbase Global, Inc. Form 8-K, Item 2.05: restructuring plan announced May 5, 2026, May 5, 2026
5. Coinbase Global, Inc. (SEC filing), Coinbase Global, Inc. Form 8-K, Item 8.01: reincorporation from Delaware to Texas effective December 15, 2025, Dec 16, 2025
6. Coinbase Global, Inc. (SEC filing), Coinbase Global, Inc. Form 8-K, Item 5.07: voting results of the June 16, 2026 Annual Meeting of Shareholders, Jun 18, 2026
7. Coinbase Global, Inc. (SEC filing), Coinbase Global, Inc. Form 8-K, Item 5.02: Anthony Armstrong appointed a director, September 1, 2026, Sep 2, 2026
8. Coinbase Global, Inc. (SEC filing), Coinbase Global, Inc. Form 8-K, Item 1.05: material cybersecurity incident (event date May 14, 2025), May 15, 2025
9. Coinbase Global, Inc. (SEC filing), Coinbase Global, Inc. Form 8-K, Item 5.02: Paul Grewal to step down as Chief Legal Officer and Secretary effective July 31, 2026 (event date July 8, 2026), Jul 9, 2026
10. Coinbase Global, Inc. (SEC filing), Coinbase Global, Inc. Form 8-K, Item 5.02: Lawrence Brock to step down as Chief People Officer effective August 17, 2026 (event date July 22, 2026), Jul 23, 2026
11. Coinbase Global, Inc. (SEC filing), Coinbase Global, Inc. Form 8-K, Item 5.02: Chief Accounting Officer Jennifer Jones to retire (event date September 29, 2026), Oct 2, 2026
12. Coinbase Global, Inc. (SEC filing), Coinbase Global, Inc. Form 10-K for the fiscal year ended December 31, 2021, Feb 25, 2022
13. Coinbase Global, Inc. (SEC filing), Coinbase Global, Inc. Form 10-K for the fiscal year ended December 31, 2022, Feb 21, 2023
14. Coinbase Global, Inc. (SEC filing), Coinbase Global, Inc. Form 10-K for the fiscal year ended December 31, 2023, Feb 15, 2024
15. Coinbase Global, Inc. (SEC filing), Coinbase Global, Inc. Form 10-K for the fiscal year ended December 31, 2024, Feb 13, 2025
16. Coinbase Global, Inc. (SEC filing), Coinbase Global, Inc. Form 8-K, Exhibit 99.1: Q4 2025 Shareholder Letter dated February 12, 2026, Feb 12, 2026

Figures last checked against the sources above on Oct 12, 2026. General information, not investment advice.