Coinbase Global, Inc. (COIN) operates as a leading cryptocurrency platform with a mission to increase economic freedom globally. The company provides a trusted platform for customers to engage with crypto assets through trading, staking, safekeeping, spending, and fast, free global transfers. Coinbase offers critical infrastructure for onchain activities, which include interactions with blockchain-powered technologies such as self-custody wallets, decentralized applications, and open community engagement platforms.
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Transaction Revenue - Generates fees from trading activities by both consumers and institutions, including individual customers and institutional customers such as hedge funds and financial institutions.
- Consumer, net: Transaction fees from individual customers.
- Institutional, net: Transaction fees from institutional customers.
- Other transaction revenue: Includes Base and payment-related revenue.
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Subscription and Services Revenue - Provides revenue from ecosystem products and other services, including stablecoin revenue, blockchain rewards, interest and finance fee income, custodial fee revenue, and other subscription and services revenue.
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Other Revenue - Includes corporate interest and other income.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brian Armstrong ExecutiveBoard | Chairman of the Board, CEO | CEO & Board Member at ResearchHub Technologies, Inc.; Board Member at NewLimit, Inc. | Co-founder of Coinbase (2012); led the company through its public listing in 2021; holds a B.A. and M.S. in Computer Science from Rice University. | View Report → |
Alesia Haas Executive | CFO | Board Member at ANGI Homeservices Inc. and Vimeo, Inc. | CFO of Coinbase since 2018; previously CFO at Sculptor Capital Management and OneWest Bank; holds a B.S. in Business Administration from Cal Poly San Luis Obispo. | |
Emilie Choi Executive | President, COO | Board Member at Okta, Inc. | Joined Coinbase in 2018; promoted to COO in 2019 and President in 2020; previously VP at LinkedIn; holds a B.A. in Economics from Johns Hopkins and an MBA from Wharton. | |
Lawrence Brock Executive | Chief People Officer | None | Chief People Officer since 2019; previously Senior Managing Director at Citadel LLC and VP at Red Hat; holds a B.A. in Business Administration and an MBA from Georgia State University. | |
Paul Grewal Executive | Chief Legal Officer & Secretary | Board Member of a private company and a nonprofit organization | Joined Coinbase in 2020; former VP & Deputy General Counsel at Meta; previously a U.S. Magistrate Judge; holds an S.B. from MIT and a J.D. from the University of Chicago. | |
Chris Lehane Board | Director | None | Joined Coinbase's Board in 2024; previously provided consulting services to Coinbase through Haun Ventures; no additional details provided in the documents. | |
Christa Davies Board | Director | CFO at Aon plc | Joined Coinbase's Board in 2024; CFO of Aon plc; extensive financial expertise; holds a B.S. in Mathematics from Purdue University. | |
Fred Wilson Board | Lead Independent Director | Partner at Union Square Ventures; Board Member at Etsy, Inc. | Joined Coinbase's Board in 2017; Lead Independent Director since 2021; extensive experience in venture capital and corporate governance. | |
Frederick Ehrsam III Board | Director | Co-founder and General Partner at Paradigm; Board Member of private companies | Co-founder of Coinbase (2012); served as President until 2017; co-founder of Paradigm, a crypto-focused investment firm. | |
Gokul Rajaram Board | Director | Board Member at Trade Desk Inc. and Pinterest, Inc.; Advisor to tech companies | Joined Coinbase's Board in 2020; former executive at DoorDash, Square, and Meta; holds degrees from IIT Kanpur, University of Texas, and MIT Sloan. | |
Kelly A. Kramer Board | Director | Board Member at Gilead Sciences, Inc. and Snowflake Inc. | Joined Coinbase's Board in 2020; former CFO of Cisco Systems; holds a B.S. in Mathematics from Purdue University. | |
Marc L. Andreessen Board | Director | Co-founder and General Partner at Andreessen Horowitz; Board Member at Meta Platforms, Inc. and Samsara Inc. | Joined Coinbase's Board in 2020; co-founder of Netscape and Opsware; holds extensive experience in venture capital and technology. | |
Paul Clement Board | Director | None | Joined Coinbase's Board in 2024; no additional details provided in the documents. | |
Tobias Lütke Board | Director | CEO of Shopify, Inc.; Contributor to Ruby on Rails | Joined Coinbase's Board in 2022; co-founder and CEO of Shopify; created several open-source libraries, including Active Merchant. |
- With transaction revenue declining 27% quarter-over-quarter compared to an 18% drop in trading volume, what factors are causing this larger decline in revenue, and how do you plan to address the pressures on transaction revenue moving forward?
- The significant increase in stablecoin pair trading, which generates little to no fees, is impacting your retail fee rates and overall revenue; is this shift towards stablecoin trading structural, and what strategies are you implementing to mitigate its effect on your business model?
- Coinbase's trading volume in altcoins has decreased notably compared to earlier quarters; what are the main reasons for this decline, and how do you plan to regain market share in trading of lesser-traded tokens to diversify your revenue streams?
- Considering the potential for a more favorable regulatory environment post-election, beyond reducing litigation risk, what specific initiatives are you prepared to launch that are currently constrained, and how will regulatory clarity influence your product offerings and growth strategies, especially in areas like staking and listing new tokens?
- Given the authorization of a $1 billion stock repurchase program amidst significant investment needs in technology, infrastructure, and regulatory compliance, can you elaborate on how this capital allocation aligns with your growth strategy and why you are choosing buybacks over reinvesting more heavily in the business or preserving cash due to crypto market volatility?
Research analysts who have asked questions during Coinbase Global earnings calls.
Bo Pei
U.S. Tiger Securities
5 questions for COIN
Devin Ryan
Citizens JMP
5 questions for COIN
John Todaro
Needham & Company
4 questions for COIN
Benjamin Budish
Barclays PLC
3 questions for COIN
Kenneth Worthington
JPMorgan Chase & Co.
3 questions for COIN
Owen Lau
Oppenheimer & Co. Inc.
3 questions for COIN
Peter Christiansen
Citigroup Inc.
3 questions for COIN
Alexander Markgraff
KeyBanc Capital Markets
2 questions for COIN
Alex Markraff
KeyBanc Capital Markets
2 questions for COIN
Ben Budish
Barclays PLC
2 questions for COIN
Dan Dolev
Mizuho Financial Group
2 questions for COIN
James Yarrow
Goldman Sachs
2 questions for COIN
Joseph Vafi
Canaccord Genuity - Global Capital Markets
2 questions for COIN
Ken Worthington
JPMorgan Chase & Co.
2 questions for COIN
Kwun Sum Lau
Oppenheimer
2 questions for COIN
Patrick Moley
Piper Sandler & Co.
2 questions for COIN
Patrick Molley
Piper Sandler
2 questions for COIN
Pete Christiansen
Citigroup Inc.
2 questions for COIN
Brett Knoblauch
Cantor Fitzgerald & Co.
1 question for COIN
James Yaro
Goldman Sachs
1 question for COIN
Mark McLaughlin
Bank of America
1 question for COIN
Michael Colonnese
H.C. Wainwright & Co.
1 question for COIN
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
One River Digital Asset Management, LLC (ORDAM) | 2023 | Coinbase completed the acquisition on March 3, 2023, for a total of $96.8 million using a mix of cash, stock, and an indemnity holdback. This strategic move helped Coinbase enter the institutional digital asset management space and was structured as a staged business combination with significant goodwill and intangible assets. |
Unbound Security, Inc. | 2022 | Acquired on January 4, 2022, for $258.0 million, Unbound Security enhanced Coinbase’s cryptographic security capabilities and contributed to its MPC (Multiparty Computation) technology development. The deal, accounted for under ASC 805, included various cash and stock components along with a measurement period adjustment. |
FairXchange, Inc. | 2022 | FairX—a CFTC-regulated derivatives exchange—was acquired on February 1, 2022, for $275.1 million to expand Coinbase’s crypto derivatives offerings. The transaction, structured under ASC 805, involved cash, stock, and indemnity holdback components, supporting Coinbase's entry into retail and institutional crypto derivatives markets. |
Recent press releases and 8-K filings for COIN.
- Coinbase Global Inc. is expanding its role as a financial backer for U.S. Bitcoin mining companies, providing hundreds of millions of dollars in credit to firms such as Riot Platforms, CleanSpark, and Hut 8.
- Hut 8 secured $330 million in credit financing from Coinbase and Two Prime, as part of a $1 billion plan to expand mining and AI capacity.
- Coinbase is strengthening its presence in traditional finance through a strategic partnership with PNC Bank, enabling seamless crypto trading and custody services for PNC's retail and institutional clients.
- Coinbase Asset Management is focusing on crypto-as-a-service (CaaS) and developing yield-generating products for investors holding stablecoins or bitcoin, offering incremental yields ranging from 3% to over 8%.
- Coinbase's stock soared six and a half percent on Friday.
- This surge occurred as investors scooped up crypto-related shares after US Federal Reserve Chair Jerome Powell hinted at a September interest rate cut during his Jackson Hole symposium speech.
- The broader market also reacted positively, with Wall Street's main indexes ending higher, including the Dow, S&P 500, and Nasdaq all climbing significantly.
- Gemini has publicly filed for a U.S. initial public offering (IPO) and plans to list on Nasdaq under the ticker GEMI.
- For the first half of 2025, Gemini reported a net loss of $282.5 million on $68.6 million in revenue.
- As of June 30, the company had 14.6 million verified users and $12 billion in assets under custody.
- Upon completion of its IPO, Gemini will become the third publicly traded cryptocurrency exchange in the U.S., following Coinbase and Bullish.
- Coinbase Global, Inc. filed a prospectus supplement on August 15, 2025, to register 10,997,856 shares of its Class A common stock.
- These shares are being registered for resale by selling stockholders to satisfy registration rights granted under a Share Purchase Agreement dated May 8, 2025, with Sentillia B.V..
- The company's counsel, Fenwick & West LLP, provided an opinion confirming that the registered Class A common stock is validly issued, fully paid, and nonassessable.
- Bitcoin reached a new all-time high above $124,000 late yesterday but retreated to $118,300 as of noon Eastern due to a new inflation report and profit-taking.
- Shares of Coinbase dipped more than 1.5% after one of its corporate DEX wallets was compromised, though no customer funds were impacted.
- Crypto exchange Bullish climbed on its second day of trading on the NYSE, with its stock opening at $90, 143% above its IPO price of $37.
- Experts anticipate Bitcoin will continue to rise, potentially ending the year over $150,000 and reaching $500,000 by the end of the decade, with Ether expected to post similar gains.
- New legislation, including the GENIUS Act for stablecoins and the upcoming CLARITY Act, is expected to provide regulatory clarity, leading to significant institutional engagement and potentially hundreds of billions or even trillions of dollars flowing into digital assets.
- Intchains Group Limited reported Q2 2025 revenue of RMB43.2 million (US$6.0 million), a decrease from RMB123.0 million in the same period of 2024, primarily due to cyclical fluctuations and softer demand.
- For the first half of 2025, revenue increased by 19.2% to RMB175.6 million (US$24.5 million) compared to H1 2024, driven by higher sales of altcoin mining products.
- Net income for Q2 2025 was RMB38.3 million (US$5.3 million), down from RMB50.4 million in Q2 2024, while H1 2025 net income was RMB4.3 million (US$0.6 million), down from RMB35.6 million in H1 2024.
- The company's ETH holdings increased to 8,816 ETH as of June 30, 2025, reflecting a 25.5% quarter-over-quarter increase and a long-term dollar-cost averaging strategy.
- Management anticipates softer sales in H2 2025 due to altcoin price volatility but expects a robust recovery and accelerated growth in 2026, supported by accelerated R&D investments and enhanced ETH yields.
- Coinbase's revenue is diversified, with approximately 40% derived from non-trading activities such as stablecoin, interest income, staking, and custody, and 60% from trading businesses.
- The company's key strategic priorities include growing its core trading business, expanding its payment stack, and strengthening its position as a trusted infrastructure partner, with over 240 businesses utilizing its crypto-as-a-service capabilities.
- Derivatives trading showed significant growth in Q2, reaching $1 trillion in total notional volume, an increase from $800 billion in Q1, and achieving an all-time high open interest exceeding $1 billion.
- Coinbase is actively pursuing international expansion, having secured a MICA license in Luxembourg and a license in Argentina, in addition to registering with FIU in India.
- The company maintains a strong financial position, reporting $9.3 billion in USD resources and $1.8 billion in crypto investments in Q2, and recently completed a $3 billion convert bond offering.
- XFUNDS' BLOK ETF employs a diversified strategy for crypto exposure, with approximately half of the fund directly invested in Bitcoin and Ethereum ETFs and the other half in 11 to 12 publicly traded crypto industry companies that generate real earnings and revenues.
- The crypto industry has demonstrated considerable political influence, raising nearly $200 million in super PAC money during the recent election to support pro-crypto candidates.
- Coinbase Global Inc. represents a 4% weighting in XFUNDS' BLOK ETF; despite recent disappointing results, XFUNDS believes its stock performance will not significantly impact the overall fund due to its diversified composition.
- The US retirement market, valued at $20 trillion, is considered an untapped opportunity for crypto investments, with demand observed from clients aged 60 and older, suggesting potential for growth as 401k and retirement plans gain access to crypto.
- Mizuho's Dan Dolev views the assumed 40% long-term CAGR for USDC circulation as too ambitious, noting only 6% growth since the end of Q2 and a stale period since April.
- Dolev prefers Coinbase over Circle, stating that Coinbase has the upper hand as it earns from 100% of coins on its platform and 50% of coins not on its platform.
- Coinbase can offer yield/rewards to users, unlike Circle, making it more attractive.
- The recent increase in Circle's share price since its IPO is considered overvalued by Dolev, attributed to a small float and retail excitement.
- Circle Internet Group, Inc. reported strong financial growth for the second quarter of fiscal year 2025, with total revenue and reserve income increasing 53% year-over-year to $658 million and Adjusted EBITDA growing 52% year-over-year to $126 million.
- USDC in circulation grew 90% year-over-year to $61.3 billion at quarter end.
- The company reported a net loss of $482 million in Q2 2025, primarily due to $591 million in non-cash IPO-related charges.
- Circle successfully completed a $1.2 billion Initial Public Offering (IPO) in June 2025, marking its first quarter as a public company.
- For the full fiscal year 2025, Circle provided a forward outlook including Other Revenue of $75-$85 million and Adjusted Operating Expenses of $475-$490 million.