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?
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. completed a private offering of $3.0 billion aggregate principal amount of 0% Convertible Senior Notes, issued on August 8, 2025, consisting of $1.5 billion due October 1, 2029, and $1.5 billion due October 1, 2032.
- These Notes are senior unsecured obligations and will not bear regular interest.
- To manage potential dilution from the conversion of these Notes, the Company entered into Capped Call Transactions with initial strike prices of approximately $454.44 per share for the 2029 Notes and $394.84 per share for the 2032 Notes, and an initial cap price of approximately $595.98 per share.
- Upon conversion, the Company may satisfy its obligation by paying cash, delivering Class A Common Stock, or a combination, with a maximum of 5,033,700 shares of Class A Common Stock potentially issuable for each series of Notes.
- Coinbase shares fell by more than 5.5% after the company announced a $2 billion private offering of convertible senior notes.
- Major cryptocurrencies, including Bitcoin and Ether, declined following President Trump's comments on new tariffs and weaker-than-expected economic data.
- The CFTC is seeking public comments on a plan to allow spot crypto asset contracts on registered exchanges, which currently only offer futures contracts.
- President Trump also discussed a potential executive order that could fine banks refusing to work with conservatives or crypto companies.
- Coinbase Global's shares experienced a sharp decline of nearly 20% last week, marking their worst weekly performance since September 2024, following the release of disappointing second-quarter earnings that missed revenue and earnings-per-share expectations.
- For the second quarter, Coinbase reported revenue of $1.5 billion, with EBITDA declining to $512 million and transaction revenue slipping 39% from the previous quarter. Despite these challenges, the company maintained strong profitability with a Return on Equity (ROE) of 16.02% and a net margin of approximately 40.87%.
- Several major financial institutions revised their price targets downward, including Barclays to $352, BofA to $369, and Compass Point to $248 (Sell rating), although the consensus rating remains a Hold with an average price target around $344.55.
- Investor sentiment reflected heightened demand for downside protection, as indicated by the one-year put-call skew for Coinbase options rising to 2.6%, its highest since April 21.
- Despite weaker-than-expected volumes and missed numbers in its recent quarter, an analyst noted "nothing wrong with the quarter" and maintains a neutral rating on Coinbase, preferring Robinhood due to its more diversified exposure.
- The analyst views tokenization of private assets as a significant future opportunity, potentially "bigger than equities," which could dramatically expand the market, particularly for investors outside the US.
- The current regulatory environment is considered "phenomenal" for the crypto industry, with subsiding fear factors, and future growth may be driven by macro certainty and interest rate cuts.
- Coinbase's stock fell more than 2.5% as of noon.
- Citigroup hiked its price target for Coinbase by 87% to $505 from $270, suggesting a 33% potential upside.
- According to Citigroup Global Markets, Coinbase stands to gain from legislative momentum, stronger Bitcoin prices, and improved custodial fee revenue.
- Coinbase is expected to benefit significantly from stablecoin developments, as it makes a lot of money from Circle's USDC.
- PNC Bank and Coinbase have announced a strategic partnership aimed at expanding access to trusted, secure, and innovative digital asset solutions for PNC's banking clients and institutional investors.
- Through this collaboration, Coinbase will provide its Crypto-as-a-Service (CaaS) platform to power secure, scalable crypto access, while PNC will offer select banking services to Coinbase.
- The initial offering developed by the partnership will allow PNC clients to buy, hold, and sell cryptocurrencies.
- "The Ether Machine" is preparing to go public with a $1.5 billion listing.
- It functions as an institutional vehicle that actively manages Ether to generate risk-adjusted returns through staking, restaking, and utilizing it as collateral in the decentralized finance (DeFi) economy.
- The entity claims to outperform exchange-traded funds (ETFs) and ETPs by leveraging proprietary technology and full participation in staking and other yield-generating strategies.
- Its long-term capital partners view Ethereum as the next generation of the internet, noting that 90% of stablecoins and high-quality liquid assets reside on its blockchain.
- Coinbase CEO Brian Armstrong views the passage of the stablecoin bill as a "financial revolution" for America, enabling fast, cheap, and global crypto payments and marking a significant milestone for the industry.
- The new legislation is expected to drive Fortune 500 adoption of stablecoins, expanding Coinbase's total addressable market (TAM) and creating a new revenue stream by providing wallets and payment APIs.
- Payments are identified as the next major revenue category for Coinbase, alongside trading and subscription/services, offering a daily use case that can smooth out revenue volatility.
- Coinbase is also advocating for the Clarity Act (market structure bill) to be passed by September 30th, aiming to provide consumer protections and regulation for non-stablecoin crypto assets.
- Coinbase Global reported Q1 2025 revenue of $2.034 billion, a 24.23% year-over-year increase, with total revenue for the twelve months ending March 31, 2025, reaching $6.961 billion, up 75.18% year-over-year.
- Coinbase's credit facilities are increasingly utilized by institutional clients, such as Hut 8, Riot Platforms, and KULR Technology Group, to strategically acquire Bitcoin and access capital without liquidating existing holdings.
- Specifically, Hut 8 Corp. amended and expanded its Bitcoin-backed credit facility with Coinbase Credit, Inc. from $65 million to up to $130 million, securing a new fixed interest rate of 9.0%.
- Coinbase is acquiring Liquifi, a token management platform, to enhance its capabilities in token cap table management, vesting, and compliance, aiming to provide an integrated solution for onchain builders.
- Coinbase has acquired Liquifi, a token management platform that automates token vesting, distribution, and compliance workflows, to streamline token launches and integrate its tools into Coinbase Prime. This integration will enable clients to issue, custody, and service digital assets within a single platform.
- This acquisition is Coinbase's fourth in 2025 and aims to build a comprehensive end-to-end issuance stack, potentially supporting tokenized equities.
- Liquifi currently manages over $8.5 billion in token value across more than 100 customers and processed $1.7 billion in global token payouts last year.
- While financial terms were not disclosed, the acquisition had a positive impact on Coinbase's stock price, which recovered nearly 2% in pre-market trading after closing down 4.33% on Tuesday. However, GuruFocus analysis suggests a potential downside of over 36% for Coinbase's stock.