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
Kenneth Worthington
JPMorgan Chase & Co.
5 questions for COIN
Peter Christiansen
Citigroup Inc.
5 questions for COIN
Alexander Markgraff
KeyBanc Capital Markets
4 questions for COIN
John Todaro
Needham & Company
4 questions for COIN
Benjamin Budish
Barclays PLC
3 questions for COIN
James Yaro
Goldman Sachs
3 questions for COIN
Owen Lau
Oppenheimer & Co. Inc.
3 questions for COIN
Ben Budish
Barclays PLC
2 questions for COIN
Dan Dolev
Mizuho Financial Group
2 questions for COIN
Joseph Vafi
Canaccord Genuity - Global Capital Markets
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
Brett Knoblauch
Cantor Fitzgerald & Co.
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 has terminated exclusive negotiations to acquire London-based stablecoin infrastructure startup BVNK, a deal that was valued at approximately $2 billion.
- Both parties mutually agreed not to move forward with the acquisition.
- This decision follows Coinbase's earlier $2.9 billion acquisition of crypto derivatives exchange Deribit.
- Stablecoins represented roughly 20% of Coinbase's revenue in the third quarter, which saw transaction revenue of $1.05 billion.
- Coinbase is launching a new token issuance platform that allows U.S. retail investors to purchase digital tokens before their official listing on the exchange, marking the first time since 2018 that such participation is available.
- The platform is expected to host roughly one token sale per month, with the blockchain startup Monad being the first project.
- Purchases on the platform must be made using USD Coin (USDC), and the platform employs an algorithm for equitable token distribution, along with screening projects for regulatory compliance and long-term viability.
- Measures are in place to support market stability, including barring token issuers from selling for six months and penalizing individual recipients who sell their tokens within a month of launch.
- Paystand has acquired Bitwage to integrate stablecoin settlement and FX across its B2B payments network.
- This acquisition aims to deliver enterprise-grade stablecoin settlement and FX for global B2B finance, connecting receivables, payables, and treasury FX.
- Bitwage's platform supports payouts in USDC, USDT, BTC, ETH, and local currencies across approximately 200 countries and serves 90,000 recipients / 4,500 companies.
- Paystand's network has processed over $20 billion in payment volume for more than 1,000 enterprises and over one million businesses globally.
- Virtune launched the Virtune Stablecoin Index ETP (STABLE) on November 5, 2025, on Nasdaq Stockholm, Nasdaq Helsinki, and Deutsche Börse Xetra.
- The ETP offers diversified exposure to blockchains and crypto assets that serve as infrastructure for stablecoins, and is 100% physically backed by underlying crypto assets stored with Coinbase in cold-storage.
- The annual management fee for the ETP is 1.95%.
- As of November 4, 2025, the ETP's allocation includes Ethereum (42.90%), XRP (23.50%), Solana (18.43%), Chainlink (6.06%), Stellar Lumen (5.75%), and Aave (3.36%).
- Virtune, a Swedish-regulated crypto asset manager, launched the Virtune Stablecoin Index ETP (STABLE) on November 5, 2025, across Nasdaq Stockholm, Nasdaq Helsinki, and Deutsche Börse Xetra.
- This ETP is the first of its kind in Europe, providing diversified exposure to the underlying blockchain infrastructure that supports stablecoins.
- The Virtune Stablecoin Index ETP is 100% physically backed by crypto assets held in cold storage by Coinbase and has an annual management fee of 1.95%.
- Virtune currently manages $400 million USD in assets for over 150,000 institutional and private investors.
- Coinbase is in advanced negotiations to acquire BVNK, a London-based stablecoin infrastructure startup, for approximately $2 billion.
- The deal is expected to close by the end of this year or early 2026 and aims to expand Coinbase's presence in the growing stablecoin payments market.
- This acquisition is a strategic move to diversify Coinbase's revenue beyond crypto trading, with stablecoins already contributing nearly 20% of its revenue.
- BVNK, founded in 2021, provides payment infrastructure that enables merchants to accept payments in both cryptocurrencies and traditional currencies.
- Coinbase reported net income of about $433–$437 million and revenue of roughly $1.87–$1.9 billion for Q3 2025, with earnings per share (EPS) of $1.44.
- Transaction revenue was about $1.04–$1.05 billion, driven by heightened crypto volatility and institutional demand, and stablecoin-related income reached about $354.7 million.
- The company's bitcoin holdings increased to approximately 14,548 BTC during the quarter.
- Coinbase closed its Deribit acquisition, which contributed roughly $52 million in revenue to Q3 results, and is accelerating its derivatives push while advancing its "Everything Exchange" strategy, including new bank partnerships.
- Coinbase reported strong Q3 2025 financial results, with total revenue of $1.9 billion, adjusted EBITDA of $800 million, and net income of $433 million. The company maintained a strong financial position, ending the quarter with $11.9 billion in USD resources and $516 billion in assets on platform.
- Key strategic initiatives advanced, including the "Everything Exchange" vision, which saw DEX integrations expand tradable assets to over 40,000 and the Derabit acquisition contribute $52 million to revenue. Combined, Derabit and Coinbase saw over $840 billion in total derivatives volume in Q3.
- For Q4 2025, the company provided an outlook of approximately $385 million in October transaction revenue and subscription and services revenue in the range of $710 million to $790 million. Operating expenses are projected to increase in Q4, partly due to recent acquisitions and continued headcount growth.
- Strategy Inc reported Net Income of $2.8 billion and Diluted EPS of $8.42 for the third quarter of 2025, with operating income reaching $3.9 billion.
- As of October 26, 2025, the company held 640,808 bitcoins with a market value of $70.9 billion.
- The company reaffirmed its FY2025 guidance, projecting Operating Income of $34 billion, Net Income of $24 billion, and Diluted EPS of $80 per share, along with Bitcoin KPI targets of 30.0% BTC Yield and $20 billion BTC $ Gain.
- Coinbase Global, Inc. reported strong financial results for Q3 2025, with total revenue of $1.9 billion, an increase of 25% quarter-over-quarter, and net income of $433 million. Transaction revenue grew 37% quarter-over-quarter to $1.0 billion, and subscription and services revenue increased 14% quarter-over-quarter to $747 million.
- The company advanced its "Everything Exchange" vision, expanding tradable spot assets to cover approximately 90% of total crypto asset market capitalization and significantly growing its derivatives business, partly due to the acquisition of Deribit. Key metrics reached all-time highs, including USDC market capitalization at $74 billion and Assets Under Custody at $300 billion.
- For Q4 2025, Coinbase anticipates October transaction revenue of approximately $385 million and subscription and services revenue between $710 million and $790 million. Additionally, the board increased the share repurchase program authorization to $2.0 billion in October 2025.