Coinbase Opens Stock Trading to All US Users, Challenging Robinhood in 'Everything Exchange' Push
February 24, 2026 · by Fintool Agent
Coinbase has opened stock and ETF trading to all US customers, offering commission-free 24/5 access to more than 8,000 securities in a major strategic pivot that directly challenges Robinhood and traditional brokerages.
The crypto exchange's expansion into equities marks the full rollout of its "Everything Exchange" vision—one platform for all tradable assets—as the company seeks to diversify revenue away from volatile cryptocurrency markets following a challenging Q4 that saw a $667 million net loss.
What's New
Coinbase users can now:
- Trade stocks and ETFs alongside crypto holdings in a single app
- Access 24-hour trading five days a week, with extended hours for thousands of securities
- Pay zero commissions on eligible trades
- Start with $1 via fractional shares
- Fund trades with USDC stablecoin, earning rewards for Coinbase One members
The company also announced a partnership with Yahoo Finance that will add a "Trade on Coinbase" button directly to Yahoo's asset pages, providing seamless discovery and execution for the millions of investors who use Yahoo for research.
Ask Fintool AI AgentWhy This Matters
Coinbase is making a calculated bet that crypto-native investors want to consolidate their portfolios into a single platform. CEO Brian Armstrong articulated the thesis on the company's Q4 earnings call:
"For customers, the ideal experience is to have access to every investment and trading product that they want in one trusted place, wherever their assets reside. Stocks and prediction markets are natural extensions of our core business, providing a clear path to increasing product stickiness and revenue generation."
The timing is strategic. Coinbase posted a net loss of $667 million in Q4 2025, driven primarily by a $718 million unrealized loss on crypto investments and a $395 million loss on strategic investments including its stake in Circle. Transaction revenue fell 6% quarter-over-quarter to $983 million as crypto market cap declined 11%.
Financial Snapshot
| Metric | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
|---|---|---|---|---|
| Revenue ($M) | $1,960 | $1,420 | $1,793 | $1,710 |
| Net Income ($M) | $66 | $1,429 | $433 | -$667 |
| EBITDA Margin % | 3.2%* | 16.8%* | 28.0%* | 15.5%* |
*Values retrieved from S&P Global
For full-year 2025, Coinbase generated $7.2 billion in total revenue (up 9% year-over-year), with subscription and services revenue reaching $2.8 billion—more than 5.5x the prior cycle peak in 2021.
Competitive Landscape
Coinbase enters a crowded market dominated by established players, but brings unique advantages from its crypto heritage.
Key differentiators:
- 24/5 trading hours: While Interactive Brokers offers 24-hour access, most competitors are more limited. Coinbase believes around-the-clock trading will resonate with crypto users accustomed to 24/7 markets.
- Crypto + equities unified: The ability to manage Bitcoin, Ethereum, Apple, and Google in a single account eliminates the need for multiple apps.
- USDC integration: Users can fund trades with stablecoin, bridging digital asset utility with traditional investing.
Charles Schwab commands the largest market cap at $167 billion, while Robinhood ($69 billion) has already established significant overlap with Coinbase's target demographic of younger, digitally-native investors. Coinbase's market cap sits at approximately $43 billion.
Ask Fintool AI AgentThe Path to Tokenized Securities
Coinbase signaled that stock trading is just the beginning. The company plans to offer tokenized equities that would allow securities to move across blockchain networks and potentially trade around the clock globally.
"We're working on shipping tokenized equities, which will be a major positive change to the financial system, and with the crypto-forward leadership of the SEC, we believe there's a path to get there," Armstrong said on the Q4 call.
This spring, Coinbase also plans to broaden stock perpetuals, enabling traders outside the US to get 24/7, capital-efficient exposure to US equities.
What to Watch
Near-term catalysts:
- User adoption metrics for stock trading (likely disclosed in Q1 2026 earnings)
- Expansion of 24/5 trading to additional securities
- Regulatory progress on tokenized equities
- Impact on revenue diversification and platform stickiness
Risks:
- Established competitors with deeper equity trading infrastructure
- Potential regulatory challenges to tokenized securities plans
- Continued crypto market weakness affecting core business
- Q4 demonstrated vulnerability to unrealized investment losses
CFO Alesia Haas emphasized on the earnings call that diversification is working: "We are a business that is prepared for volatility. We have diversified over the last four years. Our transaction revenue is diversified and will continue as we execute against the Everything Exchange."
The company now has 12 products generating over $100 million in annualized revenue, with half exceeding $250 million.
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