Slug: coinbase
Date: 2026-10-06
Industry: Crypto Exchange / Fintech
Accent: #0052FF
Status: Public (NASDAQ: COIN). Audited annual figures in the 2025 Form 10-K (filed Feb 12, 2026); quarterly figures from the Q2 2026 Form 10-Q (filed Jul 30, 2026) and the Q2 2026 earnings presentation filed as 8-K Ex. 99.1 (unaudited). Q3 2026 results had not been reported as of Oct 6, 2026. Adjusted EBITDA and Adjusted Expenses are company-defined non-GAAP measures.
| Metric | Value | Label | Source |
|---|---|---|---|
| FY2025 revenue | Total $7,181M (+9%); transaction $4,055M (+2%); subscription & services (S&S) $2,828M (+23%); corporate interest & other $298M | FACT | 10-K |
| FY2025 mix | Transaction ≈56% of total revenue; S&S ≈39% of total (41% of net revenue, FACT) | INFERENCE / FACT | 10-K |
| FY2025 S&S detail | Stablecoin revenue $1,349M (+48%); blockchain (staking) rewards $677M; interest & finance fees $247M; other S&S (incl. Coinbase One) $555M | FACT | 10-K |
| FY2025 profit | Net income $1,260M (vs $2,579M); Adjusted EBITDA $2,808M | FACT (Adj. EBITDA non-GAAP) | 10-K |
| FY2025 users / assets | Avg MTUs 9.2M (vs 8.4M); Assets on Platform $376B at Dec 31 | FACT | 10-K |
| FY2025 costs | Total opex $5,746M (+35%): transaction expense $1,020M (15% of net revenue); T&D $1,671M; S&M $1,059M; G&A $1,620M; other opex $356M | FACT | 10-K / Q4 letter |
| FY2025 headcount | 4,951 full-time employees (+31%) | FACT | Q4 letter |
| Q2 2026 revenue | Total $1,220M (−19% Y/Y, −14% Q/Q); transaction $599M (−22% Y/Y); S&S $555M (−12% Y/Y); corporate interest & other $66M | FACT | Q2 deck; 10-Q |
| Q2 2026 transaction detail | Consumer $452M; institutional $100M; other (incl. Base) $47M | FACT | Q2 deck |
| Q2 2026 S&S detail | Stablecoin $292M; blockchain rewards $83M; interest & finance fees $66M; other S&S $114M; S&S = 48% of net revenue | FACT | Q2 deck; 10-Q |
| Q2 2026 profit | Net loss $(359.5)M (vs $1,428.9M net income in Q2 2025); Adjusted EBITDA $208M (14th straight positive quarter) | FACT | Q2 deck |
| Q2 2026 users / assets | MTUs 7.6M (vs 8.7M); Assets on Platform $245.9B (vs $425.0B), ~11.2% of total crypto market cap | FACT | 10-Q; Q2 deck |
| Market share | Coinbase crypto trading volume market share 10.3% (record; 9.1% Q1) | FACT (company claim) | Q2 deck |
| Trading volume Q2 2026 | Consumer spot $25.8B; institutional spot $120.6B; crypto derivatives $1,027B; TTM crypto derivatives $4.2T | FACT | Q2 deck |
| Consumer take (teaching ratio) | Consumer transaction revenue $452M ÷ consumer spot volume $25.8B ≈ 1.75% (overstates pure spot fees because consumer revenue also includes prediction markets etc.) | INFERENCE | Q2 deck |
| USDC | Avg USDC held in Coinbase products $20B (record); avg USDC market cap $77B; >30% of USDC in circulation held in Coinbase products at quarter end; ~50% of all USDC economics captured over past year | FACT (company claim) | Q2 deck |
| USDC rewards cost | USDC rewards (in sales & marketing) $119.1M in Q2 2026 (vs $102.5M) | FACT | 10-Q |
| Rewards vs stablecoin revenue | $119M rewards ≈ 41% of $292M stablecoin revenue | INFERENCE | 10-Q |
| Circle agreement | Since Aug 2023 Coinbase shares in reserve economics of USDC on and off its platform; auto-renews in 3-year terms if conditions met; deck says renewal conditions already met, renews on same terms | FACT | 10-K; Q2 deck |
| Deribit | Acquired Aug 14, 2025 for ~$4.3B ($721M cash + $3.57B stock); global leader in crypto options by volume and open interest | FACT | 10-K |
| Prediction markets | $100M+ annualized revenue in Q2 2026; contracts and revenue >2× Q/Q; powered at launch by Kalshi (Jan 2026, all 50 states) | FACT (deck) / SECONDARY (Kalshi) | Q2 deck; CoinDesk; The Block |
| Base | Coinbase-incubated Ethereum L2; Coinbase earns sequencer fees on each transaction; 99%+ of agentic stablecoin transaction volume on Base in Q2 2026 (Artemis) | FACT (company claim) | 10-K; Q2 deck |
| Coinbase One | Nearly 1M paid subscribers at YE2025 (3× in 3 years); record again in Q2 2026; tiers Basic $4.99/mo, Preferred $29.99/mo, Premium $299.99/mo; Coinbase One Card up to 4% back in BTC, ~$800M cumulative spend by end-Q4 2025 | FACT | Q4 letter; 10-K; coinbase.com/one |
| Fees | Simple trades include a spread; simple limit orders 1% execution fee and may carry a 1.875% Coinbase fee (varies by payment method); staking commission 35% standard (31.75% / 28.5% / 25.25% for Coinbase One tiers on ETH, SOL etc.); no payment for order flow | FACT | Help-center fee page |
| Revenue geography | 85% of Q2 2026 total revenue from the U.S.; 84% in FY2025 | FACT | 10-Q; 10-K |
| Restructuring | May 5, 2026: ~700 roles cut (~14% of workforce), $52.4M charge in Q2; FTEs 4,321 at Jun 30 (vs 4,988 at Mar 31) | FACT | 8-K; 10-Q; Q2 deck |
| 2026 expense outlook | Adjusted Expenses (T&D+G&A+S&M ex amortization) $4.20–4.45B, narrowed from $4.25–4.60B | FACT | Q2 deck |
| Q3 2026 outlook | ~$130M transaction revenue QTD through Jul 26; S&S $500–580M | FACT | Q2 deck |
| Balance sheet | Cash & cash equivalents $8.6B at Jun 30, 2026 (incl. $3.0B payment stablecoins); $10B available resources; $2.0B buyback authorization remaining | FACT | Q2 deck |
| Regulation | SEC v. Coinbase dismissed with prejudice Feb 28, 2025; GENIUS Act (stablecoins) enacted Jul 2025; CLARITY Act (market structure) failed Senate cloture 49–50 on Sep 15, 2026 | FACT (10-K) / SECONDARY | 10-K; Reuters; DLA Piper |
| Licenses | 80+ licenses globally | FACT (company claim) | Q2 deck |
Crypto’s regulated front door → charges a toll on every trade, so revenue swings with crypto prices (Q2 2026 transaction revenue $599M, −22% Y/Y; net loss $359M) → builds a “cycle buffer” from USDC reserve interest, staking commissions and Coinbase One (subscription & services = 48% of net revenue) → bets on an “Everything Exchange” (Deribit, Kalshi-powered prediction markets, stocks) and onchain rails (Base, x402) while cutting 14% of staff and waiting on a stalled CLARITY Act.
The lesson is “cyclical toll booth plus a float business.” In 2025 Coinbase earned $7.2B, 56% from trading fees (INFERENCE). Retail customers pay far more per trade than institutions: in Q2 2026 consumers traded $25.8B of spot crypto yet produced $452M of transaction revenue, while institutions traded $120.6B and produced $100M (FACT). When prices and volatility fall, as in Q2 2026 (total crypto market cap −11% Q/Q, spot market volume −25% Q/Q per the deck), that toll shrinks fast. The buffer is the float: Coinbase shares in the interest earned on reserves behind USDC (the dollar stablecoin it co-founded with Circle), takes a 25–35% commission on staking rewards, and sells Coinbase One memberships. But the buffer is rate- and price-sensitive too, and Coinbase pays some of it back: $119M of USDC rewards in Q2 2026 against $292M of stablecoin revenue (≈41%, INFERENCE). Risks to teach: crypto price cycles, falling interest rates, dependence on Circle and the USDC agreement, the cost of paying users for balances, a U.S. market structure law that stalled in the Senate, and security incidents (the 2025 data theft cost ~$307M in Q2 2025 per the deck reconciliation).
# Coinbase — research brief **Slug:** coinbase **Date:** 2026-10-06 **Industry:** Crypto Exchange / Fintech **Accent:** `#0052FF` **Status:** Public (NASDAQ: COIN). Audited annual figures in the 2025 Form 10-K (filed Feb 12, 2026); quarterly figures from the Q2 2026 Form 10-Q (filed Jul 30, 2026) and the Q2 2026 earnings presentation filed as 8-K Ex. 99.1 (unaudited). Q3 2026 results had not been reported as of Oct 6, 2026. Adjusted EBITDA and Adjusted Expenses are company-defined non-GAAP measures. ## Label key - **FACT** — SEC filings (2025 Form 10-K, Q4 2025 shareholder letter, Q2 2026 Form 10-Q, Q2 2026 earnings presentation, May 5 2026 restructuring 8-K, Jul 2026 officer 8-K), Coinbase help-center fee disclosures, Coinbase One pricing page. Company claims inside filings (e.g. “#1”, “all-time high”, Artemis-sourced Base stats) are labeled FACT (company claim). - **SECONDARY** — reputable press / law-firm notes (CoinDesk and The Block on the Kalshi partnership; Reuters and DLA Piper on the Sep 15, 2026 CLARITY Act Senate vote) - **INFERENCE** — teaching ratios computed from FACT figures (labeled; not reported metrics) ## Primary sources (FACT) 1. Q2 2026 earnings presentation (8-K Ex. 99.1, Jul 30, 2026): https://www.sec.gov/Archives/edgar/data/1679788/000167978826000087/q226earningsdeck_sec.htm 2. Q2 2026 Form 10-Q: https://www.sec.gov/Archives/edgar/data/1679788/000167978826000088/coin-20260630.htm 3. 2025 Form 10-K: https://www.sec.gov/Archives/edgar/data/1679788/000167978826000015/coin-20251231.htm 4. Q4 & FY2025 shareholder letter (8-K Ex. 99.1, Feb 12, 2026): https://www.sec.gov/Archives/edgar/data/1679788/000167978826000011/q425shareholderletter.htm 5. Restructuring 8-K (Item 2.05, May 5, 2026): https://www.sec.gov/Archives/edgar/data/1679788/000167978826000049/coin-20260505.htm 6. Chief Legal Officer transition 8-K (Jul 9, 2026): https://www.sec.gov/Archives/edgar/data/1679788/000119312526299667/d74758d8k.htm 7. Coinbase pricing and fees disclosures (help center): https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees 8. Coinbase One tiers (help center): https://help.coinbase.com/en/coinbase/other-topics/coinbase-one/account 9. Coinbase One pricing page: https://www.coinbase.com/one ## Secondary sources - CoinDesk — Coinbase rolls out Kalshi-powered prediction markets to U.S. customers (Jan 27, 2026): https://www.coindesk.com/markets/2026/01/27/coinbase-rolls-out-prediction-market-to-u-s-customers - The Block — Coinbase prediction markets go live in all 50 US states via Kalshi: https://www.theblock.co/post/387416/coinbase-prediction-markets-go-live-in-all-50-us-states-via-kalshi - Reuters — US Senate fails to advance sweeping cryptocurrency bill (Sep 15, 2026): https://www.reuters.com/legal/government/us-senate-vote-advancing-landmark-crypto-bill-2026-09-15/ - DLA Piper — Senate fails to advance the CLARITY Act (Sep 2026): https://www.dlapiper.com/en-us/insights/publications/2026/09/senate-fails-to-advance-the-clarity-act ## Key figures used on canvas | Metric | Value | Label | Source | |---|---|---|---| | FY2025 revenue | Total $7,181M (+9%); transaction $4,055M (+2%); subscription & services (S&S) $2,828M (+23%); corporate interest & other $298M | FACT | 10-K | | FY2025 mix | Transaction ≈56% of total revenue; S&S ≈39% of total (41% of net revenue, FACT) | INFERENCE / FACT | 10-K | | FY2025 S&S detail | Stablecoin revenue $1,349M (+48%); blockchain (staking) rewards $677M; interest & finance fees $247M; other S&S (incl. Coinbase One) $555M | FACT | 10-K | | FY2025 profit | Net income $1,260M (vs $2,579M); Adjusted EBITDA $2,808M | FACT (Adj. EBITDA non-GAAP) | 10-K | | FY2025 users / assets | Avg MTUs 9.2M (vs 8.4M); Assets on Platform $376B at Dec 31 | FACT | 10-K | | FY2025 costs | Total opex $5,746M (+35%): transaction expense $1,020M (15% of net revenue); T&D $1,671M; S&M $1,059M; G&A $1,620M; other opex $356M | FACT | 10-K / Q4 letter | | FY2025 headcount | 4,951 full-time employees (+31%) | FACT | Q4 letter | | Q2 2026 revenue | Total $1,220M (−19% Y/Y, −14% Q/Q); transaction $599M (−22% Y/Y); S&S $555M (−12% Y/Y); corporate interest & other $66M | FACT | Q2 deck; 10-Q | | Q2 2026 transaction detail | Consumer $452M; institutional $100M; other (incl. Base) $47M | FACT | Q2 deck | | Q2 2026 S&S detail | Stablecoin $292M; blockchain rewards $83M; interest & finance fees $66M; other S&S $114M; S&S = 48% of net revenue | FACT | Q2 deck; 10-Q | | Q2 2026 profit | Net loss $(359.5)M (vs $1,428.9M net income in Q2 2025); Adjusted EBITDA $208M (14th straight positive quarter) | FACT | Q2 deck | | Q2 2026 users / assets | MTUs 7.6M (vs 8.7M); Assets on Platform $245.9B (vs $425.0B), ~11.2% of total crypto market cap | FACT | 10-Q; Q2 deck | | Market share | Coinbase crypto trading volume market share 10.3% (record; 9.1% Q1) | FACT (company claim) | Q2 deck | | Trading volume Q2 2026 | Consumer spot $25.8B; institutional spot $120.6B; crypto derivatives $1,027B; TTM crypto derivatives $4.2T | FACT | Q2 deck | | Consumer take (teaching ratio) | Consumer transaction revenue $452M ÷ consumer spot volume $25.8B ≈ 1.75% (overstates pure spot fees because consumer revenue also includes prediction markets etc.) | INFERENCE | Q2 deck | | USDC | Avg USDC held in Coinbase products $20B (record); avg USDC market cap $77B; >30% of USDC in circulation held in Coinbase products at quarter end; ~50% of all USDC economics captured over past year | FACT (company claim) | Q2 deck | | USDC rewards cost | USDC rewards (in sales & marketing) $119.1M in Q2 2026 (vs $102.5M) | FACT | 10-Q | | Rewards vs stablecoin revenue | $119M rewards ≈ 41% of $292M stablecoin revenue | INFERENCE | 10-Q | | Circle agreement | Since Aug 2023 Coinbase shares in reserve economics of USDC on and off its platform; auto-renews in 3-year terms if conditions met; deck says renewal conditions already met, renews on same terms | FACT | 10-K; Q2 deck | | Deribit | Acquired Aug 14, 2025 for ~$4.3B ($721M cash + $3.57B stock); global leader in crypto options by volume and open interest | FACT | 10-K | | Prediction markets | $100M+ annualized revenue in Q2 2026; contracts and revenue >2× Q/Q; powered at launch by Kalshi (Jan 2026, all 50 states) | FACT (deck) / SECONDARY (Kalshi) | Q2 deck; CoinDesk; The Block | | Base | Coinbase-incubated Ethereum L2; Coinbase earns sequencer fees on each transaction; 99%+ of agentic stablecoin transaction volume on Base in Q2 2026 (Artemis) | FACT (company claim) | 10-K; Q2 deck | | Coinbase One | Nearly 1M paid subscribers at YE2025 (3× in 3 years); record again in Q2 2026; tiers Basic $4.99/mo, Preferred $29.99/mo, Premium $299.99/mo; Coinbase One Card up to 4% back in BTC, ~$800M cumulative spend by end-Q4 2025 | FACT | Q4 letter; 10-K; coinbase.com/one | | Fees | Simple trades include a spread; simple limit orders 1% execution fee and may carry a 1.875% Coinbase fee (varies by payment method); staking commission 35% standard (31.75% / 28.5% / 25.25% for Coinbase One tiers on ETH, SOL etc.); no payment for order flow | FACT | Help-center fee page | | Revenue geography | 85% of Q2 2026 total revenue from the U.S.; 84% in FY2025 | FACT | 10-Q; 10-K | | Restructuring | May 5, 2026: ~700 roles cut (~14% of workforce), $52.4M charge in Q2; FTEs 4,321 at Jun 30 (vs 4,988 at Mar 31) | FACT | 8-K; 10-Q; Q2 deck | | 2026 expense outlook | Adjusted Expenses (T&D+G&A+S&M ex amortization) $4.20–4.45B, narrowed from $4.25–4.60B | FACT | Q2 deck | | Q3 2026 outlook | ~$130M transaction revenue QTD through Jul 26; S&S $500–580M | FACT | Q2 deck | | Balance sheet | Cash & cash equivalents $8.6B at Jun 30, 2026 (incl. $3.0B payment stablecoins); $10B available resources; $2.0B buyback authorization remaining | FACT | Q2 deck | | Regulation | SEC v. Coinbase dismissed with prejudice Feb 28, 2025; GENIUS Act (stablecoins) enacted Jul 2025; CLARITY Act (market structure) failed Senate cloture 49–50 on Sep 15, 2026 | FACT (10-K) / SECONDARY | 10-K; Reuters; DLA Piper | | Licenses | 80+ licenses globally | FACT (company claim) | Q2 deck | ## Model read (teaching arc) **Crypto’s regulated front door → charges a toll on every trade, so revenue swings with crypto prices (Q2 2026 transaction revenue $599M, −22% Y/Y; net loss $359M) → builds a “cycle buffer” from USDC reserve interest, staking commissions and Coinbase One (subscription & services = 48% of net revenue) → bets on an “Everything Exchange” (Deribit, Kalshi-powered prediction markets, stocks) and onchain rails (Base, x402) while cutting 14% of staff and waiting on a stalled CLARITY Act.** The lesson is “cyclical toll booth plus a float business.” In 2025 Coinbase earned $7.2B, 56% from trading fees (INFERENCE). Retail customers pay far more per trade than institutions: in Q2 2026 consumers traded $25.8B of spot crypto yet produced $452M of transaction revenue, while institutions traded $120.6B and produced $100M (FACT). When prices and volatility fall, as in Q2 2026 (total crypto market cap −11% Q/Q, spot market volume −25% Q/Q per the deck), that toll shrinks fast. The buffer is the float: Coinbase shares in the interest earned on reserves behind USDC (the dollar stablecoin it co-founded with Circle), takes a 25–35% commission on staking rewards, and sells Coinbase One memberships. But the buffer is rate- and price-sensitive too, and Coinbase pays some of it back: $119M of USDC rewards in Q2 2026 against $292M of stablecoin revenue (≈41%, INFERENCE). Risks to teach: crypto price cycles, falling interest rates, dependence on Circle and the USDC agreement, the cost of paying users for balances, a U.S. market structure law that stalled in the Senate, and security incidents (the 2025 data theft cost ~$307M in Q2 2025 per the deck reconciliation). ## Do not invent - Q3 2026 results (not reported as of Oct 6, 2026) - Exact consumer fee schedule percentages for simple market orders (Coinbase discloses fees at trade preview; only the limit-order and staking figures above are published) - Coinbase One subscriber count for 2026 (only “all-time high” disclosed) - Base revenue in dollars (only included in “other transaction revenue”) - Share price, market cap, or valuation