Coinbase (COIN)
Exchange and infrastructure platform for crypto, derivatives, equities, stablecoins, and onchain applications.
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Operates trading venues and financial infrastructure for consumers, institutions, and developers, earning transaction fees on crypto, derivatives, equities, and prediction markets plus subscription and services revenue from USDC, staking, custody, Coinbase One, and financing. Revenue remains concentrated in the United States and sensitive to crypto activity and interest rates.
Operates a global exchange and infrastructure platform for consumers, institutions, and developers, spanning crypto spot and derivatives, U.S. equities, and prediction markets. Coinbase Prime combines institutional execution, custody, financing, and reporting; Deribit anchors international crypto options, while other exchanges cover spot and futures.
Earns transaction fees and spreads from trading, plus subscription and services revenue from USDC reserve economics, staking commissions, custody, Coinbase One, and financing. Base and the Coinbase Developer Platform supply blockchain, wallet, stablecoin, payment, and trading infrastructure; Base App gives users self-custodial access to onchain applications.
Concentrates most revenue in the United States. Results depend on crypto prices and trading activity, interest rates, the Circle agreement governing USDC economics, secure custody and blockchain operations, and licensing rules across jurisdictions.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | Cantor Fitzgerald | Initiate | Rating: — | |
| Sep 14, 2026 | Compass Point | Upgrade | Target: $230 | Target: $177 |
| Sep 14, 2026 | GLJ Research | Initiate | Rating: — | |
| Sep 14, 2026 | Morgan Stanley | Initiate | Rating: — | |
| Sep 10, 2026 | Morgan Stanley | Target | Target: $175 | Target: $250 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $9.06B · Total debt $6.67B · Total assets $26.46B · Shareholders' equity $13.08B
- Revenue
- $1.22B
- Operating income
- −$73.5M
- Net income
- −$359.5M
No dividends on record.
| Institutions | 55.94% | 147.59M shares | |
|---|---|---|---|
| 1,248 holders · as of Jun 30, 2026 | |||
| Insiders | 13.03% | 34.37M shares | |
| 12 holders · as of Sep 10, 2026 | |||
| Other | 31.03% | 81.89M shares | |
| remainder | |||
263.84M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Brian Armstrong1Insiderdirector, 10 percent owner, officer: Chairman and CEO | 11.97% | 33.10M A | filed Jan 7, 2026 |
BlackRock, Inc.Institution | 6.33% | 16.71M A | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 5.37% | 14.17M A | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 3.63% | 9.57M A | as of Jun 30, 2026 |
State Street CorpInstitution | 3.62% | 9.56M A | as of Jun 30, 2026 |
- Brian Armstrong's transaction reports restate only vehicles that traded; the 2025 ownership statement (33.10M) less the 1.53M net shares sold since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 8, 2026 | Marc L. Andreessen | director | −13,676 | $181.14 |
| Sep 1, 2026 | Frederick R. Wilson | director | −10,000 | $178.93 |
| Aug 24, 2026 | Jennifer N. Jones | officer: Chief Accounting Officer | −2,062 | $188.75 |
| Aug 3, 2026 | Frederick R. Wilson | director | −35,068 | $144.32 |
| Jul 1, 2026 | Frederick R. Wilson | director | −10,000 | $159.09 |
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- Circle
Principal issuer of USDC; rival on stablecoin distribution revenue and payments
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Multi-asset pro broker with 0.12–0.18% crypto fees undercutting Coinbase rates.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Coinbase | $198.98 | −1.03% | $53.04B | — | 304.4 | 9.6 | −18.5% |
| Robinhood Markets | $125.18 | +1.53% | $110.86B | 54.3 | 51.5 | 22.5 | +32.3% |
| CME Group | $273.64 | −0.69% | $99.07B | 23.4 | 22.1 | 14.6 | +0.8% |
| Circle | $94.95 | +0.48% | $25.26B | 50.3 | — | 8.7 | +6.6% |
| Charles Schwab | $104.03 | −2.67% | $185.88B | 19.4 | 14.4 | 6.2 | +20.9% |
| Block | $78.87 | +1.23% | $46.37B | 139.1 | 17.2 | 1.9 | +9.3% |
| PayPal | $52.85 | +0.44% | $45.01B | 9.9 | 9.5 | 1.3 | +4.8% |
| Interactive Brokers | $92.47 | −0.79% | $161.07B | 37.3 | 31.5 | 14.5 | +31.9% |
| Median | 37.3 | 19.6 | 8.7 | +9.3% |