Coinbase (COIN)
Exchange and infrastructure platform for crypto, derivatives, equities, stablecoins, and onchain applications.
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Coinbase is still mostly a tollbooth for people buying and selling crypto, so its results rise and fall with trading enthusiasm. A growing second engine earns from digital-dollar balances, memberships and services for large investors. The company is trying to become a broader financial marketplace while moving more payments and software activity onto its own Base network.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 17 more below
Consumer trading (Everything Exchange)
The core business charges everyday customers to trade. Revenue fell 38% from FY2025 Q4 to FY2026 Q2 despite a wider menu, so watch trading enthusiasm and the shift toward lower-priced ways to trade.
Competes with Kraken Pro (Kraken) · Robinhood Crypto and event contracts (Robinhood Markets)
In plain English
Picture a busy currency counter, but for crypto. Coinbase gives individuals a simple buy-and-sell screen, a lower-cost advanced screen, and newer choices such as shares, contracts tied to future prices, and bets on event outcomes.
Customers pay a stated fee, a small gap built into the quoted price, or both. The simple screen earns much more per dollar traded than the advanced one, so revenue depends on both how much customers trade and which doorway they choose. More activity can still disappoint if people migrate to cheaper routes.
Stablecoins
USDC is a digital coin designed to stay worth one dollar. One partner accounted for 19% of FY2025 revenue; evidence points strongly to Circle, the company behind USDC, making balances, rates and that agreement the key watchpoints.
Competes with USDt (Tether) · PayPal USD (PayPal/Paxos)
In plain English
Think of USDC as a digital dollar with a reserve account behind it. Circle issues the coin and keeps safe assets for every dollar represented; Coinbase helps people hold and use it, both on Coinbase and elsewhere.
Those reserves earn interest, and Circle shares an agreed portion with Coinbase. More USDC held means a larger earning base, while lower interest rates mean each dollar produces less. Coinbase renewed the arrangement for another three years on unchanged terms in 2026, so this stream is steadier than trading but still depends heavily on one partner and the level of rates.
Coinbase Prime
Prime is the all-in-one counter for large investors. Clients kept $376.1B of assets on Coinbase at FY2025 year-end; the watch is whether safekeeping, borrowing and Deribit trading deepen those relationships.
Competes with Kraken Institutional and Custody (Kraken) · FalconX 360 (FalconX)
In plain English
Large investment firms do not want a consumer trading app. They need one secure place to trade, store assets, borrow, earn network rewards, see data and connect their own systems. Prime bundles those jobs, including Deribit's marketplace for contracts tied to future crypto prices.
Asset managers and funds that hold crypto for stock-market investors pay in several ways: small trading charges on enormous volumes, storage fees based on assets held, interest on financing and a share of network rewards. Coinbase earns little per trade here, but a client can use many services and keep substantial assets on the platform.
Blockchain Rewards
Customers had $22.7B committed through Coinbase at FY2025 year-end to help crypto networks verify transfers. Coinbase keeps a fixed cut of the rewards; coin prices, payout rates and reliable operation drive the result.
Competes with Kraken Institutional Staking (Kraken) · Figment staking infrastructure (Figment)
In plain English
Some crypto networks pay owners who commit their coins to help check transactions and keep the system honest. Coinbase handles that technical work for customers, then passes most of the newly awarded coins back and keeps a fixed commission.
It resembles a managed allotment: customers supply the seed, Coinbase tends the plot, and the harvest is divided. People use the service because doing it alone takes know-how and reliable equipment. Revenue can fall even with steady participation when coin prices drop, networks lower their payouts, or Coinbase's systems miss work.
Coinbase One
Three paid plans bundle trading allowances, rewards, protection and support. Membership passed one million in May 2026; watch whether dependable monthly fees outweigh waived trading charges and the cost of benefits.
Competes with Kraken+ (Kraken) · Level Up (Crypto.com)
In plain English
The unglamorous bet here is habit. Members pay every month for a package that can include specified trades without a separate fee, extra rewards, account protection and faster support. Coinbase still keeps the small gap built into buy and sell prices.
The plans turn occasional traders into subscribers and give Coinbase more chances to introduce its card, digital-dollar balances and borrowing products. Customers stay if the savings and help feel worth the monthly bill. Coinbase wins if recurring fees and deeper use exceed the trading charges it gives up and the benefits it must fund.
Base
Base is Coinbase's faster, cheaper transaction network built on Ethereum. Direct revenue remains small; watch whether busy wallets and applications become fee-paying activity that also feeds trading and digital-dollar balances.
Competes with Arbitrum One (Arbitrum) · OP Mainnet (Optimism)
In plain English
Under many crypto apps sits a shared record of who owns what. Base is Coinbase's version of a faster side road built on Ethereum, another public transaction network. It gathers many transfers together, sends the final record back to Ethereum and charges small fees along the way.
App makers choose Base when it is cheap, reliable and easy to build on; their users create the traffic. Coinbase earns directly for ordering the transfers, then can benefit again when those apps lead people toward its exchange or USDC digital dollars. Heavy traffic alone is not sales, so conversion into paid activity matters.
Coinbase Developer Platform
Ready-made software parts let businesses add crypto accounts, payments and access to transaction networks. Direct sales are not separated, so watch whether developer use turns into paid calls and activity elsewhere in Coinbase.
Competes with Fireblocks Platform (Fireblocks) · Alchemy developer platform (Alchemy)
In plain English
Instead of making every bank or app builder assemble crypto plumbing from scratch, Coinbase offers ready-made parts. These let a business create customer accounts that hold crypto, move money into them, accept digital-dollar payments, cover network charges and retrieve transaction data.
Businesses pay for some of the tools directly, while other use creates balances and transactions that earn money elsewhere inside Coinbase. The appeal is speed: a team can add features without running all the hidden machinery itself. The catch is equally practical—customers will only trust the kit if it stays online, keeps assets safe and works within payment rules.
Consumer trading (Everything Exchange)The core business charges everyday customers to trade. Revenue fell 38% from FY2025 Q4 to FY2026 Q2 despite a wider menu, so watch trading enthusiasm and the shift toward lower-priced ways to trade.The core business charges everyday customers to trade. Revenue fell 38% from FY2025 Q4 to FY2026 Q2 despite a wider menu, so watch trading enthusiasm and the shift toward lower-priced ways to trade.
In plain English
Picture a busy currency counter, but for crypto. Coinbase gives individuals a simple buy-and-sell screen, a lower-cost advanced screen, and newer choices such as shares, contracts tied to future prices, and bets on event outcomes.
Customers pay a stated fee, a small gap built into the quoted price, or both. The simple screen earns much more per dollar traded than the advanced one, so revenue depends on both how much customers trade and which doorway they choose. More activity can still disappoint if people migrate to cheaper routes.
Competes with Kraken Pro (Kraken) · Robinhood Crypto and event contracts (Robinhood Markets)
StablecoinsUSDC is a digital coin designed to stay worth one dollar. One partner accounted for 19% of FY2025 revenue; evidence points strongly to Circle, the company behind USDC, making balances, rates and that agreement the key watchpoints.USDC is a digital coin designed to stay worth one dollar. One partner accounted for 19% of FY2025 revenue; evidence points strongly to Circle, the company behind USDC, making balances, rates and that agreement the key watchpoints.
In plain English
Think of USDC as a digital dollar with a reserve account behind it. Circle issues the coin and keeps safe assets for every dollar represented; Coinbase helps people hold and use it, both on Coinbase and elsewhere.
Those reserves earn interest, and Circle shares an agreed portion with Coinbase. More USDC held means a larger earning base, while lower interest rates mean each dollar produces less. Coinbase renewed the arrangement for another three years on unchanged terms in 2026, so this stream is steadier than trading but still depends heavily on one partner and the level of rates.
Competes with USDt (Tether) · PayPal USD (PayPal/Paxos)
Coinbase PrimePrime is the all-in-one counter for large investors. Clients kept $376.1B of assets on Coinbase at FY2025 year-end; the watch is whether safekeeping, borrowing and Deribit trading deepen those relationships.Prime is the all-in-one counter for large investors. Clients kept $376.1B of assets on Coinbase at FY2025 year-end; the watch is whether safekeeping, borrowing and Deribit trading deepen those relationships.
In plain English
Large investment firms do not want a consumer trading app. They need one secure place to trade, store assets, borrow, earn network rewards, see data and connect their own systems. Prime bundles those jobs, including Deribit's marketplace for contracts tied to future crypto prices.
Asset managers and funds that hold crypto for stock-market investors pay in several ways: small trading charges on enormous volumes, storage fees based on assets held, interest on financing and a share of network rewards. Coinbase earns little per trade here, but a client can use many services and keep substantial assets on the platform.
Competes with Kraken Institutional and Custody (Kraken) · FalconX 360 (FalconX)
Blockchain RewardsCustomers had $22.7B committed through Coinbase at FY2025 year-end to help crypto networks verify transfers. Coinbase keeps a fixed cut of the rewards; coin prices, payout rates and reliable operation drive the result.Customers had $22.7B committed through Coinbase at FY2025 year-end to help crypto networks verify transfers. Coinbase keeps a fixed cut of the rewards; coin prices, payout rates and reliable operation drive the result.
In plain English
Some crypto networks pay owners who commit their coins to help check transactions and keep the system honest. Coinbase handles that technical work for customers, then passes most of the newly awarded coins back and keeps a fixed commission.
It resembles a managed allotment: customers supply the seed, Coinbase tends the plot, and the harvest is divided. People use the service because doing it alone takes know-how and reliable equipment. Revenue can fall even with steady participation when coin prices drop, networks lower their payouts, or Coinbase's systems miss work.
Competes with Kraken Institutional Staking (Kraken) · Figment staking infrastructure (Figment)
Coinbase OneThree paid plans bundle trading allowances, rewards, protection and support. Membership passed one million in May 2026; watch whether dependable monthly fees outweigh waived trading charges and the cost of benefits.Three paid plans bundle trading allowances, rewards, protection and support. Membership passed one million in May 2026; watch whether dependable monthly fees outweigh waived trading charges and the cost of benefits.
In plain English
The unglamorous bet here is habit. Members pay every month for a package that can include specified trades without a separate fee, extra rewards, account protection and faster support. Coinbase still keeps the small gap built into buy and sell prices.
The plans turn occasional traders into subscribers and give Coinbase more chances to introduce its card, digital-dollar balances and borrowing products. Customers stay if the savings and help feel worth the monthly bill. Coinbase wins if recurring fees and deeper use exceed the trading charges it gives up and the benefits it must fund.
Competes with Kraken+ (Kraken) · Level Up (Crypto.com)
BaseBase is Coinbase's faster, cheaper transaction network built on Ethereum. Direct revenue remains small; watch whether busy wallets and applications become fee-paying activity that also feeds trading and digital-dollar balances.Base is Coinbase's faster, cheaper transaction network built on Ethereum. Direct revenue remains small; watch whether busy wallets and applications become fee-paying activity that also feeds trading and digital-dollar balances.
In plain English
Under many crypto apps sits a shared record of who owns what. Base is Coinbase's version of a faster side road built on Ethereum, another public transaction network. It gathers many transfers together, sends the final record back to Ethereum and charges small fees along the way.
App makers choose Base when it is cheap, reliable and easy to build on; their users create the traffic. Coinbase earns directly for ordering the transfers, then can benefit again when those apps lead people toward its exchange or USDC digital dollars. Heavy traffic alone is not sales, so conversion into paid activity matters.
Competes with Arbitrum One (Arbitrum) · OP Mainnet (Optimism)
Coinbase Developer PlatformReady-made software parts let businesses add crypto accounts, payments and access to transaction networks. Direct sales are not separated, so watch whether developer use turns into paid calls and activity elsewhere in Coinbase.Ready-made software parts let businesses add crypto accounts, payments and access to transaction networks. Direct sales are not separated, so watch whether developer use turns into paid calls and activity elsewhere in Coinbase.
In plain English
Instead of making every bank or app builder assemble crypto plumbing from scratch, Coinbase offers ready-made parts. These let a business create customer accounts that hold crypto, move money into them, accept digital-dollar payments, cover network charges and retrieve transaction data.
Businesses pay for some of the tools directly, while other use creates balances and transactions that earn money elsewhere inside Coinbase. The appeal is speed: a team can add features without running all the hidden machinery itself. The catch is equally practical—customers will only trust the kit if it stays online, keeps assets safe and works within payment rules.
Competes with Fireblocks Platform (Fireblocks) · Alchemy developer platform (Alchemy)
Named in filings, launches and programs
- DeribitBrandAcquired marketplace for contracts that let traders act on future crypto prices, now folded into services for large investors.
- Prediction marketsProduct · RampingEvent-outcome contracts inside the consumer exchange reached a $100M yearly revenue pace in March 2026, still small beside core trading.
- StocksProduct line · RampingUS share trading joined the consumer account in December 2025, widening Coinbase beyond crypto.
- Base AppProduct · RampingThe former Coinbase Wallet became a global app for self-controlled assets, social activity and services running on Base.
- Coinbase BusinessService · RampingA business account for operating money and digital-dollar payments, made generally available in December 2025.
- Coinbase Tokenized StocksProduct line · RampingDigital stand-ins for shares, announced outside the US, each backed by one Alpaca-held share with Chainlink supplying price data.
- Coinbase One CardProductA payment card offering bitcoin rewards, designed to give One members another reason to keep using Coinbase.
- EchoBrandAcquired platform that helps crypto projects raise money directly through public transaction networks.
- SpindlBrandAcquired team that measures which online promotions lead people to use crypto applications.
- Iron Fish teamProduct · Pre-revenuePrivacy technology and specialists acquired for future development; no separate commercial product or revenue is stated.
- PNC Crypto-as-a-Service programCustomer programEligible PNC Private Bank clients trade bitcoin through PNC while Coinbase supplies the underlying systems.
- Samsung Wallet programCustomer programSamsung Wallet opens Coinbase access to tens of millions of US Galaxy users; wider rollout remains only an intention.
- JPMorgan Chase access programCustomer program · AnnouncedCard linking began; points conversion and direct bank-account connections were announced for 2026 but not confirmed complete.
- Kalshi USDC custody programCustomer programCoinbase safeguards the digital dollars used to settle Kalshi's event-outcome contracts.
- Better token-backed mortgage programCustomer programBetter counts eligible crypto holdings for home loans and offers Coinbase One members a capped rebate.
- x402Ecosystem · RampingOpen rules let websites and automated software make digital-dollar payments through Coinbase's developer tools.
- Corporate interest and other incomeServiceFY2025 brought $297.9M, mainly interest on Coinbase's own cash rather than customer activity.
DeribitBrand
Acquired marketplace for contracts that let traders act on future crypto prices, now folded into services for large investors.
Prediction marketsProduct · Ramping
Event-outcome contracts inside the consumer exchange reached a $100M yearly revenue pace in March 2026, still small beside core trading.
StocksProduct line · Ramping
US share trading joined the consumer account in December 2025, widening Coinbase beyond crypto.
Base AppProduct · Ramping
The former Coinbase Wallet became a global app for self-controlled assets, social activity and services running on Base.
Coinbase BusinessService · Ramping
A business account for operating money and digital-dollar payments, made generally available in December 2025.
Coinbase Tokenized StocksProduct line · Ramping
Digital stand-ins for shares, announced outside the US, each backed by one Alpaca-held share with Chainlink supplying price data.
Coinbase One CardProduct
A payment card offering bitcoin rewards, designed to give One members another reason to keep using Coinbase.
EchoBrand
Acquired platform that helps crypto projects raise money directly through public transaction networks.
SpindlBrand
Acquired team that measures which online promotions lead people to use crypto applications.
Iron Fish teamProduct · Pre-revenue
Privacy technology and specialists acquired for future development; no separate commercial product or revenue is stated.
PNC Crypto-as-a-Service programCustomer program
Eligible PNC Private Bank clients trade bitcoin through PNC while Coinbase supplies the underlying systems.
Samsung Wallet programCustomer program
Samsung Wallet opens Coinbase access to tens of millions of US Galaxy users; wider rollout remains only an intention.
JPMorgan Chase access programCustomer program · Announced
Card linking began; points conversion and direct bank-account connections were announced for 2026 but not confirmed complete.
Kalshi USDC custody programCustomer program
Coinbase safeguards the digital dollars used to settle Kalshi's event-outcome contracts.
Better token-backed mortgage programCustomer program
Better counts eligible crypto holdings for home loans and offers Coinbase One members a capped rebate.
x402Ecosystem · Ramping
Open rules let websites and automated software make digital-dollar payments through Coinbase's developer tools.
Corporate interest and other incomeService
FY2025 brought $297.9M, mainly interest on Coinbase's own cash rather than customer activity.