Coinbase Global, Inc.
- Open
- 154.51
- Day high
- 160.78
- Day low
- 152.58
- Prev close
- 160.49
- Volume
- 6.3M
- Mkt cap
- $41.4B
- P/E (TTM)
- 48.0
- EPS (TTM)
- $3.27
- P/B
- 3.1
- P/S
- 7.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$7.2M over the last 3 months (0 open-market buys, 25 sales)
- 🏛Institutions mixed (13F)
Coinbase Global, Inc. (COIN) is a Financial Services company listed on NASDAQ. The stock is down 63% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 25 sales (SEC Form 4). Drillr has 13 published research articles covering COIN.
Coinbase Global, Inc. (COIN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 14 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
COIN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.06 | $-1.49 | -2436.2% | $1.4B | -4.9% |
| Feb 12, 2026 | $1.00 | $-2.49 | -349.0% | $1.8B | -1.5% |
| Oct 30, 2025 | $1.20 | $1.44 | +20.0% | $1.9B | +5.5% |
| Jul 31, 2025 | $1.25 | $0.12 | -90.4% | $1.5B | -5.7% |
| May 8, 2025 | $1.94 | $1.94 | +0.0% | $2.0B | -1.8% |
| Feb 13, 2025 | $0.46 | $3.39 | +637.0% | $2.3B | +23.4% |
| Oct 30, 2024 | $0.41 | $0.62 | +49.8% | $1.1B | -10.5% |
| Aug 1, 2024 | $0.95 | $1.07 | +12.8% | $1.4B | -1.3% |
| May 2, 2024 | $1.15 | $1.65 | +43.5% | $1.4B | +8.1% |
| Feb 15, 2024 | $0.01 | $1.04 | +13354.1% | $954M | +15.5% |
| Nov 2, 2023 | $-0.54 | $-0.01 | +98.1% | $674M | +3.6% |
| Aug 3, 2023 | $-0.78 | $-0.42 | +46.2% | $708M | +12.8% |
COIN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | WILSON FREDERICK Rdirector | Sell | 1,800 | $163.44 |
| Jul 6, 2026 | WILSON FREDERICK Rdirector | Sell | 800 | $159.41 |
| Jul 6, 2026 | WILSON FREDERICK Rdirector | Sell | 300 | $148.99 |
| Jul 6, 2026 | WILSON FREDERICK Rdirector | Sell | 100 | $146.53 |
| Jul 6, 2026 | WILSON FREDERICK Rdirector | Sell | 1,300 | $162.53 |
| Jul 6, 2026 | WILSON FREDERICK Rdirector | Sell | 2,800 | $161.15 |
| Jul 6, 2026 | WILSON FREDERICK Rdirector | Sell | 200 | $152.57 |
| Jul 6, 2026 | WILSON FREDERICK Rdirector | Sell | 1,100 | $156.04 |
| Jul 6, 2026 | WILSON FREDERICK Rdirector | Sell | 400 | $151.32 |
| Jun 18, 2026 | Clement Pauldirector | Option | 748 | — |
| Jun 18, 2026 | Rajaram Gokuldirector | Grant | 2,480 | — |
| Jun 18, 2026 | Kramer Kelly A.director | Grant | 2,657 | — |
| Jun 18, 2026 | Ehrsam Frederick Ernest IIIdirector | Grant | 2,303 | — |
| Jun 18, 2026 | Ehrsam Frederick Ernest IIIdirector | Option | 1,150 | — |
| Jun 18, 2026 | Davies Christadirector | Grant | 2,392 | — |
Source: COIN SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full COIN insider & 13F page →COIN research & analysis
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JPMGS
Coinbase Global, Inc. company profile
Overview
Coinbase Global, Inc. (NASDAQ:COIN) is a leading cryptocurrency exchange and financial services company founded in 2012 by Brian Armstrong and Fred Ehrsam. Based in Wilmington, Delaware, the company went public in April 2021 through a direct listing on the NASDAQ. Coinbase has established itself as one of the most prominent cryptocurrency platforms in the United States and internationally, serving millions of retail consumers, institutional investors, and developers building applications in the cryptocurrency ecosystem.
Business
Coinbase operates as a comprehensive cryptocurrency financial services platform that facilitates the buying, selling, storing, and trading of digital assets like Bitcoin, Ethereum, and hundreds of other cryptocurrencies. The company provides the infrastructure and technology that enables individuals and institutions to participate in what it calls the "cryptoeconomy" - the emerging digital economy built on blockchain technology. The company's core offering is its cryptocurrency exchange platform, which allows users to trade digital assets much like traditional stock exchanges facilitate stock trading. However, unlike traditional exchanges that operate during business hours, cryptocurrency exchanges operate 24/7 globally. Coinbase also provides digital wallet services, allowing users to securely store their cryptocurrency holdings, and custodial services for institutional clients who need professional-grade security for large cryptocurrency holdings. Coinbase operates through several key business segments. Consumer trading represents the largest portion of revenue, serving individual retail customers through its main Coinbase platform and mobile app. Institutional trading serves professional investors, hedge funds, and corporations through Coinbase Prime, offering advanced trading tools and higher liquidity. The Subscription and Services segment, which has grown to represent approximately 30% of total revenue, includes stablecoin revenue (from USDC, a dollar-backed cryptocurrency), custody fees, blockchain infrastructure services, and developer tools. The company has also expanded into derivatives trading, offering futures and options contracts on cryptocurrencies, and operates Base, its own Layer 2 blockchain solution designed to make cryptocurrency transactions faster and cheaper.
Revenue model
Coinbase generates revenue through multiple streams tied to cryptocurrency activity and adoption. The primary revenue source is transaction fees charged when users buy, sell, or trade cryptocurrencies on its platform. These fees typically range from 0.5% to 4% depending on the transaction size, payment method, and user tier. The company earned approximately $1.3 billion in transaction revenue in Q1 2025, though this fluctuates significantly with cryptocurrency market volatility and trading volumes. The company's fastest-growing revenue stream is its Subscription and Services segment, which generated $698 million in Q1 2025, up 9% quarter-over-quarter. This includes revenue from USDC stablecoin (earning $298 million in Q1 2025), where Coinbase earns interest on the cash reserves backing the stablecoin. The company also generates recurring revenue from custody services, charging fees based on assets under custody, and from its Coinbase One subscription service for premium features. Coinbase's revenue is highly sensitive to several factors. Cryptocurrency market volatility directly impacts trading volumes and transaction revenue - bull markets drive higher activity while bear markets can severely reduce revenue. Regulatory developments significantly affect the business, as favorable regulations can unlock new products and markets while restrictive policies can limit operations. Competition from other exchanges, particularly those offering zero-fee trading, pressures fee rates and market share. Interest rates affect stablecoin revenue since USDC earnings depend on yields from underlying cash investments. The company's margins also depend on operational efficiency and its ability to scale technology infrastructure to handle trading volumes without proportional increases in costs.
Competitive moat
Coinbase's competitive moat is moderately strong but faces ongoing challenges. The company's primary moat stems from its regulatory compliance and trust position in the U.S. market. As one of the few major cryptocurrency exchanges that has maintained regulatory compliance and avoided major security breaches, Coinbase has built significant brand trust among both retail and institutional customers. This trust advantage is particularly valuable for institutional clients who require regulatory certainty and professional-grade custody services. The company also benefits from network effects through its large user base and liquidity pool. Higher liquidity attracts more traders, which in turn increases liquidity further. Additionally, Coinbase has built an integrated ecosystem spanning retail trading, institutional services, developer tools, and blockchain infrastructure, creating switching costs for customers who use multiple services. However, Coinbase's moat faces significant threats. The cryptocurrency exchange business has relatively low barriers to entry, and the company faces intense competition from both traditional financial institutions entering crypto and native crypto platforms offering lower fees or additional features. International competitors and decentralized exchanges (DEXs) that operate without intermediaries pose ongoing competitive pressure. The company's heavy dependence on transaction fees makes it vulnerable to market downturns and competitive pricing pressure. Regulatory uncertainty also remains a risk, as changing regulations could either strengthen or weaken Coinbase's competitive position depending on how rules evolve.
Risks & safety
Coinbase maintains a strong financial position with significant margin of safety, though profitability remains volatile due to the cyclical nature of cryptocurrency markets. • Liquidity and Solvency: Strong balance sheet with $8.1 billion in cash and short-term investments as of Q1 2025, current ratio of 2.52, and minimal debt burden with debt-to-equity ratio of 0.41 • Cash Flow: Generated $2.6 billion in free cash flow for full year 2024, though Q1 2025 showed negative $183 million due to seasonal patterns and market conditions • Valuation Metrics: Trading at P/E ratio of approximately 24x based on 2024 earnings, EV/EBITDA of 18x for 2024, suggesting moderate valuation levels during favorable market conditions • Profitability Volatility: Highly cyclical earnings with 2024 net income of $2.6 billion compared to losses in previous bear market years, demonstrating sensitivity to crypto market cycles • Revenue Diversification: Subscription and services revenue provides some stability, representing about 30% of total revenue and growing consistently even during market downturns
Recent development
Over the past few years, Coinbase has executed several strategic pivots to diversify beyond pure cryptocurrency trading. The company has aggressively expanded its Subscription and Services revenue, growing this segment from a minor portion to approximately 30% of total revenue by focusing on stablecoin services, custody, and blockchain infrastructure. A major strategic initiative has been the launch of Base, Coinbase's Layer 2 blockchain solution, which has become the leading Layer 2 network by transaction volume. This positions Coinbase as not just an exchange but as a blockchain infrastructure provider. The company has also developed Smart Wallet technology to simplify cryptocurrency onboarding and reduce transaction costs for users. Coinbase has pursued significant international expansion, obtaining licenses in multiple markets including Argentina, India, and across the EU through its MiFID license for derivatives trading. The company has also made strategic acquisitions, including the $2.9 billion acquisition of Deribit, a major crypto options exchange, to expand its derivatives capabilities. The company has intensified its regulatory advocacy efforts, contributing $25 million to pro-cryptocurrency political action committees and launching the "Stand with Crypto" advocacy platform. This reflects a strategic shift toward actively shaping the regulatory environment rather than just responding to it. Recent favorable regulatory developments, including the dismissal of SEC lawsuits and supportive executive orders recognizing Bitcoin as a strategic asset, have validated this approach.
COIN company profile · for informational purposes only — not investment advice.
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