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Equity · Financial services
Coinbase Global, Inc. (COIN) perpetual futures
COIN perpetual futures on 27 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade COINUSDT.
Coinbase Global provides financial infrastructure and technology for digital assets, serving consumers, institutions, and developers across the US and international markets.
$127.40-2.9%NASDAQ open
Price chart
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TradingView symbol NASDAQ:COIN
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Trading data
Perpetual market activity
27/27 live markets
Trading data
Perpetual market activity
Venues
27
Live markets
27/27
24h volume
$142MCoverage: 22/27 marketsExchange-reported volume: $201.8M
Open interest
$63.6MCoverage: 23/27 markets
Best liquidity
$7.9M
Ourbit
Tightest spread
+0.8 bps
Ourbit
Highest volume
$56.2M
Binance
Settlement mix
USDT · 17/27
Perp/spot vol.
0.18x
Spot volume $804.4M
OI / float
+0.23%
Float $28.1B
Spot performance
1D-4.11%
5D-4.31%
1M-28.12%
6M-35.25%
YTD-42.22%
1Y-53.85%
Venue matrix
27 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | COIN/USDT | Trading | $127.42 | 0.0% APR 0.000% every 8h | +1.6 bps | - | $56.2M | $16.5M | USDT | - | |
 Hyperliquid HIP-3 | Trade | xyz:COIN | Trading | $127.24 | +19.7% APR +0.00225% every 1h | +2.4 bps | - | $20.7M | $17.5M | USDC | 10x | |
 Bitget | Trade | COIN/USDT | Trading | $127.37 | 0.0% APR 0.000% every 8h | +2.4 bps | $4.2M | $12.5M | $6.1M | USDT | 20x | |
 OKX | Trade | COIN/USDT | Trading | $127.43 | 0.0% APR 0.000% every 8h | +4.7 bps | $802K | $8.1M | $4.3M | USDT | 20x | |
 Gate.io | Trade | COIN/USDT | Trading | $127.38 | 0.0% APR 0.000% every 8h | +8.7 bps | $530K | $4.3M | $534.4K | USDT | 50x | |
 Lighter | Trade | COIN | Trading | $127.28 | +3.5% APR +0.00040% every 1h | +1.7 bps | $1.3M | $3.3M | $877K | USDC | - | |
 Bybit | Trade | COIN/USDT | Trading | $127.46 | 0.0% APR 0.000% every 8h | +4.7 bps | $562K | $2.7M | $4.6M | USDT | 50x | |
 KuCoin | Trade | COIN/USDT | Trading | $127.41 | +9.5% APR +0.00870% every 8h | +13.5 bps | $8.7K | $1.5M | $2.4M | USDT | 20x | |
 MEXC | Trade | COIN/USDT | Trading | $127.35 | 0.0% APR 0.000% every 8h | +1.6 bps | $7.5M | $957.2K | $8.1M | USDT | 100x | |
 Aster | Trade | COINUSDT | Trading | $127.29 | 0.0% APR 0.000% every 8h | +3.2 bps | $242.4K | $431.5K | $515.4K | USDT | - | |
 BloFin | Trade | COIN/USDT | Trading | $127.40 | 0.0% APR 0.000% every 8h | +2.4 bps | $3.1M | $318.7K | $362.1K | USDT | 20x | |
 Orderly Network | Trade | COIN/USDC | Trading | $127.27 | +11.0% APR +0.010% every 8h | - | no public depth feed | $313.4K | $5.5K | USDC | - | |
 Kraken | Trade | PF_COINXUSD | Trading | $127.39 | +38.7% APR +0.00442% every 1h | +4.8 bps | $659.5K | $279.3K | $328.3K | USD | - | |
 GRVT | Trade | COIN/USDT | Trading | $127.42 | 0.0% APR 0.000% every 8h | +4.0 bps | $1.3M | $250.2K | $16.1K | USDT | - | |
 Extended | Trade | COIN/USD | Trading | $127.30 | 0.0% APR 0.000% every 1h | +3.1 bps | - | $117.3K | $153.7K | USD | 10x | |
 HTX | Trade | COINX/USDT | Trading | $127.49 | 0.0% APR 0.000% every 8h | +38.8 bps | $9.9K | $82.3K | $25.7K | USDT | - | |
 Crypto.com Exchange | Trade | COIN/USD | Trading | $127.16 | +66.7% APR +0.00761% every 1h | +4.8 bps | $14K | $47K | $6.8K | USD | 50x | |
 Helix (Injective) | Trade | COIN/USDC | Trading | $127.23 | +3.6% APR +0.00042% every 1h | +75.3 bps | $88.6K | $33.5K | - | USDC | 30x | |
 Vest | Trade | COIN/USDC | Trading | $127.31 | +5.8% APR +0.00066% every 1h | +38.0 bps | - | $2.6K | - | USDC | 25x | |
 Aevo | Trade | COIN/USDC | Trading | $127.31 | +11.4% APR +0.00130% every 1h | +17.3 bps | $210.2K | $0 | $75.1 | USDC | 10x | |
 XT.com | Trade | COINX/USDT | Trading | $127.34 | +21.9% APR +0.010% every 4h | +30.9 bps | $98.1K | $28.1M | - | USDT | 10x | |
 BingX | Trade | COIN-USDT | Trading | $127.41 | +5.5% APR +0.00500% every 8h | +1.6 bps | $3.8M15 min | $1.8M | - | USDT | - | |
 Deepcoin | Trade | COIN/USDT | Trading | $127.42 | +2.1% APR +0.00190% every 8h | +0.8 bps | $3.5M | $25.2M⚠ | $10K | USDT | 20x | |
 LBank | Trade | COIN/USDT | Trading | $127.38 | 0.0% APR 0.000% every 8h | +0.8 bps | $5.5M | $17.3M⚠ | $117.8K | USDT | 20x | |
 Ondo Perps | Trade | COIN/USD | Trading | $127.22 | - | +4.8 bps | $1.4M | $9.2M⚠ | $755.3K | USDC | 10x | |
 Ourbit | Trade | COIN/USDT | Trading | $127.40 | 0.0% APR 0.000% every 8h | +0.8 bps | $7.9M | $4.4M⚠ | $124.3K | USDT | 100x | |
 Bitunix | Trade | COIN/USDT | Trading | $127.44 | +2.1% APR +0.00190% every 8h | +0.8 bps | $7.5M | $3.7M⚠ | $225.2K | USDT | 50x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| COINXxStocks | $125.88 | -1.19% | $8.4M | $11.8M | Solana · Arbitrum · BNB Smart Chain (BEP20) · Ethereum |
| COINBbStocks | $125.66 | -1.37% | $4.8M | $15.6M | BNB Smart Chain (BEP20) |
| COINonOndo GM | $125.76 | -1.29% | $2.7M | $6.5M | Ethereum · BNB Smart Chain (BEP20) · Solana · HyperEVM |
| COINRobinhood | $126.27 | -0.89% | $320k | $2.9M | Robinhood Chain |
| rCOINTokenized | $128.57 | +0.92% | $209k | $1.6M | Arbitrum |
| WCOINXxStocks | $133.78 | +5.01% | – | $30k | X Layer · Arbitrum |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
| bybitCEX | COINX/USDT ↗ | $126.08 | $707k | – |
 uniswapDEX · robinhood | COIN/USDG ↗ | – | – | – |
| uniswapDEX · robinhood | COIN/WETH ↗ | $126.27 | $320k | $505k |
| gateioCEX | COINON/USDT ↗ | $125.60 | $200k | – |
 raydiumDEX · solana | COINx/USDC ↗ | $126.67 | $124k | $1.1M |
| gateioCEX | COINX/USDT ↗ | $126.03 | $87k | – |
| raydiumDEX · solana | COINx/IDLE ↗ | – | – | – |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 21 of 27 venues absorb $10k · Typical cost: +6.5 bps – +10.1 bps
Cheapest execution: Lighter · +1.3 bps
Too thin: Crypto.com Exchange, KuCoin
No fresh book data: Hyperliquid HIP-3, Orderly Network, Extended, Vest
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
COINTightest spread
COINHighest volume
COINFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-02-11
Revenue est. $1.28B · Updated 4h ago
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid124
Ask136.54
Volume3,121,321
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 2026-0.40$5.1B-29%17
FY 20272.58$6.4B+25%22
FY 20285.01$7.7B+19%13
FY 20296.65$8.1B+6%10
FY 20301.25$5.2B-36%5
Q1 20270.30$1.4B-13
Source: FMP · Consensus
Company events
62027-02-11EarningsActual - / Estimate -0.07-
2026-10-29Earnings · After market closeActual 2.51 / Estimate -0.23Beat
2026-07-30EarningsActual -1.36 / Estimate -0.444Miss
2026-05-07EarningsActual -0.24 / Estimate 0.36Miss
2026-02-12EarningsActual -2.49 / Estimate 0.994Miss
2025-10-30EarningsActual 1.44 / Estimate 1.20Beat
Peer comparison
Similar listed perpsRevenue mix
Latest annualBank Servicing, Consumer, NetProduct$3.3B
Subscription and Circulation, StProduct$1.3B
Subscription and Circulation, BlProduct$677.4M
UNITED STATESGeographic$6B
Rest of the WorldGeographic$1.2B
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $205.77 |
| 12-month target range (low – high) | $120 – $330 |
| Ratings in the provider's consensus | 40 |
Price targets as of 2026-11-13
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 4 | 19 | 13 | 2 | 1 |
| Oct 2026 | 4 | 19 | 13 | 1 | 1 |
| Sep 2026 | 4 | 20 | 12 | 2 | 2 |
| Aug 2026 | 3 | 20 | 9 | 2 | 1 |
| Jul 2026 | 3 | 19 | 10 | 2 | 1 |
| Jun 2026 | 3 | 18 | 10 | 2 | 1 |
| May 2026 | 3 | 18 | 10 | 2 | 1 |
| Apr 2026 | 3 | 18 | 11 | 2 | 2 |
| Mar 2026 | 3 | 18 | 11 | 2 | 1 |
| Feb 2026 | 4 | 19 | 11 | 2 | 0 |
| Jan 2026 | 4 | 19 | 12 | 1 | 1 |
| Dec 2025 | 4 | 17 | 12 | 1 | 1 |
Ownership
Institutional · 2026-Q3Free float83.4%220.7M shares
Shares outstanding264.8M shares
Institutional19.4%855 investors
Investor count change-398
Reference market activity
COIN-PERPDay range (Nov 12)$129.63$135.07
52 week$129.41$303.96
Spot volume6.3M
Average volume-
Price performance
111D-4.1%
5D-4.3%
1M-28.1%
3M-15.1%
6M-35.2%
YTD-42.2%
1Y-53.8%
3Y+41.1%
5Y-62.2%
10Y-60.2%
MAX-60.2%
Insider activity
FY2026 Q4Acquisitions0 transactions0 shares
Dispositions2 transactions20,514 shares
Purchases0Ratio 0
Sales2
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Director Marc L Andreessen sold 20,514 Class A common shares of Coinbase Global on Oct 1-2, 2026, at prices from $186.18 to $198, leaving 1,108,972 shares held after the sales.
Coinbase CFO Alesia Haas sold 39,030 Class A shares across 4 open-market sales on 2026-09-21 at prices from $203.67 to $207.11, leaving 345,376 shares owned after.
Coinbase Global director Marc L. Andreessen sold 6,838 Class A common shares at $205.05 on Sept 21, 2026, leaving 1,129,486 shares held.
Director Marc L Andreessen sold 13,676 Class A common shares of Coinbase at $181.14 each, leaving 1,136,324 shares owned.
Director Frederick R. Wilson sold a total of 10,000 Class A common shares of Coinbase Global (COIN) in 7 open-market transactions on September 1, 2026, at prices ranging from $176.12 to $182.57, leaving his direct holdings at zero.
Anthony Armstrong, a director of Coinbase, received a total of 4,916 restricted stock units in two awards on September 1, 2026.
Anthony Armstrong filed a Form 3 with no reportable transactions, indicating no shares acquired, disposed, or beneficially owned.
On August 24, 2026, Jennifer Jones, Chief Accounting Officer of Coinbase, sold 2,062 Class A common shares at $188.75 each.
Coinbase officer Jones Jennifer N. converted 3,243 RSUs into Class A common shares via exemptions, acquiring 4,564 shares total, and had 2,502 shares withheld for taxes at $160.20.
Filings
65 · Latest SEC filings2026-10-054Insider transaction report (Form 4)
Director Marc L Andreessen sold 20,514 Class A common shares of Coinbase Global on Oct 1-2, 2026, at prices from $186.18 to $198, leaving 1,108,972 shares held after the sales.
2026-09-234Insider transaction report (Form 4)
Coinbase CFO Alesia Haas sold 39,030 Class A shares across 4 open-market sales on 2026-09-21 at prices from $203.67 to $207.11, leaving 345,376 shares owned after.
2026-09-234Insider transaction report (Form 4)
Coinbase Global director Marc L. Andreessen sold 6,838 Class A common shares at $205.05 on Sept 21, 2026, leaving 1,129,486 shares held.
2026-09-104Insider transaction report (Form 4)
Director Marc L Andreessen sold 13,676 Class A common shares of Coinbase at $181.14 each, leaving 1,136,324 shares owned.
2026-09-034Insider transaction report (Form 4)
Director Frederick R. Wilson sold a total of 10,000 Class A common shares of Coinbase Global (COIN) in 7 open-market transactions on September 1, 2026, at prices ranging from $176.12 to $182.57, leaving his direct holdings at zero.
2026-09-023Initial insider ownership statement (Form 3)
Anthony Armstrong filed a Form 3 with no reportable transactions, indicating no shares acquired, disposed, or beneficially owned.
2026-09-024Insider transaction report (Form 4)
Anthony Armstrong, a director of Coinbase, received a total of 4,916 restricted stock units in two awards on September 1, 2026.
2026-08-264Insider transaction report (Form 4)
On August 24, 2026, Jennifer Jones, Chief Accounting Officer of Coinbase, sold 2,062 Class A common shares at $188.75 each.
2026-08-244Insider transaction report (Form 4)
On 2026-08-20, director Lehane Chris converted 748 RSUs into 748 Class A common shares at $0.00 (M-Exempt).
2026-08-244Insider transaction report (Form 4)
Coinbase CFO Alesia Haas converted 16,817 RSUs into 16,817 Class A shares on 2026-08-20; 8,339 shares were withheld for taxes at $160.20.
2026-08-244Insider transaction report (Form 4)
Coinbase officer Jones Jennifer N. converted 3,243 RSUs into Class A common shares via exemptions, acquiring 4,564 shares total, and had 2,502 shares withheld for taxes at $160.20.
2026-08-244Insider transaction report (Form 4)
Coinbase officer Emilie Choi converted 36,376 restricted stock units into 36,376 Class A shares, then disposed of 18,037 shares at $160.20 to cover taxes.
2026-08-244Insider transaction report (Form 4)
Director Davies Christa converted 748 RSUs into 748 Class A common shares, with 57 shares withheld for taxes at $160.20 each.
2026-08-184Insider transaction report (Form 4)
President & COO Emilie Choi was awarded 67,353 restricted stock units in Coinbase Global, Inc., according to an August 2026 filing.
2026-08-174Insider transaction report (Form 4)
Officer Brock Lawrence reported a Form 4 transaction with no share activity (0 shares acquired/disposed at $0.00).
2026-08-054Insider transaction report (Form 4)
Director Frederick R. Wilson sold 35,068 Class A common shares in 15 open-market sales on Aug 3, 2026 at $142.014–$151.909, leaving 3,361 shares owned.
2026-07-314Insider transaction report (Form 4)
Coinbase officer Paul Grewal filed a Form 4 on 2026-07-31 reporting a transaction of an unspecified type involving 0 shares of common stock at $0.00; no change in beneficial ownership was reported.
2026-07-064Insider transaction report (Form 4)
Coinbase Global director Frederick R. Wilson sold 10,000 Class A common shares across 14 open-market sales on 2026-07-01 at prices from $146.53 to $163.4369, leaving 23,100 shares owned after the reported transactions.
2026-06-184Insider transaction report (Form 4)
Director Frederick R. Wilson was awarded 2,834 Restricted Stock Units of Coinbase Global on 2026-06-16, a compensation grant rather than an open-market purchase, bringing his holdings to 2,834 shares.
2026-06-184Insider transaction report (Form 4)
Coinbase director Chris Lehane converted 1,100 RSUs into 1,100 Class A shares and was granted a new award of 2,215 RSUs.
2026-06-184Insider transaction report (Form 4)
Director Kelly Kramer converted 1,268 RSUs into 1,268 Class A shares, and was separately awarded 2,657 new RSUs as compensation.
2026-06-184Insider transaction report (Form 4)
Director Marc L. Andreessen converted 1,150 RSUs into 1,150 Class A shares and was awarded 2,303 new RSUs on 2026-06-16.
2026-06-184Insider transaction report (Form 4)
Director Tobias Lutke converted 1,100 RSUs into 1,100 Class A shares and was awarded 2,215 new RSUs as compensation.
2026-06-184Insider transaction report (Form 4)
Frederick Ehrsam was awarded 2,303 Restricted Stock Units as compensation, and separately converted 1,150 RSUs into 1,150 shares of Class A Common Stock.
2026-06-184Insider transaction report (Form 4)
Coinbase director Rajaram Gokul was awarded 2,480 restricted stock units, and separately 1,234 RSUs were converted into 1,234 shares of Class A common stock. No open-market shares were bought or sold.
2026-06-184Insider transaction report (Form 4)
Director Christa Davies converted 1,167 RSUs into 1,167 Class A shares, with 88 shares withheld for taxes at $169.62. She was also awarded 2,392 new RSUs.
2026-06-184Insider transaction report (Form 4)
Director Paul Clement converted 1,915 restricted stock units into 1,915 shares of Class A common stock via exercise; no cash was paid.
2026-06-094Insider transaction report (Form 4)
Coinbase CAO Jennifer N. Jones sold 2,051 Class A shares on 2026-06-05 at $158.15 each, leaving 0 shares owned afterward.
2026-05-294Insider transaction report (Form 4)
Coinbase Chief Legal Officer Paul Grewal sold 1,960 Class A shares on the open market on 2026-05-27, across 6 trades at prices ranging from $174.99 to $179.54 per share, leaving 84,753 shares owned afterward.
2026-05-274Insider transaction report (Form 4)
Coinbase Chief People Officer Lawrence J. Brock sold 6,616 shares of Class A Common Stock on 2026-05-22 in multiple trades at prices between $185.16 and $194.57, leaving 517 shares owned afterward.
2026-05-224Insider transaction report (Form 4)
CFO Alesia Haas converted 16,816 RSUs into an equal number of Class A shares, then had 8,339 shares withheld to cover taxes at $193.45 each; no open-market purchase or sale occurred.
2026-05-224Insider transaction report (Form 4)
Jennifer N. Jones (Chief Accounting Officer) converted 4,564 RSUs into 4,564 Class A shares, and 2,513 Class A shares were withheld to cover taxes at $193.45 per share.
2026-05-224Insider transaction report (Form 4)
President & COO Emilie Choi converted 27,956 RSUs into 27,956 Class A shares; 13,862 shares were withheld for taxes at $193.45.
2026-05-224Insider transaction report (Form 4)
Coinbase Chief People Officer Brock Lawrence converted 11,700 RSUs into 11,700 Class A shares, and 5,084 shares were withheld to cover taxes at $193.45 per share.
2026-05-224Insider transaction report (Form 4)
Paul Grewal converted 15,549 RSUs into 15,549 Class A shares, then 7,712 of those shares were withheld to cover taxes at $193.45 each.
2026-05-194Insider transaction report (Form 4)
CFO Alesia Haas sold 9,750 shares of Class A common stock at $205.64 on 2026-05-15, leaving 367,451 shares owned afterward.
2026-04-204Insider transaction report (Form 4)
Coinbase CFO Alesia Haas sold 10,020 Class A shares on 2026-04-16 at $200 each, leaving 377,201 shares owned afterward.
Transcripts
Earnings callsFY2026 Q12026-05-07
Earnings calls
AI summary
positiveDespite a 20%+ decline in crypto market cap and trading volumes, Coinbase grew its crypto trading market share to an all-time high and posted its 12th consecutive quarter of native unit inflows. The company is diversifying revenue with 12 products generating over $100 million annualized revenue, including new offerings like retail derivatives ($200M+ annualized) and prediction markets ($100M+ annualized in March). Management expects continued sequential expense reductions and maintains confidence in long-term secular growth driven by stablecoins, tokenization, and agentic commerce.
Key takeaways
- Q1 revenue of $1.4 billion down 21% QoQ due to softer market, but company reached all-time high crypto trading market share and 12th consecutive quarter of native unit inflows
- Derivatives trading annualized revenue exceeded $200 million; prediction markets hit $100 million annualized in March (2 months after launch); non-crypto contracts saw 4x QoQ growth
- USDC held in Coinbase products hit all-time high of $19 billion average; Base captured 62% of stablecoin transaction volume and 90%+ of agentic stablecoin transactions
- Company announced restructuring with ~$500 million in cost reductions; expects 2026 adjusted expenses of $4.3-$4.6 billion, roughly flat YoY excluding USDC rewards growth
- CLARITY Act expected to reach floor vote in early summer with signed legislation anticipated by end of summer; stablecoin rewards compromise announced by Senators Tillis and Alsobrooks
Financial highlights
- Total revenue: $1.4 billion (down 21% QoQ); Transaction revenue: $756 million; Subscription and services revenue: $584 million
- Net loss: $394 million; Adjusted EBITDA: $303 million (13th consecutive quarter of positive adjusted EBITDA)
- Consumer transaction revenue: $567 million (down 23% vs 35% decline in overall consumer spot volumes); Institutional transaction revenue: $136 million (down 27%)
- Stablecoin revenue: $305 million; Blockchain rewards: $101 million; Interest and finance fees: $68 million (up 13% QoQ); Coinbase One: over 1 million paid subscribers
Guidance
- Q2 subscription and services revenue: $565 million to $645 million with opportunity for QoQ growth
- Q2 technology and development and G&A expenses: $820 million to $870 million (down 4% to 9% from Q1); expects $50-60 million in restructuring expenses
- 2026 full-year adjusted expenses: $4.3 billion to $4.6 billion, roughly $500 million lower than Q4 2025 annualized exit rate; flat to 2025 excluding USDC rewards growth
- Deribit integration expected to be complete in 2026; crypto options launch coming soon on global basis; cannot provide U.S. timeline but actively working and optimistic
Q&A themes
- CLARITY Act regulatory progress: Bill expected to reach markup this month with floor vote in early summer and signed legislation by end of summer; stablecoin rewards compromise announced
- AI-native transformation: Pull requests per engineer up 78% YoY; integration test coverage up 3x in 6 months; nontechnical employees use AI to draft code but human engineers review all code before production
- Competitive position: Reached all-time high market share in both spot and derivatives globally despite 20%+ decline in total crypto volumes; share gained in down markets expected to be sticky
- Stablecoin and payment infrastructure: Full vertically integrated stack with USDC, Base, Coinbase Developer Platform and x402; 99% of x402 transactions settled in USDC, 90% on Base
Risks
- Macro headwinds: Total crypto market cap and trading volumes both down over 20% QoQ; volatility in long-tail assets at historic lows, which pressured overall revenue despite operational gains
- Regulatory uncertainty: While CLARITY Act progress is positive, final legislation details remain uncertain and could affect USDC rewards program economics and business model
- Fee compression risk: Management noted long-term potential for fee compression as markets commoditize, and competitors including traditional finance offering competitive pricing
FY2025 Q42026-02-12
Earnings calls
AI summary
positiveCoinbase achieved 9% year-over-year revenue growth in 2025 to $7.2B, with subscription and services revenue reaching $2.8B (up 23% YoY), demonstrating successful business diversification. The company launched its Everything Exchange in Q4 with early positive signals across derivatives, prediction markets, and equities, while maintaining profitability through market volatility. For 2026, Coinbase is focusing on scaling the Everything Exchange, expanding stablecoin payments, and advancing Base chain adoption as core strategic priorities.
Key takeaways
- 2025 total revenue was $7.2B (+9% YoY); subscription and services revenue reached $2.8B (+23% YoY), 5.5x higher than 2021 cycle peak
- Achieved 12 consecutive quarters of adjusted EBITDA profitability with adjusted net income of $178M in Q4; deployed $1.7B on share repurchases and increased Bitcoin holdings
- Everything Exchange launched in Q4 with 10,000 equity tickers live by end of February, prediction markets rolled out to 100% of customers, and derivatives hit all-time highs
- Assets on platform grew ~3x over past 3 years; 12 products now generating over $100M in annualized revenue with half exceeding $250M threshold
- Expects Q1 2026 transaction revenue of ~$420M through February 10; subscription and services guidance of $550-630M reflecting lower crypto prices and interest rates
Financial highlights
- FY2025 total revenue: $7.2B (+9% YoY); Q4 2025 total revenue: $1.8B (-5% QoQ)
- Subscription and services revenue: $2.8B full year (+23% YoY); Q4: $727M (-3% QoQ)
- Q4 transaction revenue: $983M (-6% QoQ); Q4 adjusted EBITDA: $566M; adjusted net income: $178M
- Cash and equivalents: $11.3B; total available resources: ~$14.1B including crypto assets; repurchased $1.7B of stock through February 10 with $2B additional authorization approved
Guidance
- Q1 2026 subscription and services revenue expected at $550-630M reflecting lower crypto prices and interest rates
- Q1 2026 tech and dev plus G&A expenses expected flat QoQ in range of $925-975M
- Q1 2026 sales and marketing expenses expected flat to down QoQ in range of $215-315M depending on performance marketing opportunities
- Expects to continue buybacks opportunistically, deploy capital to Bitcoin purchases, and pursue selective M&A to advance Everything Exchange, onchain infrastructure, and stablecoins/payments
Q&A themes
- CLARITY Act regulatory progress: CEO optimistic about passage within next few months with bipartisan Senate support; focus on level playing field without protectionism
- Base Layer 2 monetization: Base sequencer fees recorded in other transaction revenue; Base indirectly monetized through USDC and products; exploring Base token and grants for builders
- Everything Exchange monetization: Derivatives expected as major growth driver in 2026; prediction markets and equities recently launched with early encouraging signals; goal to drive assets on platform and increase trading monetization
- Stablecoin rewards debate: Company will continue advocating for stablecoin reward programs; legislation prohibiting rewards would ironically increase profitability but company prefers current approach to maintain competitive advantage for U.S. regulated stablecoins globally
Risks
- Crypto market volatility and price dependence: Q4 crypto market cap down 11% QoQ despite outperformance on trading volume; casual crypto traders showing reduced activity in current market downturn
- Technical platform risks: Platform experienced brief interruptions in buy/sell/transfer capabilities on retail and prime platforms, though unrelated to trading volume and now resolved
- Regulatory uncertainty: Stablecoin reward restrictions under potential CLARITY Act amendments could impact competitive positioning; DeFi regulations could shape Base L2 future strategy
FY2025 Q32025-10-30
Earnings calls
AI summary
positiveCoinbase delivered robust Q3 results with total revenue of $1.9 billion and adjusted EBITDA of $801 million, highlighted by 37% growth in consumer spot trading volume and successful integration of Deribit, which contributed $52 million in institutional revenue. The company is executing its Everything Exchange vision by expanding tradable assets from 300 to over 40,000 through DEX integrations and launching CFTC-regulated perpetual futures, while advancing stablecoin adoption with USDC reaching $74 billion market cap.
Key takeaways
- Total revenue of $1.9B with net income of $433M; adjusted EBITDA of $801M and adjusted net income of $421M
- Consumer spot trading volume grew 37% to $59B; global spot market trading volume increased 38% vs. prior quarter
- Expanded tradable assets from ~300 to over 40,000 in U.S. through DEX integrations; launched CFTC-regulated U.S. perpetual futures
- Deribit acquisition closed August 14; derivatives volume reached $840B in Q3 with options at all-time highs; Deribit contributed $52M revenue in Q3
- Base layer 2 network monetizing through sequencer fees; Coinbase Businesses product onboarded 1,000 businesses with 1,000 on waitlist
Financial highlights
- Q3 total revenue: $1.9 billion; consumer transaction revenue: $844 million (up 30%); institutional transaction revenue: $135 million (up 122%)
- Subscription and Services revenue: $747 million (up 14%); adjusted EBITDA: $801 million; adjusted net income: $421 million
- Assets on platform: $516 billion; USD resources: $11.9 billion; long-term crypto investments: $2.6 billion; USDC on platform average: $15 billion
- Q3 headcount: 4,795 full-time employees (up 12%); operating expenses: $1.4 billion (down 9%)
Guidance
- Q4 October transaction revenue expected at approximately $385 million
- Q4 Subscription and Services revenue expected in range of $710M to $790M, driven by higher crypto prices and Coinbase One subscriber growth
- Q4 Tech and Dev and G&A expenses expected $925M to $975M (up ~$100M at midpoint); Sales and Marketing $215M to $315M range
- Sequential rate of operating expense growth expected to slow in early 2026 as company absorbs recent headcount additions and focuses on execution
Q&A themes
- Everything Exchange roadmap: December 17 product showcase will detail second-half achievements; prediction markets and tokenized stocks in development
- Base network token exploration underway with goal to bring 1 billion people on-chain; monetization via sequencer fees and indirect through ecosystem growth
- October 10 liquidation event: Coinbase experienced no significant liquidations and operated without disruption while multiple competitors had outages
- Infrastructure investment: 65% of customer support automated currently; deep reasoning LLM agents rolling out to automate majority of compliance investigations in 2026
Risks
- Cloud provider dependency remains: While using multi-cloud approaches, company has not made substantial investment in full redundancy across all services to prevent outages
- Stablecoin adoption economics uncertain: No change in economics observed yet as USDC grows, but unclear how monetization will evolve at scale
- Regulatory uncertainty on new products: Base network token governance and distribution model still being explored; U.S. options market expansion requires multi-quarter regulatory and product roadmap
FY2025 Q22025-07-31
Earnings calls
AI summary
positiveCoinbase reported strong profitability in Q2 2025 despite lower crypto volatility, with total revenue of $1.5B and net income of $1.4B (including investment gains). The company is executing on strategic priorities: launching tokenized securities, expanding perpetual futures trading which hit all-time highs, growing stablecoin payment adoption through partnerships like Shopify, and scaling its Crypto-as-a-Service platform to 240+ institutional clients. Q3 is off to a strong start with $360M in July transaction revenue.
Key takeaways
- Launched U.S. perpetual futures (first CFTC-regulated crypto perpetuals), achieving all-time high open interest of $1B and volumes doubling week-over-week
- Added 300+ total crypto assets on exchange; integrating decentralized exchanges into app to enable access to millions of tokens
- Announced Deribit acquisition (world's leading crypto options exchange with $30B open interest) and working toward tokenized equities launch
- Stablecoin payment adoption accelerating: $100B annual volume (up from ~$0 two years ago); Shopify and other merchants live on payment APIs
- Expanded Crypto-as-a-Service to 240+ institutions including BlackRock, PNC, Stripe, PayPal; power 80%+ of crypto ETF custody
Financial highlights
- Q2 total revenue: $1.5B; adjusted EBITDA: $512M; net income: $1.4B (includes $1.5B unrealized gain on strategic investments and $362M gain on crypto portfolio)
- Adjusted net income: $33M; $307M expense from May data theft incident
- Consumer spot trading volume: $43B (down 45% QoQ); institutional spot volume: $194B (down 38%)
- Q3 outlook: $360M July transaction revenue; subscription and services revenue guidance of $665M-$745M (up ~8% QoQ midpoint); Q3 head count growth higher than Q2
Guidance
- Q3 subscription and services revenue: $665M-$745M (approximately 8% QoQ growth at midpoint) driven by higher average crypto prices and stablecoin revenues
- Q3 technology and development and general and administrative expenses: $800M-$850M
- Q3 sales and marketing: $190M-$290M
- Targeting 1 billion people onchain through Base app and self-custodial wallets; Base app has 700,000 people on waitlist
Q&A themes
- Tokenized securities strategy: Working to launch tokenized equities with full stack approach (custody, compliance, risk management); may integrate with traditional brokers as stepping stone; 3% market share of equities trading would double current crypto market
- Base app opportunity: Super app in beta with 700,000 waitlist; content creators can earn directly from audiences; blockchain-based IDs using ENS protocol; competing with TikTok/Meta long-term
- Payments monetization: Multiple revenue streams including brokerage fees for DEX routing, Base sequencer fees, transaction fees vastly lower than traditional payment processors, and stablecoin balance growth; attacking from both consumer and merchant sides
- Bank partnerships (PNC, JPMorgan): White-labeled infrastructure solutions; monetized through existing product line items (trading volume, custody assets); positioning as one-stop shop for companies entering crypto space
Risks
- Data theft incident resulted in $307M Q2 expense and exposed need to bring customer support in-house from BPO providers; security remains ongoing investment area
- Crypto market volatility unpredictability: Q2 saw crypto asset volatility decline 16%, non-Bitcoin assets fell 11%, and trading volumes down significantly despite execution on products
- Tokenized securities and equities remain highly uncertain regulatory terrain with no clear timeline; dependent on continued regulatory clarity and SEC coordination
FY2025 Q12025-05-08
Earnings calls
FY2024 Q42025-02-13
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.- Coinbase snaps losing streak with third-quarter profit on crypto trading rebound
- Citi Expands Digital-Assets Footprint With Coinbase Partnership
- Bitcoin and crypto stocks remain down after US senate fails to advance regulatory bill
- Coinbase-backed crypto advocacy group endorses 32 US midterm candidates
- Bitcoin, crypto shares climb after Trump pushes Clarity Act
Company data
Company intelligence
Updated: Nov 13, 2026, 01:47 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Financial Services
- Industry
- Financial - Data & Stock Exchanges
- Chief executive
- Brian Armstrong
- Employees
- 4,951
- IPO date
- Apr 14, 2021
- Country
- US
- Exchange
- NASDAQ Global Select
Altman Z-scorei2.87
Piotroski scorei3/9
Overall ratingiC-
Owner earningsi$182.27M$0.69 per share
ESG risk ratingiBIndustry rank: 9/14
Rating factors
- Return on equityi
- 1/5
- Return on assetsi
- 1/5
- Debt to equityi
- 2/5
- Price to earningsi
- 1/5
- Price to booki
- 1/5
Company press releases
Better Offers Coinbase One Members Up to $10,000 in HELOC RebatesBusiness WireHotcoin Officially Launches TradFi, Enabling 24/7 Trading of U.S. Stock-Linked Products with StablecoinsGlobeNewsWireION partners with Coinbase to support Kalshi's event contractsPRNewsWireCoinbase to Participate in Citi's 2026 Global TMT ConferenceBusiness WireCoinbase to Participate in the Goldman Sachs Communacopia + Technology ConferenceBusiness WireBetter, Coinbase Announce General Availability of First Token-backed, Conforming Mortgage to Expand Homeownership Access for a New Generation of Mortgage BorrowersBusiness Wire
Congressional disclosures
House
Ro KhannaPurchase · $1,001 - $15,000Disclosed: Oct 9, 2026Ro KhannaPurchase · $1,001 - $15,000Disclosed: Oct 9, 2026Gilbert CisnerosSale · $1,001 - $15,000Disclosed: Sep 11, 2026Ro KhannaSale · $1,001 - $15,000Disclosed: Sep 7, 2026Gilbert Ray CisnerosPurchase · $1,001 - $15,000Disclosed: Sep 7, 2026
Market cap history
$34.47B-15.0%Aug 2026 – Nov 2026
Latest: $34.47B · 2026-11-12High: $52.96B · 2026-09-21Low: $34.47B · 2026-11-12
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| ANNPX | 1.09% | 17.9M |
| VTI | 0.05% | 6.7M |
| VOO | 0.06% | 5.9M |
| BILPX | 0.11% | 5.7M |
| VO | 0.35% | 4.2M |
| NCV | 0.66% | 4.1M |
| NFJ | 0.22% | 3.6M |
| NCZ | 0.66% | 3.2M |
| NIE | 0.38% | 3.2M |
| IVV | 0.07% | 3M |
| XAW.TO | 0.04% | 3M |
| 1557.T | 0.07% | 2.8M |
Analyst track record
How the analysts covering COIN have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 225 | 603 |
| Analysts | 44 | 58 |
| Buy / hold / sell | 151 / 56 / 18 | 326 / 196 / 81 |
| Upgrades / downgrades / initiations | 5 / 5 / 11 | 22 / 12 / 26 |
| Price targets hit / missed | 16 / 191 (8%) | 45 / 501 (8%) |
| Avg. return after a rating (TipRanks) | -38.1% | -39.1% |
| Best / worst call | +37.6% / -74.4% | +273.3% / -74.4% |
After buy calls on this stock: median 21-day move -3.5% vs S&P 500 -5.7% (n = 308)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Mike ColonneseH.C. Wainwright93% hit rate on this stock · 14 targets measuredBuytarget $240Oct 30, 2026
- Owen LauClear Street87% hit rate on this stock · 23 targets measuredBuytarget $197Oct 30, 2026
- John TodaroNeedham82% hit rate on this stock · 17 targets measuredBuytarget $197Oct 30, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 12, 2026 | Gustavo GalaMonnessNov 12, 2026 | SellReiterated | $100↗ | article ↗ |
| Nov 12, 2026 | Hal GoetschB. Riley SecuritiesNov 12, 2026 | HoldMaintained | $150↗ | article ↗ |
| Nov 11, 2026 | Ramsey El AssalCantor FitzgeraldNov 11, 2026 | BuyMaintained | $200↗ | article ↗ |
| Nov 6, 2026 | Unknown AnalystFreedom Capital MarketsNov 6, 2026 | BuyMaintained | $175↗ | article ↗ |
| Nov 4, 2026 | Gustavo GalaMonnessNov 4, 2026 | SellReiterated | $100↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 225 ratings
Frequently asked questions
Where can I trade COIN perpetual futures?
Coinbase Global, Inc. (COIN) perpetual futures trade on 27 crypto venues, including Binance, XT.com, Deepcoin. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade COIN around the clock?
Yes. Unlike the underlying stock, COIN perpetuals trade 24/7 — including weekends and outside regular market hours.
What is the funding rate on COIN perpetuals?
Right now the COIN perp funding rate is 0.0% annualized (venue median), ranging from 0.0% to +19.7% across 27 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the COIN perp price compare to the Coinbase Global, Inc. stock?
The venue-median COIN perp mark is $127.4 versus a reference stock price of $127.4, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a COIN perpetual future?
A COIN perpetual is a derivative that tracks the price of Coinbase Global, Inc. with no expiry date. It lets you take long or short exposure to Coinbase Global, Inc. on crypto venues, around the clock.
What is COINUSDT perpetual?
COINUSDT is the symbol most crypto exchanges use for the Coinbase Global, Inc. perpetual settled in USDT (Tether). It tracks the COIN share price through an index, trades 24/7 with leverage and never expires.
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