At a glance
Coinbase Global Inc is worth $36.49B, about 31 times its fiscal 2025 earnings. Revenue grew 9.4% to $7.18B in fiscal 2025, with 17.6% kept as profit; over 5 years it has grown 41.2% a year. It pays no dividend; it spent $790.2M buying back its shares over FY2021–FY2025. The stock returned −59.9% over the past year with dividends reinvested and −16.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 81.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 20 months after the low.
The business in plain English
Coinbase runs a platform for trading and holding crypto assets and is expanding it into what it calls the "Everything Exchange." In December 2025 it broadened trading to include stocks, futures and prediction markets. Customers fall into three groups: consumers; institutions such as hedge funds, asset managers and banks, which trade crypto and store it with Coinbase; and developers who build on Base, a lower-cost network that runs on top of the Ethereum blockchain.
Revenue falls into two buckets. The first, transaction fees, brings in a large portion of revenue. Consumers pay volume-based fees plus a spread, a markup built into the quoted price. Institutions pay fees through Coinbase Prime, its brokerage for large clients, and on its four exchanges, including Deribit, which Coinbase calls the global leader in crypto options. The second is subscriptions and services. Coinbase shares in income from the reserves backing USDC, a stablecoin (a token redeemable one-for-one for US dollars) issued by its partner Circle. It also keeps a fixed cut of the staking rewards customers earn for helping blockchains validate transactions.
Fiscal 2025 revenue, for the year ended December 31, 2025, was $7.18 billion. Stablecoin revenue made up 18.8% of that, blockchain rewards 9.4% and other subscription and services 7.7%. The US supplied 83.7% of revenue and international markets 16.3%.
Price history
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COIN -59.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Bank Servicing | $4.06B | 56.5% |
| Stablecoin revenue | $1.35B | 18.8% |
| Blockchain rewards | $677.4M | 9.4% |
| Other subscription and services revenue | $554.8M | 7.7% |
| Other revenue | $297.9M | 4.1% |
| Other transaction revenue | $252.9M | 3.5% |
By geography
| U.S. | $6.01B | 83.7% |
| International | $1.17B | 16.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.22B, down 35% from a year earlier, and net income was $718.7M (+66.2%).
- For fiscal 2025, revenue was $7.18B (+9.4% year over year; +41.2% a year from FY2020 to FY2025) with a 17.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +41.2% good |
|---|---|
| Return on equity | 8.5% watch |
| Net income / revenue | 17.6% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.28B | $322.3M | — |
| FY2021 | $7.84B | $3.62B | — |
| FY2022 | $3.19B | $-2.62B | — |
| FY2023 | $3.11B | $94.9M | — |
| FY2024 | $6.56B | $2.58B | — |
| FY2025 | $7.18B | $1.26B | — |
Valuation snapshot
| Market value | $36.49B |
|---|---|
| P/E ratio | 31 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| COIN price data to Nov 2, 2026 | -39.1% | -59.9% | +17.7% | -16.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -39.0% |
| 2025 | -8.9% |
| 2024 | +42.8% |
| 2023 | +391.4% |
| 2022 | -86.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 72.1% over that stretch · deepest drop along the way 81.3%, back to its old high 20.3 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 45 sales ($24.6M), 45 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 21, 2026 | Alesia J Haas Chief Financial Officer | sell (plan) | $7.4M |
| Oct 1, 2026 | Marc L Andreessen Director | sell (plan) | $2.5M |
| Sep 8, 2026 | Marc L Andreessen Director | sell (plan) | $2.5M |
| Aug 3, 2026 | Frederick R Wilson Director | sell (plan) | $1.5M |
| Aug 3, 2026 | Frederick R Wilson Director | sell (plan) | $1.5M |
Who owns it
Large shareholders (13G filings)
| Brian Armstrong | 13.91% | Dec 31, 2024 |
| Vanguard Capital Management | 7.32% | Mar 31, 2026 |
| BlackRock, Inc. | 6.9% | Jun 30, 2025 |
| G1 Execution Services, LLC | 4.2% | Mar 31, 2025 |
| Frederick Ernest Ehrsam III | 2.87% | Dec 31, 2024 |
| JANE STREET GROUP, LLC | 2.5% | Mar 31, 2025 |
ETFs with the most weight in COIN
| CRPT First Trust SkyBridge Crypto Industry & Digital Economy ETF | 16.02% |
| BKCH Global X Blockchain ETF | 14.67% |
| ARKD ARK 21Shares Blockchain and Digital Economy Innovation ETF | 13.84% |
| FDIG Fidelity Crypto Industry and Digital Payments ETF | 12.76% |
| IBLC iShares Blockchain and Tech ETF | 11.18% |
| BITQ Bitwise Crypto Industry Innovators ETF | 9.55% |
| DAPP VanEck Digital Transformation ETF | 7.77% |
| ARKF ARK Fintech Innovation ETF | 7.65% |
What could go wrong
- Results rise and fall with crypto. Revenue depends heavily on crypto prices and trading volume, which swing sharply. Revenue fell from $7.84 billion in 2021 to $3.19 billion in 2022, and the company lost $2.62 billion that year.
- Stablecoin income hinges on Circle and rates. Stablecoin revenue, 18.8% of fiscal 2025 revenue, rests on Coinbase's agreement with Circle, USDC's issuer, and on how much USDC circulates. The company also warns that changes in interest rates could hurt results.
- Hacks or lost keys could be irreversible. Coinbase holds crypto for customers using private keys, the codes needed to access the assets. A cyberattack, or theft or loss of those keys, could mean permanent losses, regulatory scrutiny and reputational damage.
- Crypto rules are unsettled and still changing. Crypto regulation is extensive and evolving in the US and abroad. Adverse rule changes, compliance failures, lawsuits or enforcement actions could limit what Coinbase can offer or bring costly penalties.
- A large debt load to service. Coinbase owes convertible notes (bonds that can convert into shares) due 2026 through 2032, plus senior notes. Debt totaled $6.44 billion as of June 30, 2026, versus $8.79 billion in cash and investments.
- Competition, including from decentralized platforms. Coinbase competes with other exchanges and a growing number of decentralized platforms where users trade without handing over their assets. Failing to keep pace could cost customers and trading volume.
Recent events
- Quarterly results released
- Executive or board change
- Executive or board change
- Quarterly results released
- Executive or board change
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Restructuring or exit costs
- Executive or board change
For income and retirement investors
Coinbase paid no dividends from fiscal 2021 through fiscal 2025. For an income investor, any cash from the holding would have to come from selling shares, and with a stock this volatile, withdrawals could force sales after a steep drop. The company has returned cash by buying back its own shares instead: about $790 million in fiscal 2025, after none from fiscal 2021 through fiscal 2024.
In the 2022 bear market, a long slide in stock prices, the shares fell 81.3% from January 3 to June 30, 2022. They did not regain that peak until March 8, 2024, about 20 months after the low. The stock's deepest peak-to-trough fall was 90.9%, and it lost 54.3% in the year to October 28, 2026. The shares have traded for only about 5.5 years, so they have no record from the 2008 crisis or the 2020 COVID crash. Like any single stock, Coinbase carries more risk than a diversified fund.
Questions investors ask
Does Coinbase pay a dividend?
No. Coinbase paid no dividends from fiscal 2021 through fiscal 2025, and it had no dividend yield as of October 28, 2026. Instead, it bought back about $790 million of its own shares in fiscal 2025, after no buybacks from fiscal 2021 through fiscal 2024. Investors who want regular income from the stock would have to get it from selling shares, which can mean selling at low prices after a sharp drop.
How does Coinbase make money?
Coinbase makes money two main ways: fees on trades, and subscription and services products. Consumers pay transaction fees and a spread when they trade crypto, stocks, futures or prediction market contracts. Institutions pay fees through Coinbase Prime and its four exchanges. On the services side, stablecoin revenue made up 18.8% of fiscal 2025's $7.18 billion in revenue. Blockchain rewards, a commission on customers' staking rewards, made up 9.4%. About 83.7% of revenue came from the US.
Is Coinbase profitable?
Yes, for fiscal 2025, its latest full year, but profits swing widely. Coinbase earned $1.26 billion on $7.18 billion of revenue, keeping about 17.6 cents of each revenue dollar, or $4.45 per share (diluted). That was 51.1% less than in fiscal 2024. In the quarter ended June 30, 2026, it posted a net loss of $359 million, and revenue fell 18.5% from a year earlier. It also lost $2.62 billion in fiscal 2022. As of October 28, 2026, the shares traded at 36.5 times fiscal 2025 earnings.
How does Coinbase make money from USDC?
Coinbase earns a share of the income from the reserves backing USDC, a stablecoin issued by Circle and redeemable one-for-one for US dollars. Under their agreement, the more USDC in circulation, and the more of it on Coinbase's platform, the more Coinbase earns. Stablecoin revenue was $1.35 billion in fiscal 2025, or 18.8% of the total. The updated deal, signed in August 2023, has an initial three-year term and renews for further three-year terms if set conditions are met. Coinbase pays rewards to some customers who hold USDC.
Why is Coinbase stock so volatile?
Largely because its results swing with crypto prices and trading volume, as its 10-K warns. In the year to October 28, 2026, its beta was 3.13, meaning the shares tended to move about three times as much as the broad market. Its volatility, a gauge of price swings, was 71.6%. Calendar-year returns show the pattern: down 86% in 2022, up 391% in 2023, up 43% in 2024 and down 8.9% in 2025. Year to date, the stock was down 28.2% as of October 28, 2026.