Coinbase Global, Inc. (COIN)
Fair ValueFundamental
44
Price
$186.41
Market Cap
$52.56B
Part 1 · What the company is worth
Overview
Coinbase runs an online exchange where people and institutions buy, sell and store cryptocurrencies such as Bitcoin and Ethereum. Around that core marketplace it has built a set of subscription and service products — custody for institutions, a Visa debit card, staking, and its own blockchain infrastructure — designed to earn steadier fees regardless of whether crypto prices are rising or falling that day.
How it makes money
Transaction revenue is a fee charged as a percentage of each trade, so it rises and falls sharply with how much people are trading — which itself tracks crypto prices and volatility far more than any steady economic trend. Subscription and services revenue, from custody fees, staking commissions and stablecoin interest, is far steadier because it does not depend on daily trading activity, and Coinbase has been shifting its business mix toward it.
Revenue by segment
Fees earned on trades placed by retail users and institutions. Moves up and down with crypto trading volume.
Custody fees, staking rewards, stablecoin interest and the Coinbase One subscription — revenue that does not depend on daily trading activity.
Competitive moat
Switching costs · NarrowOnce a customer's crypto holdings, tax records and linked bank accounts sit on Coinbase, moving them to another exchange is enough friction that many do not bother, particularly institutional clients using its custody service. That said, the core trading product is fairly easy to compare on price, and sophisticated traders do split activity across several exchanges.
What drives demand
CyclicalTrading volume, and with it transaction revenue, rises sharply when crypto prices are rising and enthusiasm is high, and collapses in bear markets when prices fall and interest fades. This is a much steeper cycle than a typical business cycle, driven by sentiment toward a single asset class rather than the broader economy.
Key risks
- Dependence on crypto trading volume — Transaction revenue still makes up more than half of Coinbase's revenue and falls quickly when crypto prices decline and trading activity dries up, as has happened repeatedly in past cycles.
- Regulatory uncertainty — The rules governing what counts as a security, how exchanges must be licensed, and what services Coinbase can offer are still being litigated and rewritten across jurisdictions, and an adverse ruling could force product or business changes.
- Security and custody risk — Coinbase holds customer crypto assets directly, making it a target for hacking and theft; a successful attack on its custody systems would be both a direct financial loss and a blow to customer trust.
- Competition from other exchanges and platforms — Other crypto exchanges, traditional brokers adding crypto trading, and decentralised platforms all compete for the same trading fees, putting pressure on the prices Coinbase can charge.
The case for
Buyers argue that Coinbase is becoming the regulated, trusted on-ramp of choice as crypto moves further into the mainstream, that subscription and services revenue is steadily reducing dependence on trading volume, and that regulatory clarity, once it arrives, favours an established compliant player over less regulated competitors.
The case against
Sellers fear that revenue still swings with crypto sentiment more than with any durable growth trend, that regulatory outcomes remain genuinely unpredictable, and that cheaper exchanges and brokers erode the fees Coinbase can charge on its core trading business over time.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated on September 18, 2026 with claude-haiku-4-5 — shared with all users
Robinhood sells crypto trading to the same US retail investor Coinbase targets, inside an app that also offers stocks and options, so the two fight for the beginner's first account.
Binance is the largest crypto exchange by trading volume worldwide and takes the same retail and institutional trading fees Coinbase lives on, across nearly every market outside the United States.
Kraken is the other large US-regulated spot exchange, competing for the same American and European customers with a comparable custody, staking and trading offer at lower fees.
Gemini is a US-licensed exchange and qualified custodian that courts the same compliance-minded retail and institutional clients as Coinbase, with a similar card, staking and custody line-up.
Bullish runs a regulated institutional spot and derivatives venue, competing directly with Coinbase Prime and Coinbase Institutional for the trading flow of funds and market makers.
Crypto.com serves the same mass-market retail user with a mobile app, a debit card and staking products, and competes head-on with Coinbase in the US, Europe and Asia.
Balance Sheet & Liquidity
Revenue
$6.28B
Trailing 12 months (through 6/30/2026)
Net Income
$-988M
Trailing 12 months (through 6/30/2026)
Free Cash Flow
-
Total Equity
$14.79B
Total Liabilities
$14.88B
Current Ratio
2.42
Interest Coverage
6.92
Debt/EBITDA
4.11
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$224.15
Current Price
$186.41
Margin of Safety
+16.8%
Fair Value Range
$201.18 - $247.11
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
44.77
ROE
8.5%
P/B Ratio
3.76
P/FCF
-
Gross Margin
-
ROIC
2.5%
Profitability Radar
Value Creation (Economic Moat)
ROIC
2.5%
WACC
16.1%
ROIC − WACC
-13.5 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (9)
- EPS shows upward trend
- Debt/Equity ratio
- Operating Margin 9.9%
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Revenue Growth 5Y 41.2%
- Analyst Consensus 71% Buy
- Piotroski F-Score 5/9
Failed (11)
- Price CAGR -4.72%
- ROIC 2.5%
- P/B Ratio 3.76
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- ROE -6.9%
- Earnings Surprise avg -403.7%
- Share Dilution 4.1%
- Net Margin Trend -15.7% vs 40.8%
Unavailable (7)
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- CapEx intensity
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
Low quality: investigate accounting
Share Dilution
Issuing new shares, diluting ownership
Institutional Holdings
No institutional filings reported for this company.
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Brian Armstrong | Co-Founder, Chairman & CEO | 42 |
| Ms. Emilie M. Choi | President & COO | 46 |
| Mr. Frederick Ernest Ehrsam III | Co-Founder & Independent Director | 36 |
| Ms. Alesia Jeanne Haas | Chief Financial Officer | 48 |
| Mr. Paul Grewal J.D. | Advisor | 53 |
| Mr. Lawrence J. Brock | Advisor | 53 |
| Ms. Jennifer N. Jones | Chief Accounting Officer | - |
| Mr. Rob Witoff | Chief Technology Officer | - |
| Mr. Anil K. Gupta | Vice President of Investor Relations | - |
| Molly Abraham | General Counsel & Secretary | - |
Audit Risk
10
Board Risk
10
Compensation Risk
10
Shareholder Rights Risk
10
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-12
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-07-30
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-09-02
via SEC EDGAR
Income History
via SEC EDGAR
Latest News
Recent headlines for COIN, sourced from Markets Gazette.
- 2d agoPOSITIVECiti And Coinbase Bring Stablecoin Payments Into Corporate Banking
Coinbase and Citi have deepened their collaboration, integrating stablecoin payments into corporate banking services. This new infrastructure allows Citi clients to receive payments in stablecoins, with Coinbase handling the blockchain transactions and conversion to fiat currency. Additionally, Coinbase's business clients gain access to Citi-powered virtual accounts that seamlessly manage conversions between fiat and stablecoins. This strategic move by Coinbase aims to enhance its institutional offerings and drive adoption of digital asset payments within the traditional finance sector, potentially boosting transaction volumes and revenue.
- 3d agoPOSITIVECrypto Market Update: Citi Partners with Coinbase on Stablecoins
Citigroup is partnering with Coinbase Global to enable institutional clients to accept stablecoin payments from retail customers. Coinbase will provide the blockchain technology and convert stablecoins to fiat before Citigroup settles the transactions. This collaboration expands on a previous partnership that streamlined fiat pay-ins and pay-outs. Citigroup also expanded its token services network to Japan and the UAE. This news is positive for Coinbase as it integrates traditional finance with crypto, potentially increasing transaction volume and adoption of its services.
- 7d agoPOSITIVECoinbase Pushes Gold And Silver Trading Toward Always-On Markets
Coinbase is expanding its derivatives offerings into precious metals, launching gold and silver perpetual futures for non-US traders and aiming for 24/7 availability of regulated US gold and silver futures through Coinbase Derivatives. This move aligns with Coinbase's 'everything exchange' strategy, leveraging crypto-style derivatives to provide exposure to gold and silver markets. The expansion into traditional assets via digital-native products could attract new user segments and increase trading volume, potentially boosting Coinbase's revenue streams and market position.
- 8d agoNEGATIVECrypto Firm Coinbase Dropped as Member of UK Finance Lobby Group
Coinbase Global Inc. has been removed from UK Finance, a key British financial services lobby group, despite the growing importance of digital assets in policy discussions. This exclusion could signal a lack of full integration or support within traditional financial circles in the UK, potentially impacting Coinbase's ability to influence regulatory frameworks and market access. For investors, this development may raise concerns about the company's standing and advocacy power in a crucial market, potentially affecting its long-term growth prospects and regulatory navigation.
- 9d agoPOSITIVECoinbase Opens IPO Allocations To US Retail Traders Starting With Oura
Coinbase is expanding its financial services beyond cryptocurrency by enabling eligible US retail customers to request allocations in Initial Public Offerings (IPOs) directly through its app. This new service, facilitated by Coinbase Capital Markets, allows users to submit Conditional Offers to Buy at the IPO price before public trading begins. The first IPO available is Oura. Coinbase's allocation process includes incentives for longer-term participation, such as a 30-day holding requirement to discourage immediate flipping, with penalties for early sales. This move positions Coinbase as a competitor to traditional retail brokerages, integrating IPO access into its existing digital asset platform and potentially driving user engagement and revenue diversification.
- 10d agoPOSITIVECoinbase: azioni in rialzo mentre l'exchange apre l'accesso alle IPO per i retail
Coinbase shares surged over 4% as the cryptocurrency exchange announced it will offer eligible U.S. retail customers access to initial public offerings (IPOs) through its app. The new service, launching this week with Oura's smart ring IPO, allows qualified clients to subscribe to shares at the IPO price before public trading begins. This strategic move diversifies Coinbase's offerings beyond crypto into traditional financial markets, potentially attracting new user segments and increasing platform engagement. The expansion signals Coinbase's ambition to become a broader financial services provider, which could drive future revenue growth and enhance its market position.
- 10d agoNEGATIVECrypto Biz: CLARITY Act setback puts Coinbase in the spotlight
Coinbase is facing increased scrutiny following the setback of the CLARITY Act, a legislative effort that could have provided regulatory clarity for the cryptocurrency industry. The stalling of this act, coupled with the SEC's continued pursuit of tokenized stocks and broader crypto firm expansion into payment services, creates an uncertain operating environment for digital asset exchanges. Investors may view this regulatory uncertainty as a negative catalyst, potentially impacting Coinbase's future growth prospects and profitability. The lack of clear legislative pathways could lead to increased compliance costs and operational challenges.
- 11d agoPOSITIVECoinbase Files To Bring Single-Stock Perpetual Futures To US Market
Coinbase has filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer single-stock perpetual futures contracts to U.S. customers. This move, if approved, would allow U.S. traders to speculate on the price movements of individual stocks using leveraged derivatives directly on the Coinbase platform. This expansion into regulated futures markets could significantly boost Coinbase's derivatives trading volume and revenue streams, positioning it as a more comprehensive crypto exchange and potentially attracting institutional interest. Investors will be watching the CFTC's decision closely, as approval could mark a substantial growth catalyst for the company.
via Markets Gazette