- Company name
- Coinbase
- Sector
- Crypto trading platforms
- About
- Coinbase Global, Inc. (Coinbase) runs a platform where people and institutions buy, sell, store and use crypto assets. It is a remote-first company and has no headquarters. It earns transaction revenue from trading fees, subscription and services revenue, and interest on its own cash. In Q3 2026, total revenue was $1,215.6 million: transaction revenue was $590.2 million and subscription and services revenue was $570.2 million, which is 49% of net revenue. Adjusted EBITDA was $332.9 million, and net income was $718.7 million after a gain of $715.0 million on crypto assets held for investment. At September 30, 2026, cash and cash equivalents were $8.6 billion. Coinbase completed the integration of INTX and Deribit in October 2026 and plans to relaunch Coinbase Pro in Q4 2026. The company has Class A and Class B common stock, and the Class A shares trade on Nasdaq in US dollars.
- Thesis
- The market must decide what a normal year of Coinbase looks like. Its profit follows the price of crypto assets and the volume of trading. Adjusted EBITDA was $1,289.0 million in Q4 2024 and $800.7 million in Q3 2025, but only $303.3 million, $207.8 million and $332.9 million in the last three quarters. Transaction revenue fell 44% in a year to $590.2 million in Q3 2026. Net income was a profit of $718.7 million in Q3 2026 and a loss of $666.7 million in Q4 2025, mostly from the changing value of crypto assets held for investment. Coinbase works on the other side too. Subscription and services revenue is now 49% of net revenue, and the company cut its Adjusted Expenses guidance for 2026 again. For the price to rise, three things must be true. Subscription and services revenue must keep its level of about $570 million a quarter when trading is weak. Costs must stay near the guided $1,007 million to $1,157 million of Adjusted Expenses in Q4 2026. Trading volume and market share must grow, as the company reports for derivatives, with the combined INTX and Deribit exchange. The next test is the Q4 2026 report in February 2027, which follows the Q4 guidance of subscription and services revenue of $550 million to $630 million.
- Risks
- Crypto prices and trading volume drive revenue. Transaction revenue fell 44% in a year, and Adjusted EBITDA has changed from $1,289.0 million in one quarter to $207.8 million in another. A long fall in prices would keep profit low.
Net income swings with the value of crypto assets that the company holds. Gains and losses on crypto assets held for investment were a gain of $715.0 million in Q3 2026 and a loss of $718.2 million in Q4 2025.
Rules for crypto assets and stablecoins can change. The company runs a platform in many places, and a new law or a court case can raise its costs or limit its products.
A security breach can cost money. Coinbase booked a loss of $306.7 million in Q2 2025 for a data theft incident, and it still records recoveries and costs for it.
Debt is large. Long-term debt of $6.0 billion principal comes due between 2028 and 2032, and short-term borrowings were $748.8 million at September 30, 2026.
Competition can cut fees. The company gains market share in trading volume, but price cuts by other platforms can lower revenue for each trade.
- Balance sheet
- At September 30, 2026, Coinbase had cash and cash equivalents of $8,603.8 million, down from $11,285.5 million at December 31, 2025, and marketable investments of $217.1 million. It also held crypto assets for investment of $2,224.8 million and strategic investments of $872.3 million. Long-term debt was $5,947.8 million, with an aggregate principal amount of $6.0 billion of convertible notes and senior notes that mature from 2028 to 2032. In June 2026, it repaid the $1.3 billion of 2026 Convertible Notes at maturity. It also had short-term borrowings of $748.8 million in crypto assets and payment stablecoins for institutional financing, with loan receivables of $1,976.1 million. Customer custodial funds of $4,462.3 million are held for customers, and the company shows an equal liability. Coinbase has bought back 10.2 million Class A shares for more than $2.0 billion, and about $2.0 billion of its authorization remains.
As of Sep 30, 2026.
- Checkpoints
- Q4 2026: Coinbase Pro relaunch and Q4 outlook. Pending. Watch: Coinbase relaunches Coinbase Pro in Q4 2026 as it says, and subscription and services revenue for Q4 is within its $550 million to $630 million outlook, and this passes; a delay or a miss fails.
Feb 11, 2027 (estimate): Q4 2026 results: profit in a weak market. Pending. Watch: Adjusted Expenses are within the Q4 range of $1,007 million to $1,157 million and subscription and services revenue holds near $570 million, and this passes; a fall below $550 million fails.
- Recent events
- Oct 29, 2026: Coinbase reported Q3 2026 results. Total revenue was $1,215.6 million, against $1,868.7 million a year earlier. Transaction revenue was $590.2 million and subscription and services revenue was $570.2 million. Net income was $718.7 million, and Adjusted EBITDA was $332.9 million.
Oct 29, 2026: Coinbase gave its Q4 2026 outlook. It expects subscription and services revenue of $550 million to $630 million and Adjusted Expenses of $1,007 million to $1,157 million. It lowered its 2026 Adjusted Expenses range again, to $4,150 million to $4,300 million.
Oct 2, 2026: Coinbase reported to the SEC that Jennifer Jones, Chief Accounting Officer, told the company on September 29, 2026 that she will retire. She stays in the role until a successor takes over.
Sep 1, 2026: Coinbase appointed Anthony Armstrong as a director and increased its board from nine to ten directors. He serves on the Audit and Compliance Committee.
Jun 1, 2026: Coinbase repaid in full at maturity the $1.3 billion of its 2026 Convertible Notes. Its long-term debt now has an aggregate principal amount of $6.0 billion, which matures between 2028 and 2032.