Coinbase Global, Inc. (COIN) Stock

Coinbase Global, Inc. (COIN) is a Financials stock trading at $173.00 (as of 2026-08-20), with a market capitalization of $45.63B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

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Understand Coinbase Global, Inc.: how it makes money

Coinbase Global operates crypto financial infrastructure and a trading and custody platform, making money mainly from crypto transaction fees for consumers and institutions, plus stablecoin-related revenue and other subscription and services.

Coinbase’s profit model is driven by fee income that depends on crypto activity levels (consumer and institutional transaction revenue) and the scale of stablecoin usage (stablecoin revenue), supported by smaller streams like subscription and services and blockchain rewards.

Revenue by segment (latest quarter)
Consumer Trx (Net)$0.7B
Stablecoin$0.3B
Institutional Trx (Net)$0.1B
Subscr & Services$0.1B
Blockchain Rewards$0.1B

Business quality (Weak): Large platform and custody scale stands out, but the latest quarter shows a negative operating margin, and activity-linked metrics include a trading volume decline.

Valuation: At 60× earnings, COIN trades 375% above the Banking average (13×). Note: one-time items can distort reported P/E.

Bull case

  • Platform scale and safeguarded assets are large: Assets on Platform are 516 USD_B, and Customer Safeguarded Assets are 330 USD_B.
  • Revenue is diversified across multiple crypto fee streams: Key revenue lines include Consumer Transaction Revenue (Net) (0.73 USD_B), Institutional Transaction Revenue (Net) (0.14 USD_B), and Stablecoin Revenue (0.3 USD_B), alongside smaller subscription and services (0.15 USD_B) and blockchain rewards (0.1 USD_B).

Bear case

  • Trading activity has declined: Trading Volume Decline is 28 percent, which is a direct operating headwind for transaction-fee revenue streams.
  • Operating profitability is currently weak: Operating margin is -1.5% in the latest reported period (2026-03-31).
Valuation — source: SEC EDGAR (first-party)
Price$173.00
Market Cap$45.63B
EV / EBITDA44.6
Price / Book3.49
Price / Sales7.26
DCF Value (model)$52.22
DCF Upside vs Price-69.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$7.18B
Net Margin17.6%
Revenue Growth (YoY)-18.5%
EPS Growth (YoY)-124.3%
Financial Health — source: SEC EDGAR
Altman Z-Score3.04 (safe)
Valuation vs Sector & Industry
Sector P/E (Financials)15.1
Industry P/E (Banking)12.9
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($5.97B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorFinancials
IndustryBanking
CEOBrian Armstrong
Employees3,772
CountryUS
IPO Date2021-04-14

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COIN earnings history · COIN institutional & insider holders · COIN KPIs & operating metrics · COIN financials · COIN investor presentations & press releases · COIN SEC filings · COIN peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.