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Largest US cryptocurrency exchange, offering trading, custody and infrastructure services for crypto assets.
Largest US cryptocurrency exchange, offering trading, custody and infrastructure services for crypto assets.
Earns mostly from trading fees, so revenue swings with crypto prices and trading volume. A steadier part comes from a share of the interest earned on the reserves behind the USDC stablecoin, staking rewards and custody fees. It listed directly on the stock market in 2021.
Moat: narrow (brand, regulatory licence, scale). Regulatory licensing and early brand trust in the US give an edge, though trading is fee-competitive.
Headquarters: San Francisco, California, US · Founded: 2012 · Employees: 4,951
Size Coinbase (COIN) is a United States Financials company (Investment Banks/Brokers) with a market value of $35.7B, the 322nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $134.76 on 6 Nov 2026.
Performance Over six months the shares fell 33.0%, against +1.4% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue fell 47.6% over the last twelve months (peer median +14.0%); the operating margin is -32.6% (peer median 37.8%).
Valuation It trades at 2.56× book value against a peer median of 3.13× (11th cheapest of 21).
Price implies The share price implies a return on equity of about 46.1%; Coinbase delivers -4.7%, so the price asks more than the business earns today.
Credit Coinbase has 5 bonds outstanding ($6.00B), rated BB- by the agencies and trading like B+ at a weighted spread of 270 bp.
Short interest Short interest is 10.7% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.58B | $7.18B | $6.56B | $3.11B | $3.19B |
| Revenue growth | — | +9% | +111% | -3% | — |
| Gross profit | $3.47B | $5.64B | $5.65B | $2.60B | $2.56B |
| EBITDA | -$1.23B | $1.10B | $3.12B | $85.9M | -$1.76B |
| Net income | -$702M | $1.26B | $2.58B | $94.8M | -$2.62B |
| Free cash flow | $1.41B | $2.43B | $3.10B | $668M | -$801M |
| Capital expenditure | $16.0M | $16.0M | $101M | $0 | $64.0M |
| Total debt | $6.89B | $7.83B | $4.69B | $3.05B | $3.52B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Coinbase COIN | $35.7B | -33% | -48% | -5% | 2.56× | 46.1% |
| Robinhood Markets HOOD | $72.9B | +5% | +22% | 21% | 7.29× | 110.1% |
| Bullish BLSH | $3.20B | -51% | +34% | -56% | 1.33× | 12.4% |
| Galaxy Digital GLXY | $5.31B | -55% | +430% | -8% | 1.37× | 26.1% |
| eToro ETOR | $1.86B | -40% | +10% | 20% | 1.40× | 18.4% |
| Bakkt BKKT | n/a | -56% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | COIN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.6% | +1.1% | 2nd lowest of 21 |
| 6-month return | -33.0% | +1.4% | lowest of 21 |
| Return on equity | -4.7% | 16.1% | lowest of 21 |
| Price / book | 2.56× | 3.13× | 11th cheapest of 21 |
| ROE the price implies | 46.1% | 20.2% | 5th most demanding of 21 |
| ROE delivered | -4.7% | 16.1% | lowest of 21 |
| Bond spread | 270 bp | 87 bp | widest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Coinbase COIN | United States | $35.7B | -33% | -48% | -5% | 2.56× | 46.1% | -4.7% |
| Cboe Global Markets CBOE | United States | $36.9B | +2% | +14% | 27% | 6.22× | 26.0% | 27.3% |
| Tradeweb Markets TW | United States | $29.7B | +17% | +14% | 14% | 4.03× | 21.5% | 14.1% |
| State Street STT | United States | $45.0B | +11% | +2% | 13% | 1.83× | 19.1% | 13.1% |
| Yuanta Financial Holding Co. Lt 2885.TW | Taiwan | $28.1B | +28% | +78% | 16% | 2.42× | 11.9% | 16.4% |
| LPL Financial LPLA | United States | $23.0B | -3% | +31% | 26% | 3.98× | 21.4% | 25.7% |
| CITIC Securities 6030.HK | Hong Kong | $56.2B | -23% | +102% | 14% | 0.92× | 9.9% | 13.5% |
| Huatai Securities 601688.SS | China | $22.7B | -7% | -6% | 11% | 0.89× | 8.5% | 10.6% |
| China International Capital 601995.SS | China | $21.6B | -18% | -20% | 16% | 1.26× | 12.1% | 16.1% |
| Nasdaq NDAQ | United States | $59.4B | +21% | +12% | 17% | 4.99× | 36.2% | 17.4% |
| GF Securities 000776.SZ | China | $20.9B | -10% | +37% | 14% | 1.06× | 12.1% | 14.0% |
| HKEX 0388.HK | Hong Kong | $62.2B | -10% | +23% | 34% | 8.04× | 69.6% | 33.7% |
| Macquarie MQG.AX | Australia | $63.5B | +5% | +5% | 13% | 2.53× | 26.4% | 13.1% |
| Deutsche Boerse DB1.DE | Germany | $63.8B | +32% | +7% | 20% | 5.57× | 16.6% | 20.2% |
| Deutsche Bank Aktiengesellschaft DBK.DE | Germany | $65.0B | +15% | 0% | 10% | 0.87× | 8.6% | 9.8% |
| Euronext ENX.PA | France | $18.8B | +21% | +14% | 16% | 3.73× | 24.7% | 16.1% |
| Robinhood Markets HOOD | United States | $72.9B | +5% | +22% | 21% | 7.29× | 110.1% | 21.3% |
| Singapore Exchange S68.SI | Singapore | $17.2B | -2% | +14% | 31% | 9.29× | 46.2% | 30.6% |
| Barclays BARC.L | United Kingdom | $75.1B | +1% | +7% | 11% | 0.88× | 13.5% | 11.1% |
| BSE BSE.NS | India | $16.4B | -4% | +58% | 47% | 19.49× | 258.7% | 46.8% |
| China Galaxy Securities 601881.SS | China | $16.1B | -8% | -20% | 10% | 1.03× | 8.8% | 9.9% |
Coinbase has 5 bonds outstanding with $6.00B face value. The agencies rate it BB-; its bonds trade like B+. Weighted yield 7.26%, a spread of 270 bp over government bonds.