Financial Services
The largest US crypto exchange and regulated infrastructure layer for digital assets, with revenue that swings hard with crypto market cycles.
View forensic reportRevenue diversified from 85% trading fees to 60%. ETF custody, USDC interest income, and Base blockchain fees create recurring revenue that grows regardless of daily Bitcoin volatility.
Revenue of $7.2 billion, free cash flow of $2.4 billion, and a subscription revenue mix approaching 50%. Coinbase at 38.4x earnings is not a crypto bet — it is a financial infrastructure play.
Revenue hit $7.2B in 2025, up 9% year-over-year. Operating income fell 40%. At a $47B market cap, that divergence matters.
Revenue swings 50% with crypto prices. The question is whether the infrastructure layer Coinbase is building makes each cycle more valuable than the last.