Coinbase

COIN

Financial Services

The largest US crypto exchange and regulated infrastructure layer for digital assets, with revenue that swings hard with crypto market cycles.

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6 articles about Coinbase

Market SignalsCOIN

Coinbase Is a Rates Play in Custody's Clothing

Roughly 30% of Coinbase's 2024 revenue came from interest income on customer cash and USDC reserves. That is the durable business, not trading fees.

Apr 15, 2026

ValuationCOIN

Coinbase Is Worth More Than the Prediction Markets Narrative Suggests

Cantor Fitzgerald named Coinbase a best-positioned name for the $1 trillion prediction markets opportunity.

Apr 13, 2026

Market SignalsCOIN

Coinbase Is No Longer a Bitcoin Bet — It's an Infrastructure Play

Revenue 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.

Apr 7, 2026

Market SignalsCOIN

Coinbase Has Built a Real Business and the Valuation Has Not Caught Up

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.

Apr 6, 2026

Deep DivesCOIN

Coinbase's Operating Leverage Trap: Revenue Growth Without Profit Growth

Revenue hit $7.2B in 2025, up 9% year-over-year. Operating income fell 40%. At a $47B market cap, that divergence matters.

Apr 2, 2026

Deep DivesCOIN

Coinbase: What the Crypto Revenue Cycle Actually Means for Long-Term Investors

Revenue swings 50% with crypto prices. The question is whether the infrastructure layer Coinbase is building makes each cycle more valuable than the last.

Mar 30, 2026