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1. Company Snapshot

1.a. Company Description

Coinbase Global, Inc.provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally.The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.


Coinbase Global, Inc.was founded in 2012 and is based in Wilmington, Delaware.

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1.b. Last Insights on COIN

Coinbase Global, Inc.'s recent performance has been impacted by concerns around its Bitcoin-adjacent business and valuation. The company's Q4 2025 earnings report, released on February 13, led to a 16% share jump, suggesting investors are reevaluating its prospects. However, regulatory scrutiny and vulnerability of stablecoin revenue have raised concerns. A 27.5% earnings dip projected for 2026 and premium valuation have also sparked investor worries. Despite this, some analysts see a turnaround, with PNC Financial Services Group Inc. and Blair William & Co. IL increasing their stakes in the company.

1.c. Company Highlights

2. Coinbase's 2025 Earnings: A Strong Performance Amidst Regulatory Optimism

Coinbase reported a total revenue of $7.2 billion for 2025, representing a 9% year-over-year increase, with subscription and services revenue reaching $2.8 billion, up 23% year-over-year. In Q4, total revenue was $1.8 billion, down 5% quarter-over-quarter, while transaction revenue was $983 million, down 6% quarter-over-quarter. The company's earnings per share (EPS) came out at -$2.49, missing estimates of $1. Despite this, Coinbase has demonstrated a strong financial position, with 12 consecutive quarters of positive adjusted EBITDA.

Publication Date: Feb -14

📋 Highlights
  • Total Revenue Growth: Coinbase reported 2025 total revenue of $7.2 billion, a 9% year-over-year increase, with subscription and services revenue surging 23% to $2.8 billion.
  • Q4 Revenue Decline: Q4 revenue fell 5% quarter-over-quarter to $1.8 billion, with transaction revenue slipping 6% to $983 million, reflecting seasonal volatility.
  • Strong Balance Sheet: Coinbase ended 2025 with $11.3 billion in cash and $14.1 billion in total available resources, underscoring financial resilience and capacity for strategic investments.
  • Share Buybacks: The company repurchased $1.7 billion of stock in 2025, fully offsetting dilution, and authorized an additional $2 billion for buybacks, signaling investor confidence.
  • Product Diversification: Coinbase now has 12 products generating $100+ million annualized revenue, with half exceeding $250 million, highlighting a diversified and scalable business model.

Revenue Diversification and Product Growth

The company has made significant strides in diversifying its revenue streams, with 12 products generating over $100 million in annualized revenue, and half of those exceeding $250 million. This diversification is expected to continue, with derivatives being a significant growth driver. Coinbase has rolled out prediction markets and equities, with early encouraging signals. The company's focus on growing the Everything Exchange, scaling stablecoins in payments, and bringing the world onchain is expected to drive future revenue growth.

Regulatory Clarity and Optimism

Coinbase's CEO, Brian Armstrong, is optimistic about regulatory clarity, citing progress on the CLARITY Act and the GENIUS Act. This optimism is reflected in the company's plans to embed stablecoins in their products and services, with the GENIUS Act being a potential tailwind for adoption. The legislation has already led to 150 companies announcing stablecoin integrations, indicating a positive trend.

Valuation Metrics

With a P/S Ratio of 6.89 and an EV/EBITDA of 22.72, Coinbase's valuation suggests that the market is pricing in significant growth expectations. The company's strong financial position, with over $11 billion in cash and cash equivalents, and a robust balance sheet, supports its investment in growth initiatives. Analysts estimate next year's revenue growth at 17.3%, indicating a positive outlook for the company.

Share Repurchases and M&A Strategy

Coinbase has repurchased $1.7 billion of its common stock, fully offsetting dilution from stock-based compensation for 2025. The company's Board approved an additional $2 billion share repurchase authorization, demonstrating its commitment to returning value to shareholders. Coinbase's M&A strategy is selective and aggressive, with a focus on advancing the Everything Exchange, on-chain infrastructure, and stablecoins and payments infrastructure.

3. NewsRoom

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Coinbase Global, Inc. (COIN) Declines More Than Market: Some Information for Investors

Mar -20

Source: zacks.com

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COIN vs. GOLD: Which Alternative-Asset Platform is the Better Buy?

Mar -20

Source: zacks.com

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Coinbase expands global trading with stock perpetual futures for non-US users

Mar -20

Source: invezz.com

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Bitcoin Got Its Biggest Regulatory Win In A Decade—And Dropped To $70,000 Anyway

Mar -19

Source: feeds.benzinga.com

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Danske Bank A S Takes $37.52 Million Position in Coinbase Global, Inc. $COIN

Mar -19

Source: defenseworld.net

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Robinhood vs. Coinbase: Which Trading Platform Stock Will Dominate 2026?

Mar -19

Source: fool.com

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The Next Big Trade Isn’t AI… It’s Prediction Markets

Mar -19

Source: investorplace.com

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Stock Market Today, March 18: Fed Leaves Rates Unchanged, and Markets Fall on Inflation Fears

Mar -18

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (26.40%)

6. Segments

Internet Software & Services

Expected Growth: 26.4%

Coinbase Global's blockchain and cryptocurrency services is driven by growing institutional adoption, increasing mainstream acceptance, and rising demand for secure and reliable digital asset management solutions.

7. Detailed Products

Coinbase Brokerage

A platform that allows users to buy, sell, and store cryptocurrencies like Bitcoin, Ethereum, and Litecoin.

Coinbase Pro

A professional trading platform that provides advanced features and tools for experienced traders.

Coinbase Commerce

A platform that enables businesses to accept cryptocurrency payments and manage digital assets.

Coinbase Custody

A secure and regulated custody solution for institutional investors and hedge funds.

Coinbase Prime

A comprehensive platform that provides institutional investors with advanced trading, custody, and prime brokerage services.

Coinbase Card

A debit card that allows users to spend their cryptocurrencies in real-time.

Coinbase Earn

A platform that rewards users with cryptocurrencies for learning about different digital assets.

8. Coinbase Global, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Coinbase's strong brand recognition and user base make it difficult for substitutes to gain traction.

Bargaining Power Of Customers

While customers have some bargaining power due to the availability of alternative exchanges, Coinbase's strong reputation and user-friendly interface help to mitigate this power.

Bargaining Power Of Suppliers

Coinbase has a diversified supplier base, and its strong financial position gives it significant bargaining power over its suppliers.

Threat Of New Entrants

The cryptocurrency exchange market is highly competitive, and new entrants can easily enter the market, posing a significant threat to Coinbase's market share.

Intensity Of Rivalry

The cryptocurrency exchange market is highly competitive, with many established players competing for market share, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 32.71%
Debt Cost 3.95%
Equity Weight 67.29%
Equity Cost 21.31%
WACC 15.63%
Leverage 48.62%

11. Quality Control: Coinbase Global, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Uber

A-Score: 5.8/10

Value: 3.6

Growth: 9.2

Quality: 7.7

Yield: 0.0

Momentum: 8.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
ANSYS

A-Score: 5.4/10

Value: 0.8

Growth: 6.2

Quality: 8.6

Yield: 0.0

Momentum: 7.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Autodesk

A-Score: 5.0/10

Value: 0.5

Growth: 7.3

Quality: 8.3

Yield: 0.0

Momentum: 6.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Datadog

A-Score: 4.5/10

Value: 0.0

Growth: 9.7

Quality: 5.6

Yield: 0.0

Momentum: 8.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Coinbase

A-Score: 4.1/10

Value: 2.3

Growth: 6.8

Quality: 8.8

Yield: 0.0

Momentum: 5.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
MicroStrategy

A-Score: 3.6/10

Value: 7.2

Growth: 0.6

Quality: 9.1

Yield: 0.0

Momentum: 2.5

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

197.5$

Current Price

197.5$

Potential

-0.00%

Expected Cash-Flows