1. Charles Schwab for cryptocurrencies

2. The NASDAQ of crypto

• Retail Trading Platform (Cryptocurrency Exchange & Brokerage): Allows individual users to buy, sell, and convert various cryptocurrencies.
• Coinbase Wallet (Digital Wallet Software): A self-custodial application for users to store, send, receive, and interact with cryptocurrencies and NFTs.
• Coinbase Prime (Institutional Crypto Platform & Prime Brokerage): Provides institutions with advanced trading, custody, analytics, and prime brokerage services for digital assets.
• Staking Services (Financial Services - Yield Generation): Enables users to earn rewards on eligible cryptocurrency holdings by participating in proof-of-stake networks.
• Coinbase Card (Financial Services - Payment Card): A debit card that allows users to spend cryptocurrency by converting it to fiat at the point of sale.

Coinbase Global (NASDAQ: COIN) primarily serves a diverse range of customers rather than relying on a few major named client companies. Its business model caters to both individuals and institutions within the cryptocurrency ecosystem. Therefore, rather than listing specific customer companies, we will describe the key categories of customers it serves.

Categories of Coinbase Customers:

• Retail Users: This category encompasses individual investors who use Coinbase's platform to buy, sell, store, and manage various cryptocurrencies. This segment represents a significant portion of Coinbase's user base and transaction revenue, primarily through its main Coinbase app and website.
• Institutional Users: Coinbase serves a broad range of institutions, including hedge funds, asset managers, corporations, family offices, and financial technology companies. Through its "Coinbase Prime" platform, it provides advanced trading, secure custody, prime brokerage services, and financing solutions tailored to the needs of sophisticated institutional investors.
• Developers & Ecosystem Partners: Coinbase offers a suite of services under "Coinbase Cloud" for developers and businesses building in the Web3 space. This includes blockchain infrastructure, APIs, data analytics, and developer tools, enabling other companies to build their own cryptocurrency products and services on top of Coinbase's technology.

Amazon.com, Inc. (AMZN)

Brian Armstrong, Co-Founder & Chief Executive Officer

Brian Armstrong co-founded Coinbase in 2012 and has served as CEO since its inception and Chairman of the Board since 2021. He previously worked as a software engineer at Airbnb, a consultant at Deloitte, and a developer at IBM. Armstrong also founded UniversityTutor.com in 2003, a platform that connected tutors with students globally, which was later acquired in 2012. His interest in cryptocurrencies was sparked by the challenges he observed with international payment systems while at Airbnb. Under his leadership, Coinbase went public on Nasdaq in 2021.

Alesia Haas, Chief Financial Officer

Alesia Haas joined Coinbase as Chief Financial Officer in April 2018. Before joining Coinbase, she served as CFO at Och-Ziff Capital Management (now Sculptor Capital Management) from December 2016 to April 2018. Prior to that, Haas was the CFO and Head of Strategy at OneWest Bank, N.A., a role she held from 2009 to 2015, where she oversaw the bank's acquisition by CIT Group Inc. Her extensive background also includes senior finance, investment, and strategy roles at Merrill Lynch and General Electric.

Emilie Choi, President & Chief Operating Officer

Emilie Choi has served as Chief Operating Officer since 2019 and President since 2020, playing a crucial role in Coinbase's operational scaling, business growth, and international expansion. She joined Coinbase in March 2018. Before her tenure at Coinbase, Choi spent over eight years as the Vice President of Corporate Development at LinkedIn, where she oversaw more than 40 mergers and acquisitions. She also held corporate development and business operations roles at Warner Bros. and Yahoo!.

Paul Grewal, Chief Legal Officer

Paul Grewal is the Chief Legal Officer at Coinbase, a role he took on in 2020. In this position, he is responsible for Coinbase's legal, compliance, global intelligence, risk management, and government relations groups. Prior to joining Coinbase, Grewal was Vice President and Deputy General Counsel at Facebook (now Meta). He also served for over five years as a U.S. Magistrate Judge for the Northern District of California. Earlier in his career, Grewal was a partner at Howrey LLP, specializing in intellectual property litigation.

L.J. Brock, Chief People Officer

L.J. Brock leads Coinbase's people and talent strategy as the Chief People Officer, focusing on shaping the company's organizational culture and workforce growth since 2019. Under his leadership, Coinbase has developed a reputation for innovative talent acquisition and empowering a global, remote-first team. Prior to joining Coinbase, Brock held the position of Chief People Officer at Citadel LLC and served as VP of Global Talent Group at Red Hat.

• Emergence of Central Bank Digital Currencies (CBDCs): Many major economies are actively developing or piloting CBDCs. Should these digital currencies become widely adopted for everyday transactions and offer easy on/off ramps, they could diminish the demand for existing stablecoins and reduce the perceived utility of some cryptocurrencies for payments, potentially bypassing traditional crypto exchanges.
• Increasing Adoption and Maturation of Decentralized Exchanges (DEXs) and DeFi: As user interfaces improve, liquidity deepens, and gas fees potentially decrease (e.g., through Layer 2 solutions), more users may opt for DEXs for non-custodial trading. The broader Decentralized Finance (DeFi) ecosystem offers alternatives for lending, borrowing, and yield generation, drawing activity away from centralized platforms like Coinbase.
• Increased Competition from Traditional Financial Institutions: As regulatory clarity slowly emerges, established financial giants (e.g., BlackRock, Fidelity, Schwab, major banks) with vast customer bases, deep capital, and existing trust are increasingly entering the crypto asset space. They are launching spot ETFs, offering custody, and exploring tokenization, posing significant competitive threats to Coinbase's market share, particularly among institutional and high-net-worth clients, and potentially even retail customers, by leveraging their brand, resources, and existing infrastructure.

Coinbase Global (COIN) participates in various segments of the cryptocurrency and Web3 markets. The addressable markets for its main products and services are substantial and span globally.

• Cryptocurrency Exchange Platform (Retail and Institutional Trading): The global cryptocurrency exchange platform market was valued at approximately $43.8 billion in 2024 and is projected to grow to $54.8 billion in 2025. It is expected to reach $137.49 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 25.9% from 2025 to 2029. Another projection estimates the global crypto exchange market to be valued at $71.35 billion in 2025 and reach $260.17 billion by 2032, exhibiting a CAGR of 20.3% from 2025 to 2032. North America is a significant region, accounting for 37.2% of the global crypto exchange market in 2025.
• Stablecoins: Coinbase forecasts that the global stablecoin market could grow to nearly $1.2 trillion by 2028. The current global market cap for stablecoins is $311 billion as of November 2025.
• Custody Services: As of Q3 2025, Coinbase's Assets Under Custody (AUC) reached an all-time high of $300 billion globally. Coinbase is also the primary custodian for over 80% of U.S. Bitcoin (BTC) and Ethereum (ETH) ETF assets.
• Derivatives Trading: Derivatives account for approximately 80% of global crypto trading volume. Coinbase expanded its international derivatives total addressable market by adding new regulated routes for growth and distribution in regions such as Brazil and India.
• Web3 Products and Services: The global market for Web 3.0 was estimated at $4.62 billion in 2025 and is anticipated to reach around $99.75 billion by 2034, expanding at a CAGR of 41.18% from 2025 to 2034. North America held the largest market share in the Web 3.0 market in 2024 at 35%. The U.S. Web 3.0 market size was evaluated at $1.14 billion in 2025 and is predicted to be worth around $24.80 billion by 2034.
• Tokenization of Real-World Assets (RWAs): The market for tokenized government securities and corporate bonds grew to $13.5 billion by December 2024.

Coinbase Global (COIN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Derivatives Market Expansion: Coinbase is significantly expanding its offerings in the cryptocurrency derivatives market. The acquisition of Deribit and the launch of new products, such as CFTC-regulated perpetual futures for U.S. customers, are boosting institutional transaction revenue and market share in global crypto options and U.S. crypto futures.
2. Increased Stablecoin Adoption and Payments Infrastructure: Growth in the adoption and utilization of stablecoins, particularly USDC, is a major revenue driver. Coinbase benefits from increased on-platform USDC balances, which generate interest income. The company is also focusing on expanding stablecoin utility into business-to-business (B2B) and consumer payment solutions, aiming to establish stablecoins as a core payments infrastructure.
3. Expansion of Asset Offerings and the "Everything Exchange" Vision: Coinbase is diversifying its tradable assets beyond traditional cryptocurrencies. This includes integrating decentralized exchanges (DEX) to significantly expand the number of tradable assets on its platform, from approximately 300 to over 40,000 in the U.S. The company's long-term "Everything Exchange" vision also includes potential offerings such as tokenized stocks and prediction markets.
4. Growth in Institutional Business and Subscription & Services Revenue: Coinbase is experiencing strong institutional adoption, with more institutions utilizing multiple Coinbase products, including trading, custody, derivatives, and stablecoin payments. Beyond stablecoin-related income, the broader "Subscription and Services" segment, which includes revenue from blockchain rewards (staking) and custody services, continues to grow and diversify the company's revenue streams.

Share Repurchases

• In October 2024, Coinbase's board of directors authorized a share repurchase program for up to $1.0 billion of its outstanding Class A common stock.
• In October 2025, the aggregate repurchase authorization was increased from $1.0 billion to $2.0 billion and expanded to include a portion of the company's long-term debt.

Share Issuance

• As part of its acquisition of Deribit in May 2025, Coinbase issued $2.2 billion worth of its stock, in addition to $700 million in cash.

Outbound Investments

• In May 2025, Coinbase acquired Deribit, a cryptocurrency derivatives exchange, for $2.9 billion, comprising $700 million in cash and $2.2 billion in Coinbase stock, marking its largest single investment in derivatives.
• Coinbase acquired Echo, an early-stage investing platform, for $375 million in cash and equity in October 2025.
• The company has made strategic investments, including an increased investment in CoinDCX, a leading crypto exchange in India, valued at a $2.45 billion post-money valuation for CoinDCX.

Capital Expenditures

• Coinbase reported capital expenditures of $94 million in 2024.
• Capital expenditures were $19 million in 2023 and $83 million in 2022.
• Expected capital expenditures for 2025 are projected to be $120 million.