Tearsheet

Coinbase Global (COIN)

Market Price (4/8/2026): $184.0 | Market Cap: $49.4 Bil
Sector: Financials | Industry: Financial Exchanges & Data

Coinbase Global (COIN)

Market Price (4/8/2026): $184.0
Market Cap: $49.4 Bil
Sector: Financials
Industry: Financial Exchanges & Data

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34%, CFO LTM is 2.4 Bil, FCF LTM is 2.4 Bil

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -43%

Attractive yield
FCF Yield is 5.2%

Megatrend and thematic drivers
Megatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Cryptocurrency Exchanges, and Digital Asset Custody.

Weak multi-year price returns
2Y Excs Rtn is -56%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 29x, P/EPrice/Earnings or Price/(Net Income) is 37x

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -22%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%

Key risks
COIN key risks include [1] ongoing legal action from regulators like the SEC and [2] the potential for customer assets to be treated as company property in a bankruptcy proceeding.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34%, CFO LTM is 2.4 Bil, FCF LTM is 2.4 Bil
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -43%
2	Attractive yield FCF Yield is 5.2%
3	Megatrend and thematic drivers Megatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Cryptocurrency Exchanges, and Digital Asset Custody.
4	Weak multi-year price returns 2Y Excs Rtn is -56%
5	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 29x, P/EPrice/Earnings or Price/(Net Income) is 37x
6	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -22%
7	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%
8	Key risks COIN key risks include [1] ongoing legal action from regulators like the SEC and [2] the potential for customer assets to be treated as company property in a bankruptcy proceeding.

Valuation, Metrics & Events

	4/8/26	2025	2024	2023	2022
Share Price CYE	$184.00	$172.23	$265.12	$67.57	$189.86
Market Cap CYE ($ Bil)	49.4	43.7	64.4	15.6	41.3
Total Debt ($ Bil)	7.8	4.3	4.2	3.4	3.6
Total Cash ($ Bil)	11.9	10.1	7.3	5.3	6.3
Enterprise Value ($ Bil)	45.3	48.0	68.6	19.0	44.9
Valuation Ratios
P/S TTM	6.9	6.3	16.2	5.6	5.7
P/EBIT TTM	30.7	26.2	40.1	-6.2	28.0
P/E TTM	39.2	29.8	47.7	-6.9	17.0
P/FCF TTM	20.4	17.4	112.2	-14.2	92.5
Sector Ratios
P/S TTM (Sector)	3.1	2.9	2.7	2.4	3.3
P/EBIT TTM (Sector)	6.6	8.2	7.4	7.1	7.1
P/E TTM (Sector)	11.1	11.1	9.7	8.4	10.0
P/FCF TTM (Sector)	8.3	8.5	7.6	6.0	7.6

	4/8/26	2025	2024
Share Price CYE	$184.00	$172.23	$265.12
Market Cap CYE ($ Bil)	49.4	43.7	64.4
Total Debt ($ Bil)	7.8	4.3	4.2
Total Cash ($ Bil)	11.9	10.1	7.3
Enterprise Value ($ Bil)	45.3	48.0	68.6
Valuation Ratios
P/S TTM	6.9	6.3	16.2
P/EBIT TTM	30.7	26.2	40.1
P/E TTM	39.2	29.8	47.7
P/FCF TTM	20.4	17.4	112.2
Sector Ratios
P/S TTM (Sector)	3.1	2.9	2.7
P/EBIT TTM (Sector)	6.6	8.2	7.4
P/E TTM (Sector)	11.1	11.1	9.7
P/FCF TTM (Sector)	8.3	8.5	7.6

	COIN	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	7.2
Rev Chg Q	-21.6%	7.4%
Rev Chg LTM	9.4%	6.8%
Rev Chg 3Y Avg	39.3%	5.7%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	1.5
CFO LTM ($ Bil)	2.4
Net Inc LTM ($ Bil)	1.3
Op Mgn LTM	20.3%	18.6%
CFO/Rev LTM	33.8%	20.7%
Net Inc Mgn	17.6%	12.8%
VALUATION	HIGH
P/S	6.9	3.2
P/CFO	20.4	15.3
P/FCF	20.4	19.9
P/E	39.2	24.0
STABILITY	VERY GOOD
Debt/Equity	0.16	0.21
Cash/Assets	0.40	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Trading Volume	$295.00 billion	9302025	Link
Assets on Platform	$516.00 billion	9302025	Link
Trading Volume - Consumer	$59.00 billion	9302025	Link
Trading Volume - Institutional	$236.00 billion	9302025	Link
Full-time employees	4795	9302025	Link

Upcoming
5/14/2026	Earnings Release	Rev: $1.0 Bil (E) EPS: $0.43 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Coinbase Global (COIN) stock has lost about 25% since 12/31/2025 because of the following key factors:

1. Coinbase's Q4 2025 financial results significantly missed analyst expectations, reporting adjusted earnings per share of $0.66 against a consensus of $1.05 and revenue of $1.78 billion, falling short of the anticipated $1.85 billion. This disappointment was compounded by a Q4 2025 net loss of $667 million, largely driven by a $718 million unrealized loss on its crypto investment portfolio. The company further projected a weaker outlook for Q1 2026, with subscription and services revenue expected to be between $550 million and $630 million, lower than the $727 million reported in Q4 2025.

2. The broader cryptocurrency market experienced a notable downturn during Q1 2026. Bitcoin posted its worst first quarter since 2018, declining approximately 23% from around $87,500 to $66,700. Ethereum fared even worse, with a decline of approximately 32% over the same period. This widespread market weakness contributed to a $900 billion reduction in the total crypto market capitalization during Q1 2026.

3. Adverse macroeconomic factors, including a stagnant Federal Reserve interest rate policy, dampened investor sentiment. The Fed held rates at 3.5%-3.75% with projections of zero cuts in 2026, removing a key tailwind for risk assets. This was exacerbated by sustained ETF outflows through January and February 2026, resulting in net redemptions of approximately $500 million in Q1. Furthermore, a broader equity market selloff, with the S&P 500 falling 7% and the Nasdaq declining 10%, also dragged down cryptocurrency-related assets like Coinbase.

4. Coinbase experienced a decline in trading volumes and reduced retail engagement, directly impacting its transaction revenue. Q4 2025 transaction revenue decreased by 6% quarter-over-quarter to $983 million. This trend continued into Q1 2026, with transaction revenue through February 10, 2026, approximately $420 million, indicating about 10% less than consensus daily estimates. This sustained decrease reflects lower crypto asset prices and a reduction in retail trading activity.

Updated on 4/1/2026 Show less

Stock Movement Drivers

3M

6M

1Y

3Y

Fundamental Drivers
The -22.5% change in COIN stock from 12/31/2025 to 4/7/2026 was primarily driven by a -58.2% change in the company's Net Income Margin (%).
(LTM values as of) 12312025 4072026 Change
Stock Price ($) 226.14 175.18 -22.5%
Change Contribution By:
Total Revenues ($ Mil) 7,672 7,181 -6.4%
Net Income Margin (%) 41.9% 17.6% -58.2%
P/E Multiple 18.5 37.3 102.0%
Shares Outstanding (Mil) 263 268 -2.1%
Cumulative Contribution -22.5%

LTM = Last Twelve Months as of date shown

Market Drivers
12/31/2025 to 4/7/2026
Return Correlation
COIN -22.5%
Market (SPY) -5.4% 56.7%
Sector (XLF) -8.9% 50.9%

Fundamental Drivers
The -48.1% change in COIN stock from 9/30/2025 to 4/7/2026 was primarily driven by a -57.0% change in the company's Net Income Margin (%).
(LTM values as of) 9302025 4072026 Change
Stock Price ($) 337.49 175.18 -48.1%
Change Contribution By:
Total Revenues ($ Mil) 7,008 7,181 2.5%
Net Income Margin (%) 40.8% 17.6% -57.0%
P/E Multiple 30.1 37.3 23.9%
Shares Outstanding (Mil) 255 268 -4.9%
Cumulative Contribution -48.1%

LTM = Last Twelve Months as of date shown
Market Drivers
9/30/2025 to 4/7/2026
Return Correlation
COIN -48.1%
Market (SPY) -2.9% 59.8%
Sector (XLF) -7.1% 47.2%

Fundamental Drivers
The 1.7% change in COIN stock from 3/31/2025 to 4/7/2026 was primarily driven by a 122.1% change in the company's P/E Multiple.
(LTM values as of) 3312025 4072026 Change
Stock Price ($) 172.23 175.18 1.7%
Change Contribution By:
Total Revenues ($ Mil) 6,564 7,181 9.4%
Net Income Margin (%) 39.3% 17.6% -55.3%
P/E Multiple 16.8 37.3 122.1%
Shares Outstanding (Mil) 252 268 -6.3%
Cumulative Contribution 1.7%

LTM = Last Twelve Months as of date shown
Market Drivers
3/31/2025 to 4/7/2026
Return Correlation
COIN 1.7%
Market (SPY) 16.3% 53.7%
Sector (XLF) 1.2% 48.5%

Fundamental Drivers
The 159.3% change in COIN stock from 3/31/2023 to 4/7/2026 was primarily driven by a 124.8% change in the company's Total Revenues ($ Mil).
(LTM values as of) 3312023 4072026 Change
Stock Price ($) 67.57 175.18 159.3%
Change Contribution By:
Total Revenues ($ Mil) 3,194 7,181 124.8%
P/S Multiple 4.8 6.5 36.4%
Shares Outstanding (Mil) 227 268 -15.5%
Cumulative Contribution 159.3%

LTM = Last Twelve Months as of date shown
Market Drivers
3/31/2023 to 4/7/2026
Return Correlation
COIN 159.3%
Market (SPY) 63.3% 48.4%
Sector (XLF) 62.0% 42.7%

(LTM values as of)	12312025	4072026	Change
Stock Price ($)	226.14	175.18	-22.5%
Change Contribution By:
Total Revenues ($ Mil)	7,672	7,181	-6.4%
Net Income Margin (%)	41.9%	17.6%	-58.2%
P/E Multiple	18.5	37.3	102.0%
Shares Outstanding (Mil)	263	268	-2.1%
Cumulative Contribution			-22.5%

	Return	Correlation
COIN	-22.5%
Market (SPY)	-5.4%	56.7%
Sector (XLF)	-8.9%	50.9%

(LTM values as of)	9302025	4072026	Change
Stock Price ($)	337.49	175.18	-48.1%
Change Contribution By:
Total Revenues ($ Mil)	7,008	7,181	2.5%
Net Income Margin (%)	40.8%	17.6%	-57.0%
P/E Multiple	30.1	37.3	23.9%
Shares Outstanding (Mil)	255	268	-4.9%
Cumulative Contribution			-48.1%

	Return	Correlation
COIN	-48.1%
Market (SPY)	-2.9%	59.8%
Sector (XLF)	-7.1%	47.2%

(LTM values as of)	3312025	4072026	Change
Stock Price ($)	172.23	175.18	1.7%
Change Contribution By:
Total Revenues ($ Mil)	6,564	7,181	9.4%
Net Income Margin (%)	39.3%	17.6%	-55.3%
P/E Multiple	16.8	37.3	122.1%
Shares Outstanding (Mil)	252	268	-6.3%
Cumulative Contribution			1.7%

	Return	Correlation
COIN	1.7%
Market (SPY)	16.3%	53.7%
Sector (XLF)	1.2%	48.5%

(LTM values as of)	3312023	4072026	Change
Stock Price ($)	67.57	175.18	159.3%
Change Contribution By:
Total Revenues ($ Mil)	3,194	7,181	124.8%
P/S Multiple	4.8	6.5	36.4%
Shares Outstanding (Mil)	227	268	-15.5%
Cumulative Contribution			159.3%

	Return	Correlation
COIN	159.3%
Market (SPY)	63.3%	48.4%
Sector (XLF)	62.0%	42.7%

Return vs. Risk

Price Returns Compared
2021 2022 2023 2024 2025 2026 Total [1]
Returns
COIN Return -23% -86% 391% 43% -9% -23% -47%
Peers Return -14% -56% 40% 48% 33% -17% -14%
S&P 500 Return 27% -19% 24% 23% 16% -3% 76%

Monthly Win Rates [3]
COIN Win Rate 33% 33% 75% 50% 58% 25%
Peers Win Rate 42% 35% 54% 48% 54% 44%
S&P 500 Win Rate 75% 42% 67% 75% 67% 50%

Max Drawdowns [4]
COIN Max Drawdown -33% -87% -6% -33% -39% -38%
Peers Max Drawdown -24% -59% -19% -30% -29% -28%
S&P 500 Max Drawdown -1% -25% -1% -2% -15% -7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: HOOD, PYPL, BKKT, CME.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/7/2026 (YTD)

How Low Can It Go

Unique Key Event COIN S&P 500
2022 Inflation Shock 2022 Inflation Shock
2022 Inflation Shock% Loss % Loss -90.9% -25.4%
2022 Inflation Shock% Gain to Breakeven % Gain to Breakeven 998.6% 34.1%
2022 Inflation ShockTime to Breakeven Time to Breakeven 911 days 464 days

Compare to HOOD, PYPL, BKKT, CME

In The Past
Coinbase Global's stock fell -90.9% during the 2022 Inflation Shock from a high on 11/9/2021. A -90.9% loss requires a 998.6% gain to breakeven.

Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.

About Coinbase Global (COIN)

Business Description

Analogies

Products

Customers

Suppliers

Management

Key Risks

Emerging Threats

Market Size

Revenue Drivers

Capital Allocation

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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.

AI Analysis | Feedback
Here are 1-3 brief analogies for Coinbase Global (COIN):

Like a PayPal or Venmo, but specifically for buying, selling, and holding cryptocurrencies.

The NASDAQ or New York Stock Exchange for cryptocurrencies.

The Fidelity or Schwab for the crypto economy.

AI Analysis | Feedback

Retail Trading Platform: Provides individual users with a platform to buy, sell, and store various cryptocurrencies.

Institutional Trading Services: Offers a deep liquidity pool and advanced tools for institutional clients to transact in crypto assets.

Developer & Business Services: Provides technology and APIs for businesses and developers to build crypto applications and securely accept crypto assets as payment.

AI Analysis | Feedback
Major Customers of Coinbase Global (COIN)

Coinbase Global serves a diverse customer base, including both individuals and businesses. Historically, individual users have formed a significant portion of its revenue. Therefore, the company primarily serves the following categories of customers:

Individual/Retail Users: These are everyday people who use Coinbase's platform to buy, sell, store, send, and receive various cryptocurrencies. Coinbase offers them "the primary financial account in the cryptoeconomy." This segment includes both casual investors and more active retail traders.

Institutional Investors and Businesses: This category encompasses hedge funds, asset managers, corporations, family offices, and other financial entities that require a secure, regulated, and liquid platform for large-volume cryptocurrency trading, prime brokerage services, and secure custody of digital assets. Coinbase provides "a marketplace with a pool of liquidity for transacting in crypto assets for institutions."

Ecosystem Partners, Developers, and Merchants: This segment includes businesses and developers who leverage Coinbase's technology and services (such as APIs) to build crypto-based applications, integrate cryptocurrency payments into their services, or securely accept crypto assets as payment from their own customers. Coinbase offers "technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment."

AI Analysis | Feedback

Amazon (AMZN)

Alphabet (GOOGL)

Metropolitan Commercial Bank (MCB)

Cross River Bank

AI Analysis | Feedback

Brian Armstrong

Chief Executive Officer

Brian Armstrong co-founded Coinbase Global, Inc. in 2012 and has served as CEO since its inception. Prior to founding Coinbase, he worked as a software engineer at Airbnb and was the founder and CEO of Universitytutor.com. He also served as a consultant at Deloitte & Touche LLP.

Alesia Haas

Chief Financial Officer

Alesia Haas joined Coinbase Global, Inc. as Chief Financial Officer in 2018. She previously served as CFO at Sculptor Capital Management (formerly Oz Management) and as CFO and Head of Strategy at OneWest Bank. OneWest Bank was acquired by CIT Group. Her prior experience also includes senior finance, investment, and strategy roles with 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. Before joining Coinbase in 2018, she spent nearly a decade at LinkedIn as Vice President and Head of Corporate Development, overseeing more than 40 acquisitions, including the purchase of Lynda.com. Her career also includes strategic roles at Warner Bros. and Yahoo!.

Paul Grewal

Chief Legal Officer & Secretary

Paul Grewal joined Coinbase as Chief Legal Officer & Secretary in August 2020. He previously served as Vice President and Deputy General Counsel at Facebook (now Meta) from 2016 to 2020. Grewal also served as a U.S. Magistrate Judge for the Northern District of California from 2010 to 2016.

Surojit Chatterjee

Chief Product Officer

Surojit Chatterjee joined Coinbase as Chief Product Officer in early 2020 after spending 11 years at Google. At Google, he was most recently Vice President of Product, leading Google Shopping. Prior to that, he was Head of Product at Flipkart, a popular Indian e-commerce site, and a founding member of Google's mobile search ads product.

AI Analysis | Feedback
The key risks to Coinbase Global (COIN) include regulatory uncertainty and scrutiny, cryptocurrency market volatility, and intense competition.

Regulatory Uncertainty and Scrutiny: Coinbase faces significant risks due to the evolving and often unclear regulatory landscape for cryptocurrencies across various jurisdictions. The company has been subject to enforcement actions and lawsuits from regulatory bodies like the SEC, which alleges that certain tokens traded on its platform are unregistered securities and that Coinbase operates as an unregistered exchange, broker, and clearing agency. This regulatory uncertainty creates operational challenges, increased compliance costs, and potential fines or penalties. The lack of a clear federal framework for digital assets, particularly in the U.S., means that Coinbase must navigate a complex and fragmented set of rules, which can limit its product offerings and expansion capabilities.

Cryptocurrency Market Volatility: Coinbase's revenue, particularly its transaction revenue, is highly dependent on the trading volumes and prices of crypto assets, which are inherently volatile. Significant price swings and market downturns, often referred to as "crypto winters," can lead to substantially reduced trading activity and, consequently, lower revenue for Coinbase. While Coinbase is working to diversify its revenue streams through subscription and services, its core business remains tightly coupled with the boom-and-bust cycles of the crypto market, making it susceptible to broad market movements.

Competition: Coinbase operates in a fiercely competitive environment, facing challenges from numerous other centralized and decentralized crypto exchanges, as well as increasing participation from traditional financial institutions and brokerages. This intense competition can lead to pressure on trading fees and the need for Coinbase to continuously innovate and differentiate its services to retain and attract users. Competitors may offer a wider selection of altcoins or more advanced trading features, potentially at lower costs, thereby challenging Coinbase's market share.

AI Analysis | Feedback
The clear emerging threat to Coinbase Global is the increasing adoption and technological advancement of decentralized exchanges (DEXs) and the broader movement towards decentralized finance (DeFi) and self-custody. DEXs allow users to trade cryptocurrencies directly from their digital wallets without the need for a centralized intermediary like Coinbase, reducing counterparty risk and often offering greater privacy and control over assets. As DEXs become more user-friendly, liquid, and integrated into Web3 ecosystems, they pose a fundamental challenge to Coinbase's core business model as a centralized crypto exchange and financial services provider, potentially leading to a shift in user preference away from centralized platforms.

AI Analysis | Feedback

Coinbase Global (COIN) operates within several significant addressable markets related to the cryptoeconomy, encompassing retail and institutional cryptocurrency services, crypto payment processing, and blockchain technology solutions.

Cryptocurrency Market (Retail and Institutional)

The global cryptocurrency market size was valued at approximately USD 2.49 trillion in 2024. This market is projected to reach between USD 5.73 trillion by 2033 and USD 6.29 trillion by 2033. Another estimate places the global cryptocurrency market at USD 2.73 trillion in 2025, with a projection to reach USD 6.39 trillion by 2034.

For the retail segment, the global retail & e-commerce cryptocurrency market was valued at US$ 539.9 million in 2025 and is estimated to grow to US$ 1,074.7 million by 2030. Retail users are also projected to see the fastest growth at a 28.33% Compound Annual Growth Rate (CAGR) through 2031.

Institutional users constituted a significant portion of the cryptocurrency market, holding 63.24% of the global market in 2025.

Regionally, North America generated the highest revenue in the cryptocurrency market in 2023. Europe held a significant share of over 39.5% in 2025. Asia Pacific also represented a major segment, dominating the global cryptocurrency market with a 31.0% revenue share in 2025.

Crypto Payment Gateway Market

The global crypto payment gateway market was valued at USD 1.2 billion in 2023. It is projected to grow to approximately USD 4.74 billion by 2030 or USD 5.4 billion by 2031.

North America was identified as the largest region in the crypto payment gateway market in 2025.

Blockchain as a Service (BaaS) Market

The global Blockchain as a Service (BaaS) market size was USD 3.25 billion in 2024. This market is projected to reach between USD 35.67 billion by 2033 and USD 84.6 billion by 2031.

North America dominated the blockchain as a service market in 2025.

AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Coinbase Global (COIN) over the next 2-3 years:

Growth in Subscription and Services Revenue: Coinbase anticipates continued revenue growth from its subscription and services segment, which includes blockchain rewards (such as staking), the expansion of its stablecoin offerings (like USDC), and increasing subscriber numbers for its Coinbase One membership program. This diversification aims to reduce reliance on volatile transaction fees.

Expansion of Institutional Offerings and Adoption: Increased engagement from institutional investors is expected to drive future revenue. This includes a surge in institutional trading volume, broader adoption of Coinbase Prime's suite of products (including custody, trading, financing, and staking), and the scaling of derivative offerings.

New Product Development and Ecosystem Growth: Coinbase is focused on launching and expanding new products and services that foster utility in the crypto economy. Key initiatives include the growth of its Layer-2 network, Base, which has shown potential for significant annual revenue, and the development of the "Everything Exchange" to offer a wider range of trading opportunities.

International Market Expansion: The company is actively pursuing growth in international markets by improving payment rails and localization efforts, aiming to increase its global revenue share.

AI Analysis | Feedback
Share Repurchases

In January 2026, Coinbase's board approved an additional $2 billion share repurchase authorization, which also covers long-term debt retirement.

Coinbase completed a $1.7 billion share buyback program through February 10, 2026, which fully offset shareholder dilution from stock-based compensation for the fiscal year 2025.

In October 2024, the board of directors authorized a $1 billion share repurchase program without an expiration date.

Share Issuance

In Q1 2024, Coinbase raised $1.1 billion through a convertible note offering.

Inbound Investments

No significant inbound investments by third-parties have been explicitly reported in the last 3-5 years for Coinbase Global Inc. in the provided search results, beyond its initial public offering in April 2021.

Outbound Investments

Coinbase acquired LMX Labs, LLC in February 2022, which now operates as the Coinbase Derivatives Exchange, expanding its derivatives offerings.

The company launched Coinbase International Exchange for non-U.S. customers and Coinbase Financial Markets for regulated futures trading in the U.S. in 2023, signaling strategic investments in global derivatives markets.

Coinbase has made internal investments and acquisitions to expand into adjacent businesses such as prime brokerage and data analytics.

Capital Expenditures

Coinbase reported capital expenditures of $83 million in 2021.

Reported capital expenditures for 2022, 2023, 2024, and 2025 are listed as $0.00.

The company anticipates increases in technology, development, general, and administrative expenses in 2024, indicating ongoing investment in its operational infrastructure and product expansion.

Interactive Breakdown
null

null

Better Bets vs. Coinbase Global (COIN)

By Industry

By Sector

All Other Sectors

Sector Best Bets

INDUSTRY: Financial Exchanges & Data

Higher Rev Chg LTM (Value for COIN: 9.4%)

VIRT (26.2%)

Virtu Financial

CBOE (15.1%)

Cboe Global Markets

NDAQ (11.7%)

Nasdaq

MSCI (9.7%)

MSCI

Higher Op Mgn LTM (Value for COIN: 20.3%)

CME (64.9%)

CME

MCO (44.9%)

Moodys

SPGI (40.3%)

S&P Global

ICE (39.5%)

Intercontinental Exchange

NDAQ (29.4%)

Nasdaq

Higher CFO/Rev LTM (Value for COIN: 33.8%)

CME (65.6%)

CME

MSCI (50.7%)

MSCI

MCO (37.6%)

Moodys

ICE (36.9%)

Intercontinental Exchange

SPGI (36.8%)

S&P Global

Higher FCF/Rev LTM (Value for COIN: 33.8%)

CME (64.3%)

CME

MSCI (46.5%)

MSCI

MKTX (38.3%)

MarketAxess

CBOE (35.7%)

Cboe Global Markets

SPGI (35.6%)

S&P Global

Higher Total Yield (Value for COIN: 2.7%)

CME (5.9%)

CME

NDAQ (4.8%)

Nasdaq

ICE (4.7%)

Intercontinental Exchange

SPGI (4.3%)

S&P Global

MCO (4.1%)

Moodys

SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for COIN: 39.3% | 6.5x)

KKR (65.2% | 4.2x)

KKR

APO (66.8% | 2.0x)

Apollo Global Management

SLF (322.2% | 0.9x)

Sun Life Financial

AGNC (164.9% | 6.1x)

AGNC Investment

FRHC (54.9% | 4.4x)

Freedom

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COIN: 39.3% | 32.3x)

APO (66.8% | 7.6x)

Apollo Global Management

HOOD (49.0% | 29.8x)

Robinhood Markets

FRHC (54.9% | 18.9x)

Freedom

PFSI (39.9% | 8.3x)

PennyMac Financial Services

SEZL (54.4% | 13.8x)

Sezzle

Higher Rev Chg LTM (Value for COIN: 9.4%)

MA (16.4%)

Mastercard

MS (14.5%)

Morgan Stanley

V (12.5%)

Visa

RY (12.0%)

Royal Bank of Canada

AXP (9.5%)

American Express

Higher Rev Chg 3Y Avg (Value for COIN: 39.3%)

SLF (322.2%)

Sun Life Financial

APO (66.8%)

Apollo Global Management

KKR (65.2%)

KKR

NU (62.1%)

Nu

HOOD (49.0%)

Robinhood Markets

Higher Op Mgn LTM (Value for COIN: 20.3%)

V (67.0%)

Visa

CME (64.9%)

CME

MA (59.5%)

Mastercard

SPGI (40.3%)

S&P Global

BLK (32.7%)

BlackRock

Higher CFO/Rev LTM (Value for COIN: 33.8%)

RY (91.5%)

Royal Bank of Canada

V (59.1%)

Visa

MA (53.8%)

Mastercard

SCHW (38.9%)

Charles Schwab

SPGI (36.8%)

S&P Global

Higher FCF/Rev LTM (Value for COIN: 33.8%)

RY (88.3%)

Royal Bank of Canada

V (55.4%)

Visa

MA (50.1%)

Mastercard

SCHW (36.6%)

Charles Schwab

SPGI (35.6%)

S&P Global

Higher Total Yield (Value for COIN: 2.7%)

BAC (8.2%)

Bank of America

JPM (7.0%)

JPMorgan Chase

BRK-B (6.5%)

Berkshire Hathaway

V (4.2%)

Visa

MA (3.4%)

Mastercard

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for COIN: 39.3% | 6.5x)

LVS (58.8% | 2.8x)

Las Vegas Sands

SW (55.1% | 0.7x)

Smurfit WestRock

RBA (45.3% | 4.0x)

RB Global

RIVN (62.6% | 3.4x)

Rivian Automotive

TKO (77.1% | 3.2x)

TKO

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COIN: 39.3% | 32.3x)

MU (45.3% | 15.1x)

Micron Technology

LVS (58.8% | 11.8x)

Las Vegas Sands

FTAI (52.7% | 32.1x)

FTAI Aviation

SW (55.1% | 9.3x)

Smurfit WestRock

RBA (45.3% | 24.5x)

RB Global

Higher Rev Chg LTM (Value for COIN: 9.4%)

NVDA (65.5%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for COIN: 39.3%)

NVDA (101.8%)

NVIDIA

ALNY (54.8%)

Alnylam Pharmaceuticals

MU (45.3%)

Micron Technology

RKLB (44.1%)

Rocket Lab

APP (40.7%)

AppLovin

Higher Op Mgn LTM (Value for COIN: 20.3%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AVGO (41.5%)

Broadcom

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

Higher CFO/Rev LTM (Value for COIN: 33.8%)

META (57.6%)

Meta Platforms

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

AVGO (43.5%)

Broadcom

GOOGL (40.9%)

Alphabet

Higher FCF/Rev LTM (Value for COIN: 33.8%)

PLTR (46.9%)

Palantir Technologies

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

CRM (34.7%)

Salesforce

KLAC (34.3%)

KLA

Higher Total Yield (Value for COIN: 2.7%)

MSFT (5.2%)

Microsoft

GOOGL (3.9%)

Alphabet

AAPL (3.6%)

Apple

AMZN (3.4%)

Amazon.com

NVDA (2.8%)

NVIDIA

Best Bets in Financials

What You Pay

P/EBIT (Value for COIN: 29.2x)

FG (6.6x)

F&G Annuities & Life

MTG (6.2x)

MGIC Investment

CME (20.3x)

CME

KNSL (12.3x)

Kinsale Capital

NHI (20.6x)

National Health Investors

NMIH (5.5x)

NMI

ENVA (8.5x)

Enova International

TW (22.6x)

Tradeweb Markets

FNF (7.7x)

Fidelity National Financial

MA (23.1x)

Mastercard

P/E (Value for COIN: 37.3x)

FG (12.2x)

F&G Annuities & Life

MTG (8.1x)

MGIC Investment

CME (27.4x)

CME

KNSL (15.8x)

Kinsale Capital

NHI (28.3x)

National Health Investors

NMIH (7.5x)

NMI

ENVA (11.2x)

Enova International

TW (32.7x)

Tradeweb Markets

FNF (21.0x)

Fidelity National Financial

MA (29.8x)

Mastercard

What You Get

Rev Chg 3Y Avg (Value for COIN: 39.3%)

FG (39.3%)

F&G Annuities & Life

MTG (1.2%)

MGIC Investment

CME (9.1%)

CME

KNSL (31.5%)

Kinsale Capital

NHI (10.6%)

National Health Investors

NMIH (10.5%)

NMI

ENVA (22.0%)

Enova International

TW (20.2%)

Tradeweb Markets

FNF (7.5%)

Fidelity National Financial

MA (13.8%)

Mastercard

Rev Chg LTM (Value for COIN: 9.4%)

FG (0.1%)

F&G Annuities & Life

MTG (0.5%)

MGIC Investment

CME (6.4%)

CME

KNSL (18.0%)

Kinsale Capital

NHI (12.1%)

National Health Investors

NMIH (8.5%)

NMI

ENVA (18.6%)

Enova International

TW (18.9%)

Tradeweb Markets

FNF (5.9%)

Fidelity National Financial

MA (16.4%)

Mastercard

Rev Chg Q (Value for COIN: -21.6%)

FG (13.5%)

F&G Annuities & Life

MTG (-0.9%)

MGIC Investment

CME (8.1%)

CME

KNSL (17.3%)

Kinsale Capital

NHI (23.4%)

National Health Investors

NMIH (8.5%)

NMI

ENVA (15.1%)

Enova International

TW (12.5%)

Tradeweb Markets

FNF (12.0%)

Fidelity National Financial

MA (17.6%)

Mastercard

FCF/Rev 3Y Avg (Value for COIN: 33.6%)

FG (110.7%)

F&G Annuities & Life

MTG (63.9%)

MGIC Investment

CME (61.2%)

CME

KNSL (60.8%)

Kinsale Capital

NHI (60.1%)

National Health Investors

NMIH (58.5%)

NMI

ENVA (55.1%)

Enova International

TW (50.0%)

Tradeweb Markets

FNF (48.4%)

Fidelity National Financial

MA (47.2%)

Mastercard

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

Title Date
0 DASHBOARDS
1 Between Nasdaq and Coinbase Global, Which Stock Looks Set to Break Out? 03/19/2026
2 This Strategy Pays You 12% While Lining Up COIN at Bargain Prices 03/11/2026
3 Coinbase Stock (+15%): Trump Backs Crypto vs Banks on Legislation 03/05/2026
4 Would You Still Hold Coinbase Global Stock If It Fell Another 30%? 02/10/2026
5 Where Does Coinbase Global Stock Rank Among Competitors? 02/06/2026
6 COIN Stock Falls -39% In A 13-day Losing Spree On Analyst Downgrades 02/06/2026
7 COIN Stock Falls -30% In A 12-day Losing Spree On Analyst Downgrades 02/05/2026
8 COIN Stock Falls -25% With 11-day Losing Spree On Analyst Downgrades 02/04/2026
9 COIN Stock Falls -19% With A 9-day Losing Spree On Regulatory Fears 01/31/2026
10 COIN Stock Falls -17% In 8-day Spree On Compass Point PT Cut To $190 01/30/2026
11 ARTICLES
12 S&P 500 Movers | Winners: ETR, BF-B, CPB | Losers: DDOG, MRNA, COIN 03/27/2026
13 S&P 500 Movers | Winners: LITE, GLW, DELL | Losers: AXON, EL, COIN 03/24/2026
14 Nasdaq or Coinbase Global: Which Stock Has More Upside? 03/19/2026
15 S&P 500 Movers | Winners: MRNA, COIN, APP | Losers: BF-B, RCL, ROK 03/05/2026
16 S&P 500 Movers | Winners: AXON, COIN, SMCI | Losers: GDDY, FSLR, CSGP 02/25/2026
Title
0 DASHBOARDS
1 Between Nasdaq and Coinbase Global, Which Stock Looks Set to Break Out?
2 This Strategy Pays You 12% While Lining Up COIN at Bargain Prices
3 Coinbase Stock (+15%): Trump Backs Crypto vs Banks on Legislation
4 Would You Still Hold Coinbase Global Stock If It Fell Another 30%?
5 Where Does Coinbase Global Stock Rank Among Competitors?
6 COIN Stock Falls -39% In A 13-day Losing Spree On Analyst Downgrades
7 COIN Stock Falls -30% In A 12-day Losing Spree On Analyst Downgrades
8 COIN Stock Falls -25% With 11-day Losing Spree On Analyst Downgrades
9 COIN Stock Falls -19% With A 9-day Losing Spree On Regulatory Fears
10 COIN Stock Falls -17% In 8-day Spree On Compass Point PT Cut To $190
11 ARTICLES
12 S&P 500 Movers | Winners: ETR, BF-B, CPB | Losers: DDOG, MRNA, COIN
13 S&P 500 Movers | Winners: LITE, GLW, DELL | Losers: AXON, EL, COIN
14 Nasdaq or Coinbase Global: Which Stock Has More Upside?
15 S&P 500 Movers | Winners: MRNA, COIN, APP | Losers: BF-B, RCL, ROK
16 S&P 500 Movers | Winners: AXON, COIN, SMCI | Losers: GDDY, FSLR, CSGP

Trade Ideas
Select ideas related to COIN.
Unique Key Date Ticker Company Category Trade Strategy 6M Fwd Rtn 12M Fwd Rtn 12M Max DD
HBAN_3312026_Insider_Buying_45D_2Buy_200K 03312026 HBAN Huntington Bancshares Insider Insider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days 0.0% 0.0% 0.0%
NP_3312026_Insider_Buying_45D_2Buy_200K 03312026 NP Neptune Insurance Insider Insider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days 0.0% 0.0% 0.0%
JKHY_3272026_Monopoly_xInd_xCD_Getting_Cheaper 03272026 JKHY Jack Henry & Associates Monopoly MY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple 3.1% 3.1% 0.0%
MKTX_3202026_Dip_Buyer_FCFYield 03202026 MKTX MarketAxess Dip Buy DB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin -5.2% -5.2% -5.7%
RYAN_3202026_Insider_Buying_GTE_1Mil_EBITp+DE_V2 03202026 RYAN Ryan Specialty Insider Insider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap -2.7% -2.7% -8.5%
COIN_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE 02202026 COIN Coinbase Global Dip Buy DB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap 1.9% 1.9% -6.5%

Recent Active Movers

1D

1W

1M

Top Gainers
Ticker Company Mkt Cap (B) 1D Rtn YTD Rtn
CAR Avis Budget 9.0 20.0% 98.8%
ALHC Alignment Healthcare 4.4 16.0% 9.7%
BETR Better Home & Finance 0.7 11.1% 37.6%
ELVN Enliven Therapeutics 2.7 10.8% 180.3%
HTZ Hertz Global 1.8 10.7% 14.4%
PSKY Paramount Skydance 7.4 10.7% -18.2%
BKSY BlackSky Technology 1.2 10.1% 81.6%
AAOI Applied Optoelectronics 8.3 9.5% 237.5%
UNH UnitedHealth 279.4 9.4% -6.1%
REPX Riley Exploration Permian 0.8 8.6% 53.7%
Top Losers
Ticker Company Mkt Cap (B) 1D Rtn YTD Rtn
PLSE Pulse Biosciences 1.4 -13.0% 45.4%
MANE Veradermics 1.1 -11.1% 50.2%
GCT GigaCloud Technology 1.5 -10.0% 4.4%
SMR NuScale Power 2.9 -9.9% -35.4%
AXON Axon Enterprise 29.5 -9.7% -34.3%
ESPR Esperion Therapeutics 0.5 -9.4% -37.6%
NN NextNav 2.0 -9.3% -9.5%
GEVO Gevo 0.5 -9.2% -1.5%
REPL Replimune 0.7 -8.7% -19.8%
BOBS Bobs Discount Furniture 1.4 -8.2% -38.4%

Top Gainers
Ticker Company Mkt Cap (B) 1W Rtn YTD Rtn
APLS Apellis Pharmaceuticals 5.2 138.2% 62.0%
CAR Avis Budget 9.0 88.2% 98.8%
SLNO Soleno Therapeutics 2.8 72.0% 13.1%
AEHR Aehr Test Systems 1.5 66.9% 148.9%
BKSY BlackSky Technology 1.2 55.4% 81.6%
FLY Firefly Aerospace 5.7 50.6% 59.0%
TH Target Hospitality 1.4 48.4% 71.4%
RLAY Relay Therapeutics 2.3 44.2% 59.3%
SATL Satellogic 0.9 39.8% 271.7%
LUNR Intuitive Machines 2.7 39.0% 40.0%
Top Losers
Ticker Company Mkt Cap (B) 1W Rtn YTD Rtn
TE T1 Energy 0.6 -30.1% -41.2%
GEVO Gevo 0.5 -29.0% -1.5%
ORIC ORIC Pharmaceuticals 0.9 -27.2% 8.4%
VRDN Viridian Therapeutics 1.3 -24.7% -55.1%
PHR Phreesia 0.5 -20.6% -46.5%
SOC Sable Offshore 1.7 -19.6% 59.1%
TPB Turning Point Brands 1.4 -17.0% -33.9%
NKE Nike 63.2 -16.7% -32.5%
GTN-A Gray Media 1.1 -15.3% -10.2%
AESI Atlas Energy Solutions 1.4 -14.5% 19.3%

Top Gainers
Ticker Company Mkt Cap (B) 1M Rtn YTD Rtn
CAR Avis Budget 9.0 161.7% 98.8%
SATL Satellogic 0.9 124.9% 271.7%
APLS Apellis Pharmaceuticals 5.2 102.8% 62.0%
LWLG Lightwave Logic 1.1 95.5% 153.4%
ORKA Oruka Therapeutics 3.3 83.8% 99.9%
FLY Firefly Aerospace 5.7 80.3% 59.0%
TH Target Hospitality 1.4 75.4% 71.4%
KODK Eastman Kodak 1.1 69.1% 33.7%
FBYD Falcons Beyond Global 0.4 68.9% -20.8%
KOD Kodiak Sciences 2.2 68.1% 49.5%
Top Losers
Ticker Company Mkt Cap (B) 1M Rtn YTD Rtn
VRDN Viridian Therapeutics 1.3 -50.7% -55.1%
WVE WAVE Life Sciences 1.3 -45.9% -58.2%
BUR Burford Capital 1.0 -41.6% -49.1%
TE T1 Energy 0.6 -41.5% -41.2%
ADMA ADMA Biologics 2.2 -39.8% -49.2%
BOBS Bobs Discount Furniture 1.4 -39.4% -38.4%
LMRI Lumexa Imaging 0.9 -39.1% -51.2%
FRMI Fermi 2.9 -38.3% -38.2%
MAZE Maze Therapeutics 1.3 -36.8% -31.6%
ORIC ORIC Pharmaceuticals 0.9 -35.3% 8.4%

More From Trefis

Research & Analysis

Latest Ideas

Dip Buying Opportunities

Earnings Reaction Data

Invest in Strategies

Invest in Trefis Strategies

Advisor Strategies & Resources

Wealth Management

Help Me Invest

Rules-Based Wealth Management

Peer Comparisons
Peers to compare with:

Financials
COIN HOOD PYPL BKKT CME Median
Name Coinbase. Robinhoo. PayPal Bakkt CME
Mkt Price 175.18 69.65 44.87 7.63 310.58 69.65
Mkt Cap 47.0 62.5 41.8 0.2 111.7 47.0
Rev LTM 7,181 4,473 33,172 2,354 6,521 6,521
Op Inc LTM 1,456 2,096 6,396 -147 4,230 2,096
FCF LTM 2,426 1,584 5,564 -157 4,194 2,426
FCF 3Y Avg 2,047 846 5,517 -84 3,722 2,047
CFO LTM 2,426 1,638 6,416 -153 4,277 2,426
CFO 3Y Avg 2,068 887 6,236 -78 3,807 2,068

Growth & Margins
COIN HOOD PYPL BKKT CME Median
Name Coinbase. Robinhoo. PayPal Bakkt CME
Rev Chg LTM 9.4% 51.6% 4.3% -32.1% 6.4% 6.4%
Rev Chg 3Y Avg 39.3% 49.0% 6.4% 516.8% 9.1% 39.3%
Rev Chg Q -21.6% 26.5% 3.7% -83.3% 8.1% 3.7%
QoQ Delta Rev Chg LTM -6.4% 6.4% 0.9% -38.7% 1.9% 0.9%
Op Mgn LTM 20.3% 46.9% 19.3% -6.3% 64.9% 20.3%
Op Mgn 3Y Avg 17.5% 18.1% 18.0% -7.9% 63.5% 18.0%
QoQ Delta Op Mgn LTM -8.0% -0.8% 0.1% -4.5% -0.1% -0.8%
CFO/Rev LTM 33.8% 36.6% 19.3% -6.5% 65.6% 33.8%
CFO/Rev 3Y Avg 34.2% 31.5% 19.7% -5.2% 62.6% 31.5%
FCF/Rev LTM 33.8% 35.4% 16.8% -6.7% 64.3% 33.8%
FCF/Rev 3Y Avg 33.6% 30.2% 17.4% -5.7% 61.2% 30.2%

Valuation
COIN HOOD PYPL BKKT CME Median
Name Coinbase. Robinhoo. PayPal Bakkt CME
Mkt Cap 47.0 62.5 41.8 0.2 111.7 47.0
P/S 6.5 14.0 1.3 0.1 17.1 6.5
P/EBIT 29.2 29.8 6.2 -1.3 20.3 20.3
P/E 37.3 33.2 8.0 -1.8 27.4 27.4
P/CFO 19.4 38.2 6.5 -1.3 26.1 19.4
Total Yield 2.7% 3.0% 12.5% -55.1% 5.9% 3.0%
Dividend Yield 0.0% 0.0% 0.0% 0.0% 2.3% 0.0%
FCF Yield 3Y Avg 3.5% 3.8% 8.2% -36.7% 4.3% 3.8%
D/E 0.2 0.2 0.2 0.0 0.0 0.2
Net D/E -0.1 0.0 -0.0 -0.1 -0.0 -0.0

Returns
COIN HOOD PYPL BKKT CME Median
Name Coinbase. Robinhoo. PayPal Bakkt CME
1M Rtn -11.2% -9.7% -4.5% -17.9% 0.3% -9.7%
3M Rtn -30.1% -42.8% -24.8% -50.6% 18.1% -30.1%
6M Rtn -53.4% -52.0% -39.5% -80.4% 21.2% -52.0%
12M Rtn 11.4% 96.7% -22.9% 0.5% 27.8% 11.4%
3Y Rtn 185.1% 595.8% -39.8% -80.7% 81.2% 81.2%
1M Excs Rtn -9.3% -7.8% -2.6% -16.0% 2.1% -7.8%
3M Excs Rtn -27.1% -39.4% -20.0% -44.3% 19.7% -27.1%
6M Excs Rtn -52.4% -51.7% -33.4% -79.6% 22.2% -51.7%
12M Excs Rtn -20.0% 59.4% -49.5% -37.5% -2.5% -20.0%
3Y Excs Rtn 109.7% 572.9% -102.7% -144.7% 23.7% 23.7%

Comparison Analyses
Title
0 Coinbase Global vs. Block: With Return Forecast Of 80%, Block Is A Better Bet
1 Why COIN With 50% Upside May Beat PYPL?

FDIC Bank Data

Capital & Deposits
Assets
Loans

Bank Capital
null
Bank Deposits
null

Bank Assets
null

Bank Loans
null

FDA Approved Drugs Data
Expand for Morenull Collapse to Previewnull

Financials

Annual
Quarterly

$ Mil | FY: 12/31 LTM 2025 2024 2023 2022 2021 2020
Period End 12/31/2025 12/31/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020
Filing Date 2/12/2026 2/12/2026 2/13/2025 2/15/2024 2/21/2023 2/25/2022 4/14/2021
Key Financials
Total Revenue 7,181 7,181 6,564 3,108 3,194 7,839 1,277
EBITDA 1,796 1,796 3,151 146 -2,822 3,120 440
Operating Income 1,456 1,456 2,235 -54 -1,947 3,208 409
Net Income 1,260 1,260 2,579 95 -2,625 3,624 322
EPS 5.02 4.85 10.42 0.40 -11.81 17.47 0.58
Growth Rates
Total Revenue Growth 9.4% 9.4% 111.2% -2.7% -59.3% 513.7% 139.3%
EBITDA Growth -43.0% -43.0% 2064.6% 105.2% -190.4% 609.2% 2444.3%
Operating Income Growth -34.9% -34.9% 4259.5% 97.2% -160.7% 684.5% 1247.4%
Net Income Growth -51.1% -51.1% 2618.5% 103.6% -172.4% 1024.4% 1160.7%
Margins
EBITDA Margin 25.0% 25.0% 48.0% 4.7% -88.3% 39.8% 34.4%
Operating Income Margin 20.3% 20.3% 34.1% -1.7% -61.0% 40.9% 32.0%
Net Income Margin 17.6% 17.6% 39.3% 3.1% -82.2% 46.2% 25.2%
Cash & Debt
Total Cash 11,914 11,914 9,569 5,525 5,286 7,224 1,111
Total Debt 7,831 7,831 4,694 2,984 3,490 3,511 108
Net Debt / (Cash) -4,083 -4,083 -4,875 -2,542 -1,796 -3,712 -1,003
Cash Flows
Net Cash from Operations 2,426 2,426 3,104 673 -1,585 4,038 3,004
Free Cash from Operations 2,426 2,426 3,104 610 -1,649 3,955 2,985
Returns to Shareholders
Dividends 0 -0 -0 -0 -0 -0 -0
Share Repurchases -0 790 -0 -0 -0 -0 -0
$ Mil | FY: 12/31 2025Q4 2025Q3 2025Q2 2025Q1 2024Q4 2024Q3 2024Q2 2024Q1 2023Q4 2023Q3 2023Q2 2023Q1
Period End 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023
Filing Date 2/12/2026 10/30/2025 7/31/2025 5/8/2025 2/13/2025 10/30/2024 8/1/2024 5/2/2024 2/15/2024 11/2/2023 8/3/2023 5/4/2023
Key Financials Quarterly
Total Revenue 1,781 1,869 1,497 2,034 2,272 1,205 1,450 1,638 954 674 708 773
Ebitda -793 574 1,878 136 1,550 120 -5 1,486 181 87 -20 -103
Operating Income 305 445 -33 740 1,018 169 374 674 90 -74 -71 1
Net Income -667 433 1,429 66 1,291 75 36 1,176 273 -2 -97 -79
EPS -2.49 1.65 5.60 0.26 5.13 0.30 0.15 4.84 1.16 -0.01 -0.42 -0.34
Key Financials TTM
Total Revenue TTM 7,181 7,672 7,008 6,961 6,564 5,246 4,715 3,973 3,108 2,784 2,700 2,800
Ebitda TTM 1,796 4,139 3,685 1,801 3,151 1,781 1,749 1,734 146 -544 -1,214 -2,369
Operating Income TTM 1,456 2,169 1,894 2,302 2,235 1,308 1,064 619 -54 -622 -1,106 -2,036
Net Income TTM 1,260 3,218 2,861 1,468 2,579 1,561 1,484 1,350 95 -736 -1,278 -2,274
Growth Rates Quarterly
Total Revenue Growth -21.6% 55.1% 3.3% 24.2% 138.2% 78.8% 104.8% 112.0% 51.6% 14.2% -12.4% -33.8%
EBITDA Growth -151.1% 379.1% 36019.1% -90.8% 756.2% 37.0% 73.9% 1543.5% 135.6% 115.0% 98.3% 81.5%
Operating Income Growth -70.1% 162.6% -108.9% 9.8% 1026.2% 327.4% 626.0% 45447.5% 118.9% 86.6% 92.9% 100.3%
Net Income Growth -151.6% 473.0% 3852.7% -94.4% 372.2% 3433.1% 137.1% 1590.9% 149.1% 99.6% 91.1% 81.6%
Margins Quarterly
EBITDA Margin -44.5% 30.7% 125.4% 6.7% 68.3% 9.9% -0.4% 90.7% 19.0% 13.0% -2.8% -13.3%
Operating Income Margin 17.1% 23.8% -2.2% 36.4% 44.8% 14.1% 25.8% 41.2% 9.5% -11.0% -10.0% 0.2%
Net Income Margin -37.4% 23.1% 95.4% 3.2% 56.8% 6.3% 2.5% 71.8% 28.7% -0.3% -13.8% -10.2%
Cash & Debt
Total Cash 11,914 13,332 9,547 10,148 9,569 8,485 8,038 7,313 5,525 5,502 5,482 5,321
Total Debt 7,831 7,372 4,410 4,322 4,694 4,231 4,228 4,234 2,984 3,094 3,355 3,420
Net Debt / (Cash) -4,083 -5,960 -5,137 -5,826 -4,875 -4,254 -3,810 -3,079 -2,542 -2,407 -2,127 -1,902
Cash Flows Quarterly
FCF from Operations 3,065 -785 328 -183 1,512 697 484 411 -255 314 151 463
Cash Flows TTM
FCF from Operations TTM 2,426 873 2,354 2,510 3,104 1,337 955 622 673 183 -529 -1,031
Returns to Shareholders Quarterly
Dividends 0 0 0 0 0 0 0 0 0 0 0 0
Share Repurchases -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Return on Invested Capital (ROIC) Quarterly
ROIC 20.4% 48.3% -20.8% - 796.8% 84.2% 154.8% 153.9% 18.7% -15.1% -13.7% 0.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM 26.9% 56.3% 310.7% - 444.5% 160.8% 105.7% 38.2% -2.8% -29.8% -46.6% -83.1%

Segment Financials
Revenue by Segment
$ Mil 2025 2024 2023 2022
Single Segment 3,108
Other revenue 45 485 136
Subscription and services revenue 793 517 45
Transaction revenue 2,356 6,837 1,096
Total 3,108 3,194 7,839 1,277

Price Behavior

Behavior Stats
Betas Matrix
Behavior vs Other Asset Classes

Price Behavior
Market Price $175.18
Market Cap ($ Bil) 47.0
First Trading Date 04/14/2021
Distance from 52W High -58.3%
50 Days 200 Days
DMA Price $182.01 $279.04
DMA Trend down down
Distance from DMA -3.8% -37.2%
3M 1YR
Volatility 84.9% 74.9%
Downside Capture 2.37 2.18
Upside Capture 396.70 281.57
Correlation (SPY) 53.8% 53.1%

COIN Betas & Captures as of 3/31/2026

1M 2M 3M 6M 1Y 3Y
Beta 3.21 4.60 3.80 3.46 2.12 2.55
Up Beta -1.38 2.64 3.67 2.73 1.67 2.15
Down Beta 1.35 2.15 2.69 3.00 1.56 2.00
Up Capture 728% 942% 553% 458% 818% 19411%
Bmk +ve Days 7 16 27 65 139 424
Stock +ve Days 11 19 25 52 113 357
Down Capture 259% 352% 312% 257% 170% 113%
Bmk -ve Days 12 23 33 58 110 323
Stock -ve Days 11 23 38 74 138 393

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y

5Y

10Y

Based On 1-Year Data
Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with COIN
COIN 1.8% 75.0% 0.33 -
Sector ETF (XLF) 5.7% 18.6% 0.16 48.0%
Equity (SPY) 21.3% 18.3% 0.94 53.5%
Gold (GLD) 51.9% 28.0% 1.49 6.0%
Commodities (DBC) 20.3% 17.2% 1.02 24.4%
Real Estate (VNQ) 6.9% 16.1% 0.23 26.2%
Bitcoin (BTCUSD) -17.5% 44.0% -0.31 66.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data
Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with COIN
COIN -11.9% 86.0% 0.23 -
Sector ETF (XLF) 9.6% 18.7% 0.40 41.5%
Equity (SPY) 11.7% 17.0% 0.53 52.7%
Gold (GLD) 22.5% 17.8% 1.04 5.6%
Commodities (DBC) 12.0% 18.8% 0.52 9.3%
Real Estate (VNQ) 3.4% 18.8% 0.09 35.8%
Bitcoin (BTCUSD) 3.1% 56.5% 0.28 57.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data
Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with COIN
COIN -6.2% 86.0% 0.23 -
Sector ETF (XLF) 12.6% 22.2% 0.52 41.5%
Equity (SPY) 13.9% 17.9% 0.67 52.7%
Gold (GLD) 13.9% 15.9% 0.73 5.6%
Commodities (DBC) 8.4% 17.6% 0.40 9.3%
Real Estate (VNQ) 4.9% 20.7% 0.20 35.8%
Bitcoin (BTCUSD) 66.6% 66.8% 1.06 57.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest
Short Interest: As Of Date 3132026
Short Interest: Shares Quantity 22.6 Mil
Short Interest: % Change Since 2282026 -4.1%
Average Daily Volume 13.0 Mil
Days-to-Cover Short Interest 1.8 days
Basic Shares Quantity 268.4 Mil
Short % of Basic Shares 8.4%

Returns Analyses
Title
0 Would You Still Hold Coinbase Global Stock If It Fell Another 30%?
1 Coinbase Global (COIN) Stock Has 36% Chance Of Rise In The Next One Month

Earnings Returns History
Expand for More
Forward Returns
Earnings Date 1D Returns 5D Returns 21D Returns
2/12/2026 16.5% 21.4% 44.1%
10/30/2025 4.6% -10.1% -19.9%
7/31/2025 -16.7% -17.7% -19.4%
5/8/2025 -3.5% 18.4% 24.3%
2/13/2025 -8.0% -21.0% -36.6%
10/30/2024 -15.3% 20.1% 39.9%
8/1/2024 -3.9% -9.6% -13.8%
5/2/2024 -2.4% -8.0% 1.1%
...
SUMMARY STATS
# Positive 8 8 9
# Negative 11 11 10
Median Positive 6.4% 14.1% 24.3%
Median Negative -3.9% -8.1% -17.1%
Max Positive 18.3% 22.6% 66.8%
Max Negative -26.4% -21.0% -36.6%

SEC Filings
Expand for More
Report Date Filing Date Filing
12/31/2025 02/12/2026 10-K
09/30/2025 10/30/2025 10-Q
06/30/2025 07/31/2025 10-Q
03/31/2025 05/08/2025 10-Q
12/31/2024 02/13/2025 10-K
09/30/2024 10/30/2024 10-Q
06/30/2024 08/01/2024 10-Q
03/31/2024 05/02/2024 10-Q
12/31/2023 02/15/2024 10-K
09/30/2023 11/02/2023 10-Q
06/30/2023 08/03/2023 10-Q
03/31/2023 05/04/2023 10-Q
12/31/2022 02/21/2023 10-K
09/30/2022 11/03/2022 10-Q
06/30/2022 08/09/2022 10-Q
03/31/2022 05/10/2022 10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/12/2026

Forward Guidance Guidance Change
Metric Low Mid High % Chg % Delta Change Prior
Q1 2026 Subscription and Services Revenue 550.00 Mil 590.00 Mil 630.00 Mil -21.3% Lowered Guidance: 750.00 Mil for Q4 2025
Q1 2026 Technology & Development + General & Administrative Expenses 925.00 Mil 950.00 Mil 975.00 Mil 0 Affirmed Guidance: 950.00 Mil for Q4 2025
Q1 2026 Sales and Marketing Expenses 215.00 Mil 265.00 Mil 315.00 Mil 0 Affirmed Guidance: 265.00 Mil for Q4 2025
Q1 2026 Total Stock-based Compensation 250.00 Mil

Prior: Q3 2025 Earnings Reported 10/30/2025

Forward Guidance Guidance Change
Metric Low Mid High % Chg % Delta Change Prior
Q4 2025 Transaction Revenue 385.00 Mil 6.9% Higher New Actual: 360.00 Mil for Q3 2025
Q4 2025 Subscription and Services Revenue 710.00 Mil 750.00 Mil 790.00 Mil 6.4% Higher New Actual: 705.00 Mil for Q3 2025
Q4 2025 Technology & Development + General & Administrative Expenses 925.00 Mil 950.00 Mil 975.00 Mil 15.2% Higher New Actual: 825.00 Mil for Q3 2025
Q4 2025 Sales and Marketing Expenses 215.00 Mil 265.00 Mil 315.00 Mil 10.4% Higher New Actual: 240.00 Mil for Q3 2025

Insider Activity
Expand for More
# Owner Title Holding Action Filing Date Price Shares Transacted
Value Value of
Held Shares Form
1 Wilson, Frederick R Direct Sell 1062026 234.37 10,000 2,343,685 43,351,849 Form
2 Armstrong, Brian Chairman and CEO Direct Sell 12232025 250.15 40,000 Form
3 Ehrsam, Frederick Ernest Iii The Frederick Ernest Ehrsam III Living Trust Sell 12222025 252.82 1,375 Form
4 Haas, Alesia J CHIEF FINANCIAL OFFICER Direct Sell 12172025 266.49 5,633 1,501,132 20,976,408 Form
5 Haas, Alesia J CHIEF FINANCIAL OFFICER ACB 2021, LLC Sell 12172025 268.00 1,742 Form

COIN Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE
null

null

INVESTMENT THESIS
null
null

Mechanism: null

Supporting Evidence:

PRIMARY RISK
null
null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI Threshold Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline Event & Metric To Watch

Key Events in Last 6 Months

Date Event Stock Impact

Risk Management

Position Sizing

null

null

null

Diversification Alternatives

How Is The Market Pricing COIN?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What COIN Makes & Who Pays

TTM figures based on

COIN Evolution: Price Return by Era

① Structure

0

② Volume / Momentum

0

③ Catalyst

0

Combined Score

0 / 12

1 Price Structure & Trend · ▾

▲

Current $

20D SMA $ Below

50D SMA $ Slope: % Below

200D SMA $ Slope: % Below

✕ — trading days ago

52W High

$

From 52W High

%

All-Time High

$

From ATH

%

52W Low

$

From 52W Low

%

2 Momentum ▾

↑

5D

%

20D

%

63D

%

126D

%

252D

%

3 Relative Strength vs. SPY ▾

↑

20D
%

63D
%

126D
%

252D
%

RS Trend

%

RS Character

4 Institutional Footprint & Volume ▾

↓

◈

Score

Up/Down Vol 20D

Up/Down Vol 60D

OBV Slope 20D

OBV Slope 60D

Hi-Conv Up Days

Past 60D

Hi-Conv Down Days

Past 60D

Volume Trend

20D avg vs 60D avg

5 Volatility ▾

≈

HV 20D

%

HV 60D

%

HV 252D

%

Compression Ratio

ATR 14D

%

6 Key Price Levels Range · Vol ▾

◈

Nearest Resistance

$

% away · touches

Nearest Support

$

% away · touches

2nd Support

$

touches

Risk / Reward

×

Approach Volume

Current Price

$

7 Earnings Reaction History ▾

★

%

Earnings Day Return · Vol Spike ×

5D

%

10D

%

20D

%

Post Vol

×

%

Earnings Day Return · Vol Spike ×

5D

%

10D

%

20D

%

Post Vol

×

8 How the Verdict Is Derived Three Pillars ▾

Pillar Score

① Structure 0

② Vol / Mom 0

③ Catalyst 0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Price Intelligence is derived from price-volume pattern analysis only. All moving averages are simple (SMA). Relative strength benchmarked against SPY.

Industry Resources
Financials Resources
Federal Reserve Economic Data
Federal Reserve
FDIC Data
American Banker
The Banker
Banking Technology

External Quote Links
0 Y Finance Barrons
1 TradingView Morningstar
2 SeekingAlpha ValueLine
3 Motley Fool Robinhood
4 CNBC Etrade
5 MarketWatch Unusual Whales
6 YCharts Perplexity Finance
7 FinViz

Prefer one of these to Trefis? Tell us why.

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
COIN Return	-23%	-86%	391%	43%	-9%	-23%	-47%
Peers Return	-14%	-56%	40%	48%	33%	-17%	-14%
S&P 500 Return	27%	-19%	24%	23%	16%	-3%	76%
Monthly Win Rates [3]
COIN Win Rate	33%	33%	75%	50%	58%	25%
Peers Win Rate	42%	35%	54%	48%	54%	44%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
COIN Max Drawdown	-33%	-87%	-6%	-33%	-39%	-38%
Peers Max Drawdown	-24%	-59%	-19%	-30%	-29%	-28%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

Unique Key	Event	COIN	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-90.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	998.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	911 days	464 days

	Title	Date
0	DASHBOARDS
1	Between Nasdaq and Coinbase Global, Which Stock Looks Set to Break Out?	03/19/2026
2	This Strategy Pays You 12% While Lining Up COIN at Bargain Prices	03/11/2026
3	Coinbase Stock (+15%): Trump Backs Crypto vs Banks on Legislation	03/05/2026
4	Would You Still Hold Coinbase Global Stock If It Fell Another 30%?	02/10/2026
5	Where Does Coinbase Global Stock Rank Among Competitors?	02/06/2026
6	COIN Stock Falls -39% In A 13-day Losing Spree On Analyst Downgrades	02/06/2026
7	COIN Stock Falls -30% In A 12-day Losing Spree On Analyst Downgrades	02/05/2026
8	COIN Stock Falls -25% With 11-day Losing Spree On Analyst Downgrades	02/04/2026
9	COIN Stock Falls -19% With A 9-day Losing Spree On Regulatory Fears	01/31/2026
10	COIN Stock Falls -17% In 8-day Spree On Compass Point PT Cut To $190	01/30/2026
11	ARTICLES
12	S&P 500 Movers \| Winners: ETR, BF-B, CPB \| Losers: DDOG, MRNA, COIN	03/27/2026
13	S&P 500 Movers \| Winners: LITE, GLW, DELL \| Losers: AXON, EL, COIN	03/24/2026
14	Nasdaq or Coinbase Global: Which Stock Has More Upside?	03/19/2026
15	S&P 500 Movers \| Winners: MRNA, COIN, APP \| Losers: BF-B, RCL, ROK	03/05/2026
16	S&P 500 Movers \| Winners: AXON, COIN, SMCI \| Losers: GDDY, FSLR, CSGP	02/25/2026

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
HBAN_3312026_Insider_Buying_45D_2Buy_200K	03312026	HBAN	Huntington Bancshares	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
NP_3312026_Insider_Buying_45D_2Buy_200K	03312026	NP	Neptune Insurance	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
JKHY_3272026_Monopoly_xInd_xCD_Getting_Cheaper	03272026	JKHY	Jack Henry & Associates	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	3.1%	3.1%	0.0%
MKTX_3202026_Dip_Buyer_FCFYield	03202026	MKTX	MarketAxess	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.2%	-5.2%	-5.7%
RYAN_3202026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03202026	RYAN	Ryan Specialty	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-2.7%	-2.7%	-8.5%
COIN_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02202026	COIN	Coinbase Global	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	1.9%	1.9%	-6.5%

	COIN	HOOD	PYPL	BKKT	CME	Median
Name	Coinbase.	Robinhoo.	PayPal	Bakkt	CME
Mkt Price	175.18	69.65	44.87	7.63	310.58	69.65
Mkt Cap	47.0	62.5	41.8	0.2	111.7	47.0
Rev LTM	7,181	4,473	33,172	2,354	6,521	6,521
Op Inc LTM	1,456	2,096	6,396	-147	4,230	2,096
FCF LTM	2,426	1,584	5,564	-157	4,194	2,426
FCF 3Y Avg	2,047	846	5,517	-84	3,722	2,047
CFO LTM	2,426	1,638	6,416	-153	4,277	2,426
CFO 3Y Avg	2,068	887	6,236	-78	3,807	2,068

	Title
0	Coinbase Global vs. Block: With Return Forecast Of 80%, Block Is A Better Bet
1	Why COIN With 50% Upside May Beat PYPL?

$ Mil	2025	2024	2023	2022
Single Segment	3,108
Other revenue		45	485	136
Subscription and services revenue		793	517	45
Transaction revenue		2,356	6,837	1,096
Total	3,108	3,194	7,839	1,277

Market Price	$175.18
Market Cap ($ Bil)	47.0
First Trading Date	04/14/2021
Distance from 52W High	-58.3%
	50 Days	200 Days
DMA Price	$182.01	$279.04
DMA Trend	down	down
Distance from DMA	-3.8%	-37.2%
	3M	1YR
Volatility	84.9%	74.9%
Downside Capture	2.37	2.18
Upside Capture	396.70	281.57
Correlation (SPY)	53.8%	53.1%

	1M	2M	3M	6M	1Y	3Y
Beta	3.21	4.60	3.80	3.46	2.12	2.55
Up Beta	-1.38	2.64	3.67	2.73	1.67	2.15
Down Beta	1.35	2.15	2.69	3.00	1.56	2.00
Up Capture	728%	942%	553%	458%	818%	19411%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	11	19	25	52	113	357
Down Capture	259%	352%	312%	257%	170%	113%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	11	23	38	74	138	393

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with COIN
COIN	1.8%	75.0%	0.33	-
Sector ETF (XLF)	5.7%	18.6%	0.16	48.0%
Equity (SPY)	21.3%	18.3%	0.94	53.5%
Gold (GLD)	51.9%	28.0%	1.49	6.0%
Commodities (DBC)	20.3%	17.2%	1.02	24.4%
Real Estate (VNQ)	6.9%	16.1%	0.23	26.2%
Bitcoin (BTCUSD)	-17.5%	44.0%	-0.31	66.0%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with COIN
COIN	-11.9%	86.0%	0.23	-
Sector ETF (XLF)	9.6%	18.7%	0.40	41.5%
Equity (SPY)	11.7%	17.0%	0.53	52.7%
Gold (GLD)	22.5%	17.8%	1.04	5.6%
Commodities (DBC)	12.0%	18.8%	0.52	9.3%
Real Estate (VNQ)	3.4%	18.8%	0.09	35.8%
Bitcoin (BTCUSD)	3.1%	56.5%	0.28	57.5%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with COIN
COIN	-6.2%	86.0%	0.23	-
Sector ETF (XLF)	12.6%	22.2%	0.52	41.5%
Equity (SPY)	13.9%	17.9%	0.67	52.7%
Gold (GLD)	13.9%	15.9%	0.73	5.6%
Commodities (DBC)	8.4%	17.6%	0.40	9.3%
Real Estate (VNQ)	4.9%	20.7%	0.20	35.8%
Bitcoin (BTCUSD)	66.6%	66.8%	1.06	57.5%

Short Interest: As Of Date	3132026
Short Interest: Shares Quantity	22.6 Mil
Short Interest: % Change Since 2282026	-4.1%
Average Daily Volume	13.0 Mil
Days-to-Cover Short Interest	1.8 days
Basic Shares Quantity	268.4 Mil
Short % of Basic Shares	8.4%

	Title
0	Would You Still Hold Coinbase Global Stock If It Fell Another 30%?
1	Coinbase Global (COIN) Stock Has 36% Chance Of Rise In The Next One Month

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/12/2026	16.5%	21.4%	44.1%
10/30/2025	4.6%	-10.1%	-19.9%
7/31/2025	-16.7%	-17.7%	-19.4%
5/8/2025	-3.5%	18.4%	24.3%
2/13/2025	-8.0%	-21.0%	-36.6%
10/30/2024	-15.3%	20.1%	39.9%
8/1/2024	-3.9%	-9.6%	-13.8%
5/2/2024	-2.4%	-8.0%	1.1%
...
SUMMARY STATS
# Positive	8	8	9
# Negative	11	11	10
Median Positive	6.4%	14.1%	24.3%
Median Negative	-3.9%	-8.1%	-17.1%
Max Positive	18.3%	22.6%	66.8%
Max Negative	-26.4%	-21.0%	-36.6%

Report Date	Filing Date	Filing
12/31/2025	02/12/2026	10-K
09/30/2025	10/30/2025	10-Q
06/30/2025	07/31/2025	10-Q
03/31/2025	05/08/2025	10-Q
12/31/2024	02/13/2025	10-K
09/30/2024	10/30/2024	10-Q
06/30/2024	08/01/2024	10-Q
03/31/2024	05/02/2024	10-Q
12/31/2023	02/15/2024	10-K
09/30/2023	11/02/2023	10-Q
06/30/2023	08/03/2023	10-Q
03/31/2023	05/04/2023	10-Q
12/31/2022	02/21/2023	10-K
09/30/2022	11/03/2022	10-Q
06/30/2022	08/09/2022	10-Q
03/31/2022	05/10/2022	10-Q

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2026 Subscription and Services Revenue	550.00 Mil	590.00 Mil	630.00 Mil	-21.3%		Lowered	Guidance: 750.00 Mil for Q4 2025
Q1 2026 Technology & Development + General & Administrative Expenses	925.00 Mil	950.00 Mil	975.00 Mil	0		Affirmed	Guidance: 950.00 Mil for Q4 2025
Q1 2026 Sales and Marketing Expenses	215.00 Mil	265.00 Mil	315.00 Mil	0		Affirmed	Guidance: 265.00 Mil for Q4 2025
Q1 2026 Total Stock-based Compensation		250.00 Mil

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Wilson, Frederick R		Direct	Sell	1062026	234.37	10,000	2,343,685	43,351,849	Form
2	Armstrong, Brian	Chairman and CEO	Direct	Sell	12232025	250.15	40,000			Form
3	Ehrsam, Frederick Ernest Iii		The Frederick Ernest Ehrsam III Living Trust	Sell	12222025	252.82	1,375			Form
4	Haas, Alesia J	CHIEF FINANCIAL OFFICER	Direct	Sell	12172025	266.49	5,633	1,501,132	20,976,408	Form
5	Haas, Alesia J	CHIEF FINANCIAL OFFICER	ACB 2021, LLC	Sell	12172025	268.00	1,742			Form

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Coinbase Global (COIN)

Market Price (4/8/2026): $184.0 | Market Cap: $49.4 BilSector: Financials | Industry: Financial Exchanges & Data

Coinbase Global (COIN)

Market Price (4/8/2026): $184.0Market Cap: $49.4 BilSector: FinancialsIndustry: Financial Exchanges & Data

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Coinbase Global (COIN)

Major Customers of Coinbase Global (COIN)

Brian Armstrong

Chief Executive Officer

Alesia Haas

Chief Financial Officer

Emilie Choi

President & Chief Operating Officer

Paul Grewal

Chief Legal Officer & Secretary

Surojit Chatterjee

Chief Product Officer

Cryptocurrency Market (Retail and Institutional)

Crypto Payment Gateway Market

Blockchain as a Service (BaaS) Market

Interactive Breakdown

Better Bets vs. Coinbase Global (COIN)

INDUSTRY: Financial Exchanges & Data

Higher Rev Chg LTM (Value for COIN: 9.4%)

Higher Op Mgn LTM (Value for COIN: 20.3%)

Higher CFO/Rev LTM (Value for COIN: 33.8%)

Higher FCF/Rev LTM (Value for COIN: 33.8%)

Higher Total Yield (Value for COIN: 2.7%)

SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for COIN: 39.3% | 6.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COIN: 39.3% | 32.3x)

Higher Rev Chg LTM (Value for COIN: 9.4%)

Higher Rev Chg 3Y Avg (Value for COIN: 39.3%)

Higher Op Mgn LTM (Value for COIN: 20.3%)

Higher CFO/Rev LTM (Value for COIN: 33.8%)

Higher FCF/Rev LTM (Value for COIN: 33.8%)

Higher Total Yield (Value for COIN: 2.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for COIN: 39.3% | 6.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for COIN: 39.3% | 32.3x)

Higher Rev Chg LTM (Value for COIN: 9.4%)

Higher Rev Chg 3Y Avg (Value for COIN: 39.3%)

Higher Op Mgn LTM (Value for COIN: 20.3%)

Higher CFO/Rev LTM (Value for COIN: 33.8%)

Higher FCF/Rev LTM (Value for COIN: 33.8%)

Higher Total Yield (Value for COIN: 2.7%)

Best Bets in Financials

P/EBIT (Value for COIN: 29.2x)

P/E (Value for COIN: 37.3x)

Rev Chg 3Y Avg (Value for COIN: 39.3%)

Rev Chg LTM (Value for COIN: 9.4%)

Rev Chg Q (Value for COIN: -21.6%)

FCF/Rev 3Y Avg (Value for COIN: 33.6%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Market Price (4/8/2026): $184.0 | Market Cap: $49.4 Bil
Sector: Financials | Industry: Financial Exchanges & Data

Market Price (4/8/2026): $184.0
Market Cap: $49.4 Bil
Sector: Financials
Industry: Financial Exchanges & Data