What Has The Market Missed In Coinbase Stock’s Drop?

Coinbase Global (COIN) has been moving its business away from bitcoin trading and into other products. You probably still think of Coinbase as a bet on the price of bitcoin. The stock has lost 38% over the past year, while the S&P 500 returned 17.7%. A fall that deep looks like what you would expect from a company tied to bitcoin trading. So how much of Coinbase’s business still comes from bitcoin trading?

Bitcoin Trading Is Now Only 12% Of Coinbase’s Business

Bitcoin-related trading is now 12% of Coinbase’s business. That figure was given on the company’s second-quarter 2026 earnings call, held in July. Bitcoin trading used to bring in more than half of the company’s revenue. So a much smaller part of Coinbase’s business comes from bitcoin trading than it once did. The 12% covers bitcoin only. That figure does not show how much of the rest still depends on crypto trading.

Management pointed to newer products. It said it is seeing good adoption of prediction markets and perpetual futures, which are futures contracts with no end date. Coinbase has also added stock trading. Management saw early signs that customers of these new products also trade more crypto.

Coinbase One, the company’s paid membership plan, reached a record number of paid subscribers in the second quarter of 2026. Management said the company earns money from these members in several ways, including through the Coinbase One credit card.

Banks are another group of customers. Management said some of the world’s largest banks are building on Coinbase’s infrastructure. On September 28, 2026, a news report said Coinbase will provide the payment systems that let Citi’s corporate clients pay with stablecoins. Stablecoins are digital tokens designed to hold a steady value. Coinbase’s business now reaches a far wider set of customers and products than bitcoin trading.

Are Coinbase’s Sales Still Falling?

Yes. Coinbase’s revenue in its latest quarter was 18.5% lower than a year earlier. Sales over the last twelve months came to $6.3 billion, down from $7.0 billion a year before.

Falling sales give investors a plain reason for caution about the stock. Management has an answer to part of that worry. It said Coinbase One members trade more and bring in more money per customer on average.

That answer does not cover the whole picture. The new products have not yet stopped total sales from falling. So far the new lines have changed where Coinbase’s sales come from. The third-quarter report will show whether they also change how much.

What To Watch In Coinbase’s Third-Quarter Report

Coinbase’s next quarterly report will cover the third quarter of 2026. Revenue against a year earlier is the first figure to watch. A smaller decline than the second quarter’s would fit the new products adding sales, though a crypto rebound could do the same. A steeper one would suggest Coinbase still rises and falls with crypto trading.

The share of the business that comes from bitcoin trading matters too. If it climbs back toward half, the move away from bitcoin is reversing. Coinbase One subscriber numbers are worth watching as well, since another record would show the membership plan still growing.

If revenue stops falling while bitcoin trading stays small, Coinbase will look less like a pure bitcoin bet. If sales keep dropping, the shift will have changed Coinbase’s mix but not the risk of owning the stock.

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