Coinbase Global, Inc. (COIN) | Investment Case

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

Breaking News: Coinbase Global Inc hat keine aktuellen Zahlen veröffentlicht jedoch hat Bitmine Immersion Technologies bekannt gegeben dass sich der Bestand an ETH auf 4732000 Token beläuft und die Gesamtbestände an Kryptowährungen sowie die Barbestände 107 Milliarden US-Dollar betragen Der Wert der gestakten ETH liegt bei 63 Milliarden US-Dollar Einige Analysten wie Mavan empfehlen eine Kaufempfehlung für Coinbase Global Inc andere Analysten wie halten das Unternehmen für eine Halteposition wieder andere wie sehen das Unternehmen skeptisch und raten zum Verkauf

1.c. Company Highlights

Last Price	173.69
Change Percentage	-0.53%
Open	179
Previous Close	174.61
Market Cap ( Millions)	46837
Volume	5787189.42
Year High	444.65
Year Low	139.36
M A 50	186.01
M A 200	281.13

FCF Yield	5.15%
Dividend Yield	0.00%
ROE	9.44%
Debt / Equity	52.94%
Net Debt / EBIDTA	-194.46%
Price To Book	3.17
Price Earnings Ratio	37.16
Price To FCF	19.4
Price To sales	7.32
EV / EBITDA	24.56

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

Bitmine Immersion Technologies (BMNR) gibt bekannt, dass sich der Bestand an ETH auf 4,732 Millionen Token beläuft und die Gesamtbestände an Kryptowährungen sowie die Barbestände 10,7 Milliarden US-Dollar betragen

Mar -31

Source: prnewswire.com

Coinbase Rises 3%, Bitmine Jumps 4%: Is the Crypto Rally Back?

Mar -30

Source: 247wallst.com

Coinbase: The Latest Initiatives Change Everything (Rating Upgrade)

Mar -30

Source: seekingalpha.com

Here Are Monday’s Top Wall Street Analyst Research Calls: Analog Devices, CrowdStrike, Expedia, Instacart, Live Nation, Qualcomm, Seagate, Starbucks, and More

Mar -30

Source: 247wallst.com

Coinbase's Top Lawyer Says Prediction Markets Aren't Gambling—and Predicts Supreme Court Will Agree

Mar -28

Source: barrons.com

Crypto Thefts Hit $2.7 Billion as Coinbase Coverage Limits Raise Investor Questions

Mar -27

Source: gurufocus.com

Wall Street Roundup: Market Shifts To Defense

Mar -27

Source: seekingalpha.com

Had You Invested $1,000 in Coinbase or Robinhood IPOs, Here's What You'd Have Today

Mar -27

Source: 247wallst.com

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

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

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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 ->

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 ->

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 ->

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 ->

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 ->

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 ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

16.89%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

15.63%

Coinbase Global, Inc. - US19260Q1076

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on COIN

1.c. Company Highlights

Strong Momentum

Expensive

Better Quality

Earnings Beats

Revenues Beats

Revenues Miss

More Volatile

Higher Growth

Average Growth

Earnings Miss

Stable Momentum

Fairly Valued

Medium Volatility

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

Revenue Diversification and Product Growth

Regulatory Clarity and Optimism

Valuation Metrics

Share Repurchases and M&A Strategy

3. NewsRoom

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%

7. Detailed Products

Coinbase Brokerage

Coinbase Pro

Coinbase Commerce

Coinbase Custody

Coinbase Prime

Coinbase Card

Coinbase Earn

8. Coinbase Global, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

173.69$

Current Price

173.69$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA