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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

Breaking News: Coinbase Global Inc has recently been in the news for several developments. 1832 Asset Management L.P. invested $151.03 million in the company during the second quarter, purchasing 430,900 shares. Additionally, Cathie Wood's Ark Invest added to its position in Coinbase. The company is set to participate in the 53rd Annual Nasdaq London Investor Conference and the Goldman Sachs 2025 Financial Services Conference, with CFO Alesia Haas attending both events. Furthermore, Coinbase partnered with the National Cryptocurrency Association and Operation HOPE to provide free crypto literacy resources to underserved communities.

1.c. Company Highlights

2. Coinbase Beats Earnings Estimates on the Back of Strong Trading Volumes

Coinbase reported a robust financial performance in Q3 2025, with total revenue reaching $1.9 billion and adjusted EBITDA coming in at $801 million. The company's earnings per share (EPS) was $1.5, beating analyst estimates of $1.2. The strong performance was driven by a 29% increase in U.S. and global spot market trading volume and a 37% increase in consumer spot trading volume, resulting in consumer transaction revenue growing 30% to $844 million.

Publication Date: Nov -01

📋 Highlights
  • Revenue & EBITDA Growth: Total revenue reached $1.9 billion, adjusted EBITDA hit $801 million, with $11.9 billion in USD resources and $2.6 billion in long-term crypto investments.
  • Trading Volume Expansion: U.S. and global spot trading volume rose 29%, while consumer spot trading volume surged 37%, driving consumer transaction revenue up 30% to $844 million.
  • Institutional Business Growth: Institutional transaction revenue jumped 122%, supported by Deribit integration and cross-margining for U.S. customers.
  • Derivatives & Product Innovation: Launched CFTC-regulated 24/7 perpetual futures in the U.S., expanding derivatives offerings and enhancing platform capabilities.
  • Q4 Outlook: Projects $385 million October transaction revenue, $710–$790 million subscription/services revenue, with tech/G&A expenses rising $100M QoQ due to acquisitions and headcount growth.

Revenue Growth Drivers

The company's institutional business also saw significant growth, with total institutional transaction revenue up 122%. The expansion of Coinbase's derivatives product and the introduction of CFTC-regulated 24/7 perpetual style futures in the U.S. contributed to the strong revenue growth. As Alesia Haas, CFO, noted, the company is "pleased to have more liquidity and sticky organic open interest growth in the derivatives platform."

Operational Infrastructure and Investments

Coinbase has made significant investments in its operational infrastructure, including a multi-cloud approach to mitigate the risk of outages and automation to improve customer support interactions. The company has also made progress in growing its payments platform, with over 1,000 businesses onboarded and a growing wait list. Brian Armstrong, Co-Founder and CEO, highlighted the company's focus on "building payments for businesses and integrating payments into our retail app and Base app."

Outlook and Valuation

Looking ahead to Q4, Coinbase expects transaction revenue to be approximately $385 million and subscription and services revenue to be in the range of $710 million to $790 million. The company's expense range is expected to be higher quarter-over-quarter due to recent acquisitions and headcount growth. With a P/E Ratio of 28.08 and an EV/EBITDA ratio of 21.55, the market is pricing in significant growth expectations for Coinbase. Analysts estimate next year's revenue growth at 14.9%, which may be challenging to achieve given the company's current valuation multiples.

Competitive Positioning

Coinbase is well-positioned in the competitive cryptocurrency exchange market, with a strong brand and a growing product offerings. The company's focus on delivering the most trusted and easiest to use products to its customers is likely to drive continued growth and market share gains. As the company continues to expand its payments platform and derivatives offerings, it is likely to remain a key player in the cryptocurrency market.

3. NewsRoom

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Dow Jones Today: Major Stock Indexes Little Changed; Weekly Jobless Claims Unexpectedly Fall; Inflation Data on Tap Tomorrow

Dec -04

Source: investopedia.com

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Coinbase chief legal officer discusses the status of U.S. crypto market legislation

Dec -04

Source: youtube.com

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Polymarket Returns To The US As Rumored Insider Pockets $1 Million On Google Trends Market

Dec -04

Source: feeds.benzinga.com

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Is Coinbase Stock a Buying Opportunity for 2026 and Beyond?

Dec -04

Source: fool.com

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Prediction-Markets Data Is On CNN Now. Expect to See It Just About Everywhere Soon

Dec -04

Source: investopedia.com

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Coinbase Partners with Banks on Crypto and Stablecoin Pilot Projects

Dec -04

Source: pymnts.com

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Coinbase to Participate in 53rd Annual Nasdaq London Investor Conference

Dec -03

Source: businesswire.com

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National Cryptocurrency Association, Coinbase, and Operation HOPE Announce New initiative to Empower Communities Through Crypto Literacy

Dec -03

Source: businesswire.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

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: 5.4/10

Value: 2.6

Growth: 9.2

Quality: 7.6

Yield: 0.0

Momentum: 6.5

Volatility: 6.3

1-Year Total Return ->

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ANSYS

A-Score: 5.3/10

Value: 0.7

Growth: 6.3

Quality: 8.5

Yield: 0.0

Momentum: 6.5

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Autodesk

A-Score: 5.1/10

Value: 0.5

Growth: 7.3

Quality: 8.1

Yield: 0.0

Momentum: 6.5

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Coinbase

A-Score: 4.5/10

Value: 1.0

Growth: 6.9

Quality: 8.8

Yield: 0.0

Momentum: 8.5

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Datadog

A-Score: 4.4/10

Value: 0.0

Growth: 9.7

Quality: 5.7

Yield: 0.0

Momentum: 7.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
MicroStrategy

A-Score: 3.9/10

Value: 5.3

Growth: 0.6

Quality: 7.7

Yield: 0.0

Momentum: 8.0

Volatility: 1.7

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

274.05$

Current Price

274.05$

Potential

-0.00%

Expected Cash-Flows