Coinbase Global, Inc. (COIN)
Juste valeurFondamental
44
Prix
$188.10
Capitalisation boursière
$52.56B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Coinbase runs an online exchange where people and institutions buy, sell and store cryptocurrencies such as Bitcoin and Ethereum. Around that core marketplace it has built a set of subscription and service products — custody for institutions, a Visa debit card, staking, and its own blockchain infrastructure — designed to earn steadier fees regardless of whether crypto prices are rising or falling that day.
Comment l'entreprise gagne de l'argent
Transaction revenue is a fee charged as a percentage of each trade, so it rises and falls sharply with how much people are trading — which itself tracks crypto prices and volatility far more than any steady economic trend. Subscription and services revenue, from custody fees, staking commissions and stablecoin interest, is far steadier because it does not depend on daily trading activity, and Coinbase has been shifting its business mix toward it.
Chiffre d'affaires par segment
Fees earned on trades placed by retail users and institutions. Moves up and down with crypto trading volume.
Custody fees, staking rewards, stablecoin interest and the Coinbase One subscription — revenue that does not depend on daily trading activity.
Avantage concurrentiel
Coûts de changement · ÉtroitOnce a customer's crypto holdings, tax records and linked bank accounts sit on Coinbase, moving them to another exchange is enough friction that many do not bother, particularly institutional clients using its custody service. That said, the core trading product is fairly easy to compare on price, and sophisticated traders do split activity across several exchanges.
Ce qui stimule la demande
CycliqueTrading volume, and with it transaction revenue, rises sharply when crypto prices are rising and enthusiasm is high, and collapses in bear markets when prices fall and interest fades. This is a much steeper cycle than a typical business cycle, driven by sentiment toward a single asset class rather than the broader economy.
Principaux risques
- Dependence on crypto trading volume — Transaction revenue still makes up more than half of Coinbase's revenue and falls quickly when crypto prices decline and trading activity dries up, as has happened repeatedly in past cycles.
- Regulatory uncertainty — The rules governing what counts as a security, how exchanges must be licensed, and what services Coinbase can offer are still being litigated and rewritten across jurisdictions, and an adverse ruling could force product or business changes.
- Security and custody risk — Coinbase holds customer crypto assets directly, making it a target for hacking and theft; a successful attack on its custody systems would be both a direct financial loss and a blow to customer trust.
- Competition from other exchanges and platforms — Other crypto exchanges, traditional brokers adding crypto trading, and decentralised platforms all compete for the same trading fees, putting pressure on the prices Coinbase can charge.
Les arguments en faveur
Buyers argue that Coinbase is becoming the regulated, trusted on-ramp of choice as crypto moves further into the mainstream, that subscription and services revenue is steadily reducing dependence on trading volume, and that regulatory clarity, once it arrives, favours an established compliant player over less regulated competitors.
Les arguments contre
Sellers fear that revenue still swings with crypto sentiment more than with any durable growth trend, that regulatory outcomes remain genuinely unpredictable, and that cheaper exchanges and brokers erode the fees Coinbase can charge on its core trading business over time.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
Robinhood sells crypto trading to the same US retail investor Coinbase targets, inside an app that also offers stocks and options, so the two fight for the beginner's first account.
Binance is the largest crypto exchange by trading volume worldwide and takes the same retail and institutional trading fees Coinbase lives on, across nearly every market outside the United States.
Kraken is the other large US-regulated spot exchange, competing for the same American and European customers with a comparable custody, staking and trading offer at lower fees.
Gemini is a US-licensed exchange and qualified custodian that courts the same compliance-minded retail and institutional clients as Coinbase, with a similar card, staking and custody line-up.
Bullish runs a regulated institutional spot and derivatives venue, competing directly with Coinbase Prime and Coinbase Institutional for the trading flow of funds and market makers.
Crypto.com serves the same mass-market retail user with a mobile app, a debit card and staking products, and competes head-on with Coinbase in the US, Europe and Asia.
Bilan & Liquidités
Chiffre d'affaires
$6.28B
12 derniers mois (au 30/06/2026)
Résultat net
$-988M
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
-
Capitaux propres totaux
$14.79B
Passif total
$14.88B
Ratio de liquidité général
2.42
Couverture des intérêts
6.92
Dette/EBITDA
4.11
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$224.15
Prix actuel
$188.10
Marge de sécurité
+16.1%
Fourchette de juste valeur
$201.18 - $247.11
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
44.77
ROE
8.5%
Ratio P/B
3.76
P/FCF
-
Marge brute
-
ROIC
2.5%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
2.5%
WACC
16.1%
ROIC − WACC
-13.5 pp
Le ROIC est inférieur au coût du capital — l'entreprise détruit de la valeur pour chaque dollar investi.
Critères d'analyse fondamentale
Réussi (9)
- EPS shows upward trend
- Debt/Equity ratio
- Operating Margin 9.9%
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Revenue Growth 5Y 41.2%
- Analyst Consensus 71% Buy
- Piotroski F-Score 5/9
Échoué (11)
- Price CAGR -4.72%
- ROIC 2.5%
- P/B Ratio 3.76
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- ROE -6.9%
- Earnings Surprise avg -403.7%
- Share Dilution 4.1%
- Net Margin Trend -15.7% vs 40.8%
Indisponible (7)
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- CapEx intensity
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité faible : examiner la comptabilité
Dilution du capital
Émission de nouvelles actions, diluant la participation
Participations institutionnelles
Aucune déclaration institutionnelle pour cette entreprise.
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Brian Armstrong | Co-Founder, Chairman & CEO | 42 |
| Ms. Emilie M. Choi | President & COO | 46 |
| Mr. Frederick Ernest Ehrsam III | Co-Founder & Independent Director | 36 |
| Ms. Alesia Jeanne Haas | Chief Financial Officer | 48 |
| Mr. Paul Grewal J.D. | Advisor | 53 |
| Mr. Lawrence J. Brock | Advisor | 53 |
| Ms. Jennifer N. Jones | Chief Accounting Officer | - |
| Mr. Rob Witoff | Chief Technology Officer | - |
| Mr. Anil K. Gupta | Vice President of Investor Relations | - |
| Molly Abraham | General Counsel & Secretary | - |
Risque d'audit
10
Risque du conseil
10
Risque de rémunération
10
Risque droits des actionnaires
10
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-02-12
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-07-30
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-09-02
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for COIN, sourced from Markets Gazette.
- 2d agoPOSITIVECiti And Coinbase Bring Stablecoin Payments Into Corporate Banking
Coinbase and Citi have deepened their collaboration, integrating stablecoin payments into corporate banking services. This new infrastructure allows Citi clients to receive payments in stablecoins, with Coinbase handling the blockchain transactions and conversion to fiat currency. Additionally, Coinbase's business clients gain access to Citi-powered virtual accounts that seamlessly manage conversions between fiat and stablecoins. This strategic move by Coinbase aims to enhance its institutional offerings and drive adoption of digital asset payments within the traditional finance sector, potentially boosting transaction volumes and revenue.
- 3d agoPOSITIVECrypto Market Update: Citi Partners with Coinbase on Stablecoins
Citigroup is partnering with Coinbase Global to enable institutional clients to accept stablecoin payments from retail customers. Coinbase will provide the blockchain technology and convert stablecoins to fiat before Citigroup settles the transactions. This collaboration expands on a previous partnership that streamlined fiat pay-ins and pay-outs. Citigroup also expanded its token services network to Japan and the UAE. This news is positive for Coinbase as it integrates traditional finance with crypto, potentially increasing transaction volume and adoption of its services.
- 7d agoPOSITIVECoinbase Pushes Gold And Silver Trading Toward Always-On Markets
Coinbase is expanding its derivatives offerings into precious metals, launching gold and silver perpetual futures for non-US traders and aiming for 24/7 availability of regulated US gold and silver futures through Coinbase Derivatives. This move aligns with Coinbase's 'everything exchange' strategy, leveraging crypto-style derivatives to provide exposure to gold and silver markets. The expansion into traditional assets via digital-native products could attract new user segments and increase trading volume, potentially boosting Coinbase's revenue streams and market position.
- 8d agoNEGATIVECrypto Firm Coinbase Dropped as Member of UK Finance Lobby Group
Coinbase Global Inc. has been removed from UK Finance, a key British financial services lobby group, despite the growing importance of digital assets in policy discussions. This exclusion could signal a lack of full integration or support within traditional financial circles in the UK, potentially impacting Coinbase's ability to influence regulatory frameworks and market access. For investors, this development may raise concerns about the company's standing and advocacy power in a crucial market, potentially affecting its long-term growth prospects and regulatory navigation.
- 10d agoPOSITIVECoinbase Opens IPO Allocations To US Retail Traders Starting With Oura
Coinbase is expanding its financial services beyond cryptocurrency by enabling eligible US retail customers to request allocations in Initial Public Offerings (IPOs) directly through its app. This new service, facilitated by Coinbase Capital Markets, allows users to submit Conditional Offers to Buy at the IPO price before public trading begins. The first IPO available is Oura. Coinbase's allocation process includes incentives for longer-term participation, such as a 30-day holding requirement to discourage immediate flipping, with penalties for early sales. This move positions Coinbase as a competitor to traditional retail brokerages, integrating IPO access into its existing digital asset platform and potentially driving user engagement and revenue diversification.
- 10d agoPOSITIVECoinbase: azioni in rialzo mentre l'exchange apre l'accesso alle IPO per i retail
Coinbase shares surged over 4% as the cryptocurrency exchange announced it will offer eligible U.S. retail customers access to initial public offerings (IPOs) through its app. The new service, launching this week with Oura's smart ring IPO, allows qualified clients to subscribe to shares at the IPO price before public trading begins. This strategic move diversifies Coinbase's offerings beyond crypto into traditional financial markets, potentially attracting new user segments and increasing platform engagement. The expansion signals Coinbase's ambition to become a broader financial services provider, which could drive future revenue growth and enhance its market position.
- 10d agoNEGATIVECrypto Biz: CLARITY Act setback puts Coinbase in the spotlight
Coinbase is facing increased scrutiny following the setback of the CLARITY Act, a legislative effort that could have provided regulatory clarity for the cryptocurrency industry. The stalling of this act, coupled with the SEC's continued pursuit of tokenized stocks and broader crypto firm expansion into payment services, creates an uncertain operating environment for digital asset exchanges. Investors may view this regulatory uncertainty as a negative catalyst, potentially impacting Coinbase's future growth prospects and profitability. The lack of clear legislative pathways could lead to increased compliance costs and operational challenges.
- 11d agoPOSITIVECoinbase Files To Bring Single-Stock Perpetual Futures To US Market
Coinbase has filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer single-stock perpetual futures contracts to U.S. customers. This move, if approved, would allow U.S. traders to speculate on the price movements of individual stocks using leveraged derivatives directly on the Coinbase platform. This expansion into regulated futures markets could significantly boost Coinbase's derivatives trading volume and revenue streams, positioning it as a more comprehensive crypto exchange and potentially attracting institutional interest. Investors will be watching the CFTC's decision closely, as approval could mark a substantial growth catalyst for the company.
via Markets Gazette