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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
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Company details
Market cap
~$66B
P/E ratio
~32×
Revenue (TTM)
~$6.5B
Q1'26 revenue
~$1.41B
Rev. growth (YoY)
-31%
Subscription mix
~44%
USDC market cap
~$80B
Insider voting
~64%
In plain English
Coinbase is the largest US crypto exchange and the on-ramp between dollars and digital assets — it earns trading fees from millions of retail and institutional users, runs the custody behind most US spot-bitcoin ETFs (including BlackRock's IBIT), splits the interest on Circle's USDC stablecoin, and operates Base, its own Ethereum layer-2. After buying Deribit for ~$2.9B in 2025 it is also the global leader in crypto derivatives, and joined the S&P 500 in May 2025.
In simple terms
What Coinbase Global really sells
Coinbase is the largest US crypto exchange and the on-ramp between dollars and digital assets — it earns trading fees from millions of retail and institutional users, runs the custody behind most US spot-bitcoin ETFs (including BlackRock's IBIT), splits the interest on Circle's USDC stablecoin, and operates Base, its own Ethereum layer-2. After buying Deribit for ~$2.9B in 2025 it is also the global leader in crypto derivatives, and joined the S&P 500 in May 2025.
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