Coinbase Global, Inc.

Coinbase Global, Inc. is an American financial technology company that operates the largest regulated cryptocurrency exchange in the United States by trading volume, provides custody and prime brokerage services to institutions, and has built a growing stablecoin and onchain infrastructure business generating $7.18 billion in revenue in fiscal 2025. Founded in 2012 and public since April 2021, Coinbase stores more crypto assets than any other regulated platform globally — roughly 12% of all crypto — serves over 1 million Coinbase One paid subscribers, and reached approximately $376 billion in assets on platform at year-end 2025.

This is a story about a company attempting to transform from a cyclical crypto exchange into a diversified financial infrastructure platform. The tension is clear: roughly 60% of revenue still comes from transaction fees tied to crypto asset prices and trading volumes — a base that fell 21% quarter-over-quarter in Q1 2026 — while the growing subscription and services segment, led by stablecoin revenue, provides a counter-cyclical floor that did not exist during the last crypto winter. The company is simultaneously pursuing an ambitious "Everything Exchange" strategy to expand its addressable market beyond crypto into derivatives, equities, commodities, and prediction markets, and driving an AI-native restructuring that eliminated roughly $500 million in annualized costs.

The file turns on a single question: whether Coinbase's revenue diversification and market-share momentum can outrun the inherent cyclicality of crypto trading volumes and asset prices before the next downturn tests its restructured cost base.