Coinbase Global, Inc.

Coinbase Global, Inc. is an American financial technology company that operates the largest crypto asset exchange and custody platform in the United States, generating $7.18 billion in total revenue in fiscal 2025. The company provides trading, custody, staking, stablecoin, and payments infrastructure to roughly 7.9 million monthly transacting users across more than 100 countries, while also operating Base, the largest layer-2 blockchain on Ethereum by transaction volume.

This is a story about a company trying to build a durable financial institution on top of the most volatile asset class in modern markets. Coinbase's revenue can double in a year — it grew from $3.1 billion in FY2023 to $6.6 billion in FY2024 — and its net income can swing from $2.6 billion to a loss of $754 million in the span of eighteen months. The core question facing the company is whether its push into stablecoins, derivatives, equities, prediction markets, and on-chain infrastructure can build a floor under earnings that is high enough and durable enough to justify treating it as a financial institution rather than a cyclical trading venue.

The bulls point to USDC reaching all-time high market capitalization in 2025, the Coinbase One subscription product surpassing a million paid members, and the Deribit acquisition opening global derivatives markets. The bears point to a TTM net loss of $988 million, operating expenses that grew 35% in FY2025, and the persistent reality that every previous crypto winter crushed trading volumes and took the stock with it. This file turns on whether the subscription and services business — $2.8 billion in FY2025 and still growing as a share of the mix — has changed the character of the earnings stream enough to matter.