Coinbase Stock (COIN): Revenue Mix, the Bitcoin Link and Valuation

Michael Whitman · Trading since 2017, full-time since 2020 · YouTube creator, 137K subscribers · Published 2026-11-07

Coinbase stock trades on the Nasdaq under the ticker COIN. It is the listed share of Coinbase Global, which runs a crypto exchange, holds customers’ coins, and earns interest-like income on the USDC stablecoin. That mix is why the share price follows bitcoin closely but not perfectly, and why a quote page can show a $35.68 billion company with no P/E at all.

Quote pages list the price, a blank P/E and an analyst target. They do not split the revenue, explain the loss, or measure how tightly the stock and bitcoin move together. We rebuilt those from Coinbase’s filings and the price record.

COIN at a glance: Coinbase after a 40.4% fall in 2026

Price is the November 6, 2026 close. Revenue, profit and equity come from the 10-Q for the quarter ended September 30, 2026, filed October 29, and the 10-K for 2025. The share count is the Class A plus Class B total on the 10-Q cover, dated October 22, 2026.

In 2026 to November 6 the price fell 40.4%, against a 13.4% fall in bitcoin and a 7.8% rise in the S&P 500. The November 6 close was also its lowest of the past year. Its record close was $419.78 on July 18, 2025; the price is now 67.9% below it.

How it works: where Coinbase’s revenue comes from

Coinbase reports two kinds of net revenue. Transaction revenue is the fee or spread it takes when customers buy, sell or trade crypto. Subscription and services covers stablecoin revenue (its share of the interest earned on the reserves behind USDC), staking (“blockchain rewards”), the Coinbase One subscription, custody and interest. A small “other revenue” line sits on top.

The pattern is plain in the table. The fee business swings with trading volume, while subscription revenue grows more steadily, so its share rises in quiet years and falls back in busy ones. Its quarterly high was 53.7%, in the September 2023 quarter. Stablecoin revenue alone was $1.35 billion in 2025, and $306.9 million, or 26.4% of net revenue, in the September 2026 quarter.

Coinbase’s September 2026 quarter and two filing changes

The latest quarter against a year earlier. Transaction revenue was $590.2 million, down 43.6%; subscription and services was $570.2 million, down 20.4%; net revenue fell 34.2% to $1.16 billion. Consumer trading brought in $450.1 million and institutional $91.7 million. The 10-Q gives 7.4 million monthly transacting users, down from 9.3 million, and a 59% drop in consumer crypto spot trading volume.

Two filing changes to know about. From the first quarter of 2026, Coinbase books the revenue it earns on its own (corporate) stablecoin balances as other revenue instead of stablecoin revenue. It moved $77.2 million for the first nine months of 2025, $30.1 million of it in the September quarter. Our March to September 2025 quarters use those revised figures. The full-year 2025 row and the December 2025 quarter follow the 10-K, which came out before the change. Separately, from December 31, 2025 Coinbase classes payment stablecoins such as USDC as cash equivalents. The 10-K says that change had no effect on net income.

The original data: trading revenue against bitcoin since 2020

Trading revenue against bitcoin, 2020-2026. We set each quarter’s transaction revenue beside the average daily bitcoin close in that quarter, for the 27 quarters from January 2020 to September 2026.

• Changes move together. Across the 26 quarter-to-quarter changes, the log change in transaction revenue and the log change in bitcoin’s average price had a correlation of 0.83.
• Levels less so. The raw levels correlate only 0.48, because the same bitcoin price has brought very different trading activity in different years. In the September 2025 quarter bitcoin averaged $114,471 and transaction revenue was $1.05 billion. In the fourth quarter of 2021, with bitcoin near $55,881, it was $2.28 billion.
• Subscription revenue tracks the price level. Its correlation with bitcoin’s average price was 0.86, partly because staking and custody income depend on the value of the coins.

How closely COIN tracks bitcoin, week by week

The share price against bitcoin and the S&P 500. We took Friday-to-Friday changes for COIN, bitcoin (its daily close at midnight UTC on the same date) and the S&P 500, for every week since the listing.

• Over all 290 weeks, COIN’s weekly change correlated 0.61 with bitcoin’s and 0.51 with the S&P 500’s.
• By year the bitcoin figure ran from 0.53 in 2022 to 0.79 in 2026 so far. It was above the S&P 500 figure in every year except 2022, when the whole market sold off together (0.53 against 0.59). Year by year, bitcoin first and the S&P 500 second: 2021 0.63 and 0.43, 2022 0.53 and 0.59, 2023 0.61 and 0.50, 2024 0.69 and 0.42, 2025 0.60 and 0.58, 2026 0.79 and 0.38.
• Size of the swings. COIN’s weekly changes had a standard deviation of 12.03%, against 7.48% for bitcoin. On 59 of the last 251 sessions the stock moved 5% or more.

Download the data: revenue by type vs bitcoin and earnings-day moves. Reuse is fine with a credit and a link to this page; the site license has the terms.

A worked example: why Coinbase’s P/E is blank

All inputs are in the 10-Q filed October 29, 2026 and the 2025 10-K, except the share price.

1. Trailing profit. Net loss of $34.9 million in the first nine months of 2026, plus net income of $1,260.3 million for 2025, minus $1,927.1 million for the first nine months of 2025: a loss of $701.6 million. A P/E on a loss has no meaning, which is why quote pages show a dash.
2. Where the loss comes from. Operating income over the same four quarters was $200.5 million. Coinbase also holds crypto as an investment, and marks it to market: those holdings lost $695.0 million over the same stretch, including $718.2 million in the December 2025 quarter.
3. The swing works both ways. In the September 2026 quarter, operating income was $61.7 million, but $715.0 million of gains on crypto held for investment lifted net income to $718.7 million. Bitcoin closed at $58,559 on June 30, 2026 and $83,554 on September 30.
4. Price-to-sales. $134.76 × 264,763,418 shares = $35.68 billion. Trailing revenue is $3.85 billion + $7.18 billion − $5.40 billion = $5.63 billion, of which $265.6 million is other revenue. $35.68 billion ÷ $5.63 billion = 6.34.
5. Price-to-book. Stockholders’ equity of $13.94 billion ÷ 264,763,418 shares = $52.65, and $134.76 ÷ $52.65 = 2.56. Our price-to-book page covers the ratio.

So reported profit at Coinbase carries two things at once: an exchange business, and a bet on the price of the coins it holds.

COIN on results days: 23 reports since the 2021 listing

Coinbase files results with an 8-K just after the 4 p.m. Eastern close. We matched each quarterly results filing since its listing, 23 of them from May 2021 to October 2026, to the next session’s close-to-close move. We read each Item 2.02 filing and left out two that were not quarterly results: an April 2021 estimate filed before the shares traded, and preliminary full-year figures released before the open on January 10, 2023.

• The median move was 5.41%, against 2.96% across the other 1,355 sessions since the first of them.
• 7 of the 23 moved 10% or more, against 5.5% of other sessions; 12 moved 5% or more.
• Direction: 9 were up, against a 47.1% up-rate on other days, a gap well within chance (two-sided binomial p = 0.53). Twenty-three releases is a small sample.
• The largest were −26.40% on May 11, 2022 and +18.33% on May 5, 2023. The latest, on October 30, 2026, was −10.62%.

When it fails: a 90.9% fall and the bitcoin gap

Deep falls are normal for this stock. From $357.39 on November 9, 2021 the close fell to $32.53 on December 28, 2022, a 90.9% drop. In 2022 the stock lost 86.0% while bitcoin lost 64.3%; in 2023 it gained 391.4% against bitcoin’s 155.4%. Our drawdown page explains the measure.

Owning COIN is not owning bitcoin. In 2024 bitcoin rose 121.1% and the stock rose 42.8%. The share also carries operating costs, stock-based pay ($719.4 million in the first nine months of 2026), competition and regulation that the coin does not.

Index entry did not lift it for long. S&P Dow Jones Indices announced on May 12, 2025 that COIN would join the S&P 500 on May 19. From the close before that date to November 6, 2026 the stock fell 49.4%, while the index rose 23.8%.

These numbers age fast. Every row above changes with the next price, bitcoin move and filing, which is why each figure carries its date.

Questions people ask

What is Coinbase’s market cap?

$35.68 billion at the November 6, 2026 close of $134.76, using the 223,729,527 Class A and 41,033,891 Class B shares on its latest 10-Q cover, dated October 22. Our market cap page explains the measure.

Who controls Coinbase?

Class B shares carry 20 votes each, against one for Class A. They are 15.5% of the shares but, by our arithmetic from the cover counts, 78.6% of the votes. The 10-K says co-founder Brian Armstrong and trusts he set up can exercise that voting control.

Does Coinbase pay a dividend?

No. It has never declared one, so its return comes only from the share price.

Is buying COIN the same as buying bitcoin?

No. The weekly correlation since 2021 was 0.61, strong but far from 1, and the yearly returns above differ by tens of percentage points. A bitcoin ETF is the listed way to hold the coin’s price itself; our bitcoin page covers the asset.

What was Coinbase’s IPO price?

There was no IPO price. Coinbase listed directly on April 14, 2021, with a Nasdaq reference price of $250 that was not an offering price. The first close was $328.28.

Related

For how much of a portfolio people put in crypto at all, see crypto allocation. The stablecoin line is explained on stablecoins, and how much COIN swings next to the market is covered by beta and volatility. For a listed broker with a very different revenue base, compare Interactive Brokers stock.

This page is educational, not financial advice. Test every idea on your own charts before risking money.