Fundamentals snapshot
COIN · NMS · Financial Services · Financial Data & Stock Exchanges
Current price
$130.16
52-week range
$129.41 - $303.96
Market cap
$34.46B
One-glance verdict
We don't put a cash-flow fair value on banks and insurers. For these companies the reported 'cash flow' is really just money moving between loans, deposits and trades — not the leftover profit the owners could actually pocket — so the usual method would print a misleading number.
Balance sheet
Net cash $1.94B. Interest coverage shows how many times profit covers the interest bill.
What stands out
What this company does
Coinbase is like a digital marketplace where people can buy and sell cryptocurrencies, like digital versions of money. Most of their money comes from transaction fees when people trade on their platform, similar to how a stockbroker charges a fee when you buy or sell stocks. This means their income goes up and down a lot depending on how much people are trading crypto, which can affect their profit margins (the percent of each sales dollar left after business costs).
Coinbase was founded in 2012 by Brian Armstrong, a former engineer, and Fred Ehrsam, a former Goldman Sachs trader [4, 5]. They started with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin, the first cryptocurrency [16]. Initially, it was like a digital wallet for Bitcoin, allowing people to buy and sell it [5]. Over time, Coinbase grew into a major cryptocurrency exchange, expanding its services to include a wide range of digital currencies and products for both individual and institutional investors [5, 11]. The company went public in 2021 through a direct listing on the Nasdaq stock exchange under the ticker COIN [5].
Coinbase operates as a platform for crypto assets, acting as a financial account for consumers and a brokerage platform for institutions [Source: Business description]. It provides a suite of products that allow developers to build on the blockchain [Source: Business description]. Essentially, Coinbase makes it easier for people and businesses to buy, sell, store, and use cryptocurrencies [16]. They aim to be a trusted and user-friendly gateway to the world of digital assets [5].
This is Coinbase's largest business line, serving individual users who want to buy, sell, and hold cryptocurrencies [2, 12]. It's designed to be a simple and secure way for people to get started with digital assets [5, 16]. For everyday shoppers, this means using the Coinbase app or website to convert traditional money, like dollars, into cryptocurrencies like Bitcoin or Ethereum, and vice versa [7]. This segment represents a significant portion of Coinbase's revenue, often making up about half of the total [2].
This part of Coinbase caters to larger clients, such as hedge funds, asset managers, and corporate treasuries [9]. For these institutions, Coinbase offers services like secure storage (custody) of digital assets, tools for trading cryptocurrencies, and other financial services tailored to their needs [9, 14]. Think of it as a high-end service for professional investors who need more advanced features and security for managing large amounts of digital assets [9]. This segment is a smaller but growing part of Coinbase's overall business [2].
This business line is about generating revenue that isn't directly tied to the number of trades people make. It includes services like staking (earning rewards on certain cryptocurrencies), interest earned on stablecoins (digital currencies pegged to a stable asset like the US dollar), fees for storing assets securely (custody fees), and subscription products like "Coinbase One" which offers benefits like zero-fee trading [1, 15]. This segment is a key focus for Coinbase as they aim to create more predictable income streams, reducing their reliance on the often volatile trading fees [1, 15]. It's a growing slice of their revenue, showing Coinbase's effort to diversify beyond just trading [2, 9].
This segment focuses on providing the underlying technology and tools that allow developers to build applications and services on the blockchain [1, 14]. It's like providing the building blocks and services for others to create new things within the crypto world. This includes things like the "Base" network, which is a platform for developers to build on [1]. This is a smaller but important part of Coinbase's business, aiming to foster innovation and growth within the broader crypto ecosystem [1, 14].
Coinbase's management is focused on expanding its revenue beyond just trading fees, which can be very unpredictable [1, 15]. They are heavily investing in growing their "Subscription and Services" revenue, which includes things like staking rewards, interest from stablecoins, and premium subscription services [1, 15]. Another major bet is on building out "Base," their own blockchain network, to become a foundational platform for developers to create new applications [1]. The company is also looking to expand its offerings to include more than just crypto, such as tokenized real-world assets and global trading services, aiming to become a comprehensive financial platform [3, 8]. This strategy aims to make Coinbase a more stable and diversified business, less dependent on the ups and downs of the cryptocurrency market [1, 17].
Price history
Earnings history
Click any quarter to read the call summary and what the numbers say.
Is it cheap or expensive?
For a bank or insurer, the "free cash flow" shown on its statements is mostly money flowing through loans, deposits and trades — not the leftover profit the owners could actually keep, which is what this kind of valuation needs. Running that through the usual method would spit out a meaningless number, so we leave the cash-flow fair value out here rather than show you something misleading.
Is it drowning in debt?
Net cash $1.9B - more cash than debt. Interest coverage 17.0x.
Coinbase Global, Inc.'s profit covers its interest bill about 17.0 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Total debt $6.89B Interest coverage 17.05x This is the baseline the peer rows are being compared against.
Total debt $3.85B Interest coverage 24.39x +43% vs COIN Carries about 1.4x more debt cushion than COIN.
Total debt $23.99B Interest coverage 6.23x -63% vs COIN Carries about 2.7x less debt cushion than COIN.
Total debt $14.25B Interest coverage 14.50x -15% vs COIN Has roughly the same debt cushion as COIN.
Total debt $6.78B Interest coverage -0.63x -100% vs COIN This peer has almost no interest-payment cushion compared with COIN.
What you should know
The numbers
Tap any ? icon to learn what it means.
Valuation
Profitability
Health
Growth
Cash flow
Dividend
Metric explainer
Debt comparison
What you should know