Coinbase Global, Inc. (NASDAQ: COIN)

Coinbase Global, Inc. operates as a leading platform in the cryptocurrency industry, providing a trusted and secure environment for engaging with crypto assets. The company aims to modernize the century-old financial system by offering a comprehensive suite of products that cater to retail users, institutions, and developers. In December 2025, Coinbase took a significant step forward by expanding its offerings to include stocks, commodity futures, perpetual futures, and prediction markets, transforming into the Everything Exchange. This strategic move underscores the company's commitment to creating a seamless experience for users to engage in the future of finance.

Coinbase generates revenue through a combination of transaction fees and subscription products. The primary products include consumer trading services, institutional trading and markets, and other transaction products such as Base and Base App. The consumer trading product suite offers both Simple and Advanced trading experiences, catering to users of all experience levels. Simple trading focuses on ease of use, while Advanced trading provides sophisticated traders with access to spot and derivatives order books, real-time market information, and other trading tools. Institutional customers benefit from Coinbase Prime, a full-service prime brokerage platform that offers deep pools of liquidity across various trading venues. Additionally, Coinbase operates several exchanges, including the Coinbase Exchange, Coinbase International Exchange, Coinbase Derivatives Exchange, and Deribit Exchange, which cater to different trading needs and asset classes.

• Consumer trading: Coinbase offers a range of trading products, including Simple trade and Advanced trade, which cater to both novice and experienced traders. The platform supports trading in over 360 crypto assets, stocks, futures, and prediction markets. The Simple trading experience is designed for ease of use, while the Advanced trading experience provides access to spot and derivatives order books, real-time market information, and other trading tools. Coinbase charges fees from consumers trading on its platform, including volume-based transaction fees and a spread depending on the type of trade. Simple trading fees are generally higher than those on Advanced trading.

• Institutional Trading and Markets: Coinbase Prime is a full-service prime brokerage platform that provides institutional customers with access to deep pools of liquidity across a network of trading venues. The platform offers volume-based pricing and charges a transaction fee for executed trades. Coinbase also provides market infrastructure in the form of exchanges for customers to trade spot and derivatives. The company operates four exchanges: the Coinbase Exchange, the Coinbase International Exchange, the Coinbase Derivatives Exchange, and the Deribit Exchange. These exchanges charge a volume-based transaction fee for executed trades.

• Other transaction products: Coinbase offers Base, a decentralized L2 Ethereum blockchain that provides fast, low-cost, global onchain transactions. Base supports an expanding ecosystem of onchain applications across capital markets, trading, payments, and more. Coinbase generates revenue from sequencer fees paid each time a transaction is processed on the Base blockchain. Additionally, the Base App, formerly known as Coinbase Wallet, is a self-custodial wallet product that integrates trading, payments, a social feed, and access to decentralized applications.

Coinbase's position within the industry is strengthened by its focus on trust, ease of use, and rapid product innovation. The company differentiates itself through its commitment to building easy-to-use products and investing in a trusted brand as a compliant and secure platform. Coinbase also differentiates through its rapid product innovation and by building products that are onchain native, such as staking, access to decentralized exchanges, and access to decentralized borrowing and lending markets. The company faces competition from a variety of companies, including traditional financial services and financial technology companies, crypto-focused companies, decentralized and non-custodial platforms, and stablecoins other than USDC. Despite the competitive landscape, Coinbase's focus on trust, ease of use, and rapid product innovation positions it as a leader in the cryptocurrency industry.

Coinbase serves a diverse customer base, including retail customers seeking to hold, invest, or trade crypto assets, as well as a growing set of trading offerings such as equities, prediction markets, and derivatives. Institutional customers include businesses such as market makers, asset managers, hedge funds, banks, wealth platforms, registered investment advisors, payment platforms, and public and private corporations. Developers, including technology companies, financial institutions, and payment firms, leverage the Base Chain and Coinbase Developer Platform to build and scale crypto-enabled products. The company's customer-centric approach and commitment to providing a secure and compliant platform make it a trusted choice for users seeking to engage with crypto assets.