Coinbase Global, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Bitcoin trades around the clock: each day is its close at midnight UTC, but Nov 12, 2026 is its price at 4:43 pm New York, when it was read; that day's close came after this page was drawn. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Net revenue was 96% and Other revenue was 4% of revenue.

In the fiscal year to Dec 2025, United States was 84% and Outside the United States was 16% of revenue; United States fell from 88% in the fiscal year to Dec 2023.

Quarters: Coinbase Global, Inc.'s SEC filings, named by the month they end. Fiscal years: Coinbase Global, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $17.6 ends up as net income. Net margin rose from −82.2% to 17.6% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Coinbase Global, Inc.'s annual reports to the SEC.

Customers and suppliers

In its latest annual report Coinbase Global buys from Circle Internet Group; one customer it does not name accounts for 19% of its revenue.

Their suppliers

BlackRock BLKto Circle Internet Group

BNYto Circle Internet Group

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Suppliers

Circle Internet Group CRCL

 

COINCoinbase Global

Customers

Unnamed customer 19%

CleanSpark CLSK

Strategy (MicroStrategy) MSTR

Their customers

Foundry Digitalfrom CleanSpark

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Coinbase Global's 10-Q for the quarter to Sep 2026 gives one customer's share of its revenue: One Customer (27%).

From Coinbase Global, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

Circle Internet Group CRCLCoinbase Global invested in it · Remaining equity investment following partial sale

Named in other companies’ filings

Circle Internet Group CRCLCoinbase Global invested in it · Holds equity and markets and distributes stablecoins$1.4 billion distribution costs in 2025; $924.5 million in 2024American Express AXPdistribution deal with it · Offers cards on American Express networkGameStop GMEcalls it a partner · Counterparty for Bitcoin covered-call options4,709 Bitcoin pledged as collateral in fiscal 2025

Only the companies Coinbase Global names in its 10-K filed Feb 12, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Coinbase Global. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 6.1x, below the peer median of 10.4x. Revenue is down 34% from a year ago.

Below the peer median of 10.4x. The market pays less per $1 of revenue than for peers.

Coinbase Global, Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $197, 50% above the current price; 61% of 38 analysts rate it a buy; earnings beat estimates in 1 of the last 4 quarters.

Buy or Strong Buy: 23 analysts (61%). Sell or Strong Sell: 3.

Over the past year the average of the analysts' latest price targets went from $395.05 to $198.95 (−50%), while COIN went from $283.14 to $130.67 (−54%). In the past three months targets were raised 11 times and cut 13 times. 2 upgrades and 3 downgrades over the year; the latest: Morgan Stanley moved it to Underweight from Equal-Weight on Nov 2, 2026.

The day after each of these reports the stock moved +7.3% (Dec 2025, missed); +1.6% (Mar 2026, missed); −8.6% (Jun 2026, missed); −11.6% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.09 a share, and revenue of $1.3B, down 28% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $6.6B, up 27% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Financial health

Current ratio 2.3, no pressure to repay short-term debt; debt-to-equity 0.5, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 6 funds whose copy leaves COIN out (on the exchange, not in the app yet): Patient Capital Management, Baillie Gifford &, Norges Bank, Canada Pension Plan Investment Board, Mirae Asset Global Investments, Rob Bresnahan and 1 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 12 held COIN at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 6 cut, 1 sold all and 2 held the same. The largest of them is Norges Bank, 2.79M shares worth $408M at Jun 30, 2026, 3.9% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of COIN at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $111M of COIN on the open market in the 12 months to Nov 11, 2026; none bought. 97% of the sales were made under 10b5-1 plans, set up in advance. The largest was Brian Armstrong (Chairman and CEO; director), who sold $52.1M in 25 sales.

From the Form 4s filed with the SEC about Coinbase Global, Inc. (84 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 112 other transactions (grants, option exercises, shares withheld for tax, shares sold to pay tax and other transfers).