Coinbase Statistics 2026: AUM, Users, Revenue, & More

With a strong security and regulatory compliance track record, Coinbase has established itself as a leading platform for individuals and institutions to buy, sell, store, and stake various cryptocurrencies. The firm became the first crypto-native company to join the S&P 500 in May 2025, a major institutional milestone that reflects how far the company – and the broader crypto industry – has come.

In this article, we examine some key statistics, including revenue, net income, assets on the platform, user base growth, and other metrics, to assess how Coinbase has performed across a period of significant industry change.

Overview

Coinbase is a fiat on-ramp between the traditional finance world and the crypto-verse, serving retail investors, institutions, developers, and businesses across 100+ countries.

Here are some key corporate facts about Coinbase:

• Founded: 2012
• Headquarters: officially “remote-first” since 2020 (no physical HQ); incorporated in Delaware
• IPO date: 14 April 2021 (direct listing)
• Listed exchange: NASDAQ
• Ticker: COIN
• S&P 500 inclusion: May 2025 (first crypto-native company)
• All-time high share price: $444.65 (18 July 2025)
• Sector: financials
• Industry: cryptocurrency exchange and financial infrastructure
• Founders: Brian Armstrong (current CEO) and Fred Ehrsam (now at Paradigm)
• Number of employees: ~3,500 (per the most recent 10-K disclosures)

After years of regulatory uncertainty, the landscape has shifted significantly in Coinbase’s favour. The SEC dropped its lawsuit against Coinbase in February 2025, and Coinbase has been one of the major beneficiaries of the more constructive regulatory environment under the current US administration. The company is now well-positioned to expand its market share both in the US and internationally – particularly following its acquisition of Deribit (~$2.9 billion) in May 2025, which gave Coinbase a leading position in crypto derivatives.

What services does Coinbase provide?

To better understand Coinbase’s business model, let’s first look at the range of services they offer:

• Spot exchange: buy, sell, and convert cryptocurrencies across 270+ assets;
• Coinbase Advanced (formerly Coinbase Pro): the professional trading platform with lower fees, charting tools, and limit orders;
• Derivatives trading: futures, options, and perpetuals (significantly expanded following the Deribit acquisition);
• Staking: earn rewards on supported assets including Ethereum, Solana, and Cardano – Coinbase is the largest Ethereum node operator (11.42% of all staked ETH);
• Self-custody wallets: Coinbase Wallet for users who want to hold their own keys;
• Institutional services: Coinbase Prime, Coinbase Custody, and institutional trading – covering hedge funds, asset managers, and corporates;
• Business and developer infrastructure: Coinbase Pay, payments APIs, and developer tools through Base (Coinbase’s Layer 2 network);
• Coinbase One: a subscription product (~1 million subscribers by end of 2025) offering zero trading fees, priority support, and other benefits;
• USDC stablecoin: Coinbase is a key issuer partner of USDC through the Centre consortium (now Circle), earning interest income on USDC reserves;
• Prepaid cards: the Coinbase Card lets users spend crypto with crypto-back rewards.

At the time of writing, you can trade 270+ different crypto assets on Coinbase’s platform, including Bitcoin, Ethereum, Solana, Cardano, and many others. Coinbase has also expanded into adjacent markets including prediction markets, gold and silver spot trading, and DEX-enabled spot trading – reflecting its broader “Everything Exchange” strategy.

Ranking of Coinbase vs its competitors

Below is a comparison of the leading global cryptocurrency exchanges ranked by spot trading market share. Binance remains the largest player by spot trading volume, although Coinbase consistently ranks as the largest US-regulated exchange and has captured an increasing share of the institutional crypto trading market.

Coinbase Assets on Platform (AUM)

Coinbase’s Assets on Platform (AOP) peaked at $516 billion in Q3 2025 – a substantial increase from the $114 billion reported in Q3 2023. This growth reflected the strong cryptocurrency bull market of 2024-2025, driven by record-high prices for Bitcoin (which reached an ATH of ~$126,000 in October 2025) and Ethereum, alongside meaningful institutional participation through Coinbase Prime and spot Bitcoin/Ethereum ETF custody mandates.

However, the crypto market entered a correction in late 2025 and early 2026, with Bitcoin retracing significantly from its October 2025 peak. As a result, Coinbase’s Q1 2026 10-Q disclosed Assets on Platform of approximately $294 billion at the end of March 2026 – a roughly 43% decline from the Q3 2025 peak, driven almost entirely by lower crypto asset prices rather than client outflows. On a native unit basis (i.e., measuring the number of coins held rather than their USD value), Assets on Platform actually grew over the same period, supported by USDC adoption, growth in Coinbase Prime, and scaled staking activity.

It’s worth noting that Coinbase describes itself as having “the most crypto stored in the world” and is the largest single Ethereum node operator globally, controlling approximately 3.84 million ETH (about 11.42% of all staked Ether).

The Assets on Platform figure encompasses customer crypto assets and payment stablecoins held in custody for retail users, institutional clients, and assets linked to ETF and other institutional products on the Coinbase platform, calculated based on the market price on the last day of each quarter.

Yearly Assets on Platform

Quarterly Assets on Platform (AUM)

Coinbase key financials

When Coinbase went public in April 2021, the company experienced a nearly sixfold increase in net revenue from 2020 to 2021, driven by the sharp rise in cryptocurrency prices and trading activity during that cycle. However, after the peak of the 2021 crypto bull market, the industry faced severe headwinds – including the major collapses of FTX, Celsius, Voyager, and Terra Luna. These events, combined with falling crypto prices, led to a pronounced contraction in Coinbase’s net revenue across 2022 and the first half of 2023.

The recovery began in late 2023 and accelerated through 2024 and 2025, culminating in full-year 2025 net revenue of $6.88 billion – up 9.4% from 2024’s $6.29 billion. Net income for FY 2025 was $1.26 billion, down from $2.58 billion in 2024, primarily due to mark-to-market losses on Coinbase’s crypto asset holdings as prices declined in late 2025.

Quarterly performance throughout 2025 was uneven, reflecting the volatility of crypto markets:

• Q1 2025: Net revenue $1.96 billion; net income $66 million (impacted by a $597 million pre-tax loss on crypto asset investments);
• Q2 2025: Net revenue $1.42 billion; net income $1.43 billion (boosted by crypto asset gains);
• Q3 2025: Net revenue $1.79 billion; net income $433 million;
• Q4 2025: Net revenue $1.71 billion; net loss of $667 million (driven by non-cash mark-to-market losses on cryptocurrency holdings as the market corrected from its October 2025 peak).

Despite the volatility, Coinbase delivered its 12th consecutive quarter of positive Adjusted EBITDA in Q4 2025 ($566 million), demonstrating the resilience of its underlying operating model. Transaction revenue rebounded strongly throughout the cycle on higher trading volumes, while subscription and services revenue continued to grow steadily, benefiting from stablecoin (USDC) interest income, custody services, and institutional products.

The Q1 2026 quarter reflected the broader crypto market correction: net revenue of approximately $1.78 billion and a GAAP net loss of $394 million, though Adjusted EBITDA remained positive at $303 million (the 13th consecutive positive quarter). Notably, institutional transaction revenue grew 31% year-over-year to $185 million, supported by record derivatives volumes following the Deribit acquisition.

Coinbase continues to emphasise the inherent volatility of its revenue streams, noting in its shareholder communications that total revenue is substantially dependent on crypto asset prices and trading volumes – meaning that declines in either factor would materially affect business performance. This reflects the company’s continued exposure to crypto market cycles and reinforces the strategic importance of expanding recurring and non-transaction-based revenue streams.

Net revenue comprises income from customer transaction fees and subscription and services revenue – the latter including blockchain rewards (staking), custodial fees, stablecoin interest income, and other platform-related services. Coinbase now has 12 product lines individually generating more than $100 million in annualised revenue, reflecting meaningful revenue diversification beyond pure spot trading.

Below is a breakdown of the yearly net revenue figures over the past number of years.

Yearly Revenues

Below you will see the quarterly revenue figures for Coinbase. Quarterly revenue bottomed out in Q3 of 2022 and has since increased modestly along with the wider crypto market.

Quarterly Revenues

Until recently, Coinbase regularly reported the average revenue it generated per Monthly Transacting User (MTU), with the metric reaching $81.67 in Q1 2025 – the highest level on record at the time of disclosure. The metric reflects the combined effect of trading activity, subscription revenue (Coinbase One), and other platform services on a per-active-user basis.

Coinbase has progressively de-emphasised this metric in its quarterly disclosures, favouring instead measures like total trading volume, market share, and revenue per product line as the business has diversified across spot, derivatives, staking, and stablecoins. See below for a summary of the average revenue per user (per month) from 2017 onwards, based on the periods for which Coinbase publicly reported this metric.

Revenue Per User (Per Month)

Source: Coinbase quarterly shareholder letters. Q1 2025’s $81.67 represents the highest ARPU per MTU on record at the time of disclosure. Coinbase has progressively de-emphasised this metric in subsequent quarterly disclosures.

In Q1 2025, Coinbase reported net income of $66 million, a significant decrease from the $1.18 billion reported in Q1 2024. This decline was primarily due to a $597 million pre-tax loss on its crypto asset investment portfolio, the vast majority of which were unrealised losses (mark-to-market adjustments rather than actual cash losses). Despite this, the company’s adjusted net income stood at $527 million, with an adjusted EBITDA of $930 million – indicating strong underlying operational performance even before accounting for non-cash mark-to-market movements on Coinbase’s own crypto holdings.

This pattern – GAAP net income swinging materially based on crypto price movements while Adjusted EBITDA remains stable – has been a defining feature of Coinbase’s reported results since the company began holding significant crypto on its balance sheet. In the following sections, you can see a summary of Coinbase’s yearly and quarterly reported net income.

Yearly Net Income/(Loss)

Quarterly Net Income/(Loss)

Coinbase user statistics

For investing purposes, one of the most important metrics to monitor is Coinbase’s user base growth. It’s also important to understand the distinction between a verified user and a Monthly Transacting User (MTU).

A verified user is a retail or institutional client who has successfully registered a Coinbase account and confirmed their email address, phone number, or username (on Coinbase’s self-custodial products). This does not necessarily mean that Coinbase is generating revenue from this user – many verified users sign up but never actively trade. The more meaningful engagement metric is the MTU (Monthly Transacting User), defined as a user who completed at least one revenue-generating transaction on the platform during the relevant month.

Worth noting: Coinbase stopped publicly disclosing verified user counts after Q4 2022, partly because the metric was criticised for overstating “active” users (a topic that has reportedly been the subject of SEC inquiry regarding historical disclosures). Coinbase now emphasises MTUs, trading volume, and product-specific metrics (like Coinbase One subscribers) as more meaningful engagement indicators.

In the following tables, you’ll find data from Coinbase on its verified users and MTUs over the past number of years.

Verified users

Monthly Transacting Users (MTUs)

Coinbase’s MTUs peaked at 11.4 million in Q4 2021 at the height of the previous crypto bull market. Since then, MTUs have fluctuated significantly with crypto market cycles – falling to a low of 6.7 million in mid-2023 before recovering through 2024 and reaching 9.7 million in Q1 2025 as the bull market took hold. By Q2 2025, MTUs had moderated to 8.7 million.

For context, Coinbase’s net revenue has recovered much more dramatically than its MTU base. Q4 2024 net revenue of $2.2 billion nearly matched the Q4 2021 peak of $2.5 billion – despite MTUs being roughly 30% lower than the 2021 peak. This reflects two important shifts:

• Higher revenue per MTU: average revenue per active user has increased materially, driven by Coinbase One subscriptions, derivatives (post-Deribit), and stablecoin yield;
• Greater institutional contribution: institutional clients contribute meaningful revenue without showing up in retail MTU counts.

This pattern shows that Coinbase’s revenue scaling is no longer purely dependent on retail user growth – a meaningful evolution in the business model since 2021.

Quarterly trading volume split: retail vs institutional

Institutional investors have become critical to Coinbase’s success over the past several years, now accounting for roughly 80% of total trading volume. This share has been remarkably stable through both bull and bear markets, reflecting the deep institutional client base Coinbase has built through Coinbase Prime, custody services for spot Bitcoin and Ethereum ETFs, and (since the Deribit acquisition in August 2025) the leading position in crypto derivatives. You can see the split between retail and institutional trading volume from Q1 2020 to Q3 2025 in the following table.

Quarterly trading volume split by cryptocurrency

The shift in crypto investing patterns is visible when you look at the breakdown of Coinbase’s quarterly trading volume by asset. Through 2024, Bitcoin consistently represented the largest share (27-37% in most quarters), reflecting its status as the primary institutional crypto asset and the dominant beneficiary of spot Bitcoin ETF flows.

As of Q3 2025, the breakdown reflects broader diversification: Bitcoin’s share moderated to ~24%, while Ethereum’s share rose to ~22% following Ethereum ETF approvals and broad-based ecosystem activity. The remaining ~54% was distributed across stablecoins (notably USDT), XRP, Solana, and a wider range of altcoins – reflecting increased diversification by both retail and institutional investors amid renewed market activity.

For context, Bitcoin and Ethereum combined drove approximately 42% of total trading volume across the first nine months of 2025 (down from 44% in full-year 2024), with the balance increasingly coming from stablecoin pairs and long-tail assets.

Conclusion

In summary, Coinbase has continued to consolidate its position as the leading regulated cryptocurrency platform in the US, distinguished by its emphasis on regulatory compliance, audited public reporting, and transparent financial disclosures – a stark contrast to many of the more opaque operations across the broader crypto industry. The company’s S&P 500 inclusion in May 2025 marked a watershed moment, formalising Coinbase’s transition from a controversial crypto upstart to a mainstream financial services company.

Although the company has faced industry-wide headwinds – including the 2022-2023 crypto winter, the May 2025 cyberattack (which affected under 1% of MTUs and triggered $180-400 million in remediation costs), and the inherent volatility of crypto market cycles – Coinbase has continued to diversify its revenue streams beyond pure spot trading. The growth of Coinbase One subscriptions (~1 million subscribers), derivatives trading (following the Deribit acquisition), stablecoin revenue (USDC), staking services (largest Ethereum node operator), and institutional services has produced 12 product lines individually generating over $100 million in annualised revenue.

Looking ahead, Coinbase remains structurally exposed to crypto price cycles, but its 13 consecutive quarters of positive Adjusted EBITDA through Q1 2026 suggest meaningful operational resilience. With a more constructive US regulatory environment, leading market share in US spot trading, and rapidly expanding adjacent products (prediction markets, gold/silver spot, DEX-enabled trading), Coinbase is well-positioned to remain a central player as digital assets continue to integrate into mainstream financial markets.

That said, investors and users should remain aware that Coinbase’s GAAP earnings will continue to swing materially with crypto prices due to mark-to-market accounting on its own crypto holdings, and that the company’s revenue mix remains substantially exposed to retail trading activity – making it more cyclical than a typical financial services company.

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