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.

The picture in 2026 is very different from the one at that peak. Crypto prices corrected sharply from their October 2025 highs, Coinbase has posted two consecutive quarterly losses, and in May 2026 the company cut around 14% of its workforce. At the same time its share of crypto trading volume reached an all-time high and its non-trading revenue now makes up almost half of the total.

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. All figures are updated through Q2 2026, the most recent reported quarter.

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 closing price: $419.78 (18 July 2025)
• Share price on 24 September 2026: $199.21, for a market capitalisation of about $52.6 billion
• 52-week range: $139.11 to $402.16
• Sector: financials
• Industry: cryptocurrency exchange and financial infrastructure
• Founders: Brian Armstrong (current CEO) and Fred Ehrsam (now at Paradigm)
• Number of employees: about 4,250, after a restructuring in May 2026 cut roughly 700 roles from the 4,951 reported at the end of 2025

After years of regulatory uncertainty, the landscape 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 expanded its position in derivatives through the acquisition of Deribit, announced on 8 May 2025 at about $2.9 billion in cash and stock and completed in August 2025.

The May 2026 restructuring is the most significant recent corporate event. Coinbase announced the elimination of approximately 700 positions, around 14% of the global workforce, as crypto prices and trading activity fell away from the 2025 peak. Operating expenses in Q2 2026 were 12.4% lower year over year as a result.

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. Derivatives volume hit an all-time high for three consecutive quarters through Q2 2026;
• Staking: earn rewards on supported assets including Ethereum, Solana, and Cardano. Coinbase is the largest Ethereum node operator, at about 11.4% 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 with close to 1 million paid subscribers at the end of 2025, offering zero trading fees, priority support, and other benefits;
• USDC stablecoin: Coinbase is a key issuer partner of USDC alongside Circle, earning interest income on USDC reserves. Average USDC held in Coinbase products reached an all-time high of $20 billion in Q2 2026, more than 30% of all USDC in circulation;
• Prediction markets: revenue grew 106% quarter over quarter in Q2 2026 and passed $100 million in annualised revenue;
• 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 by far the largest player by spot volume, while Coinbase consistently ranks as the largest US-regulated exchange and has captured an increasing share of the institutional crypto trading market.

Two different market share numbers

You will see Coinbase quote a much higher figure than the one above, and both are correct because they measure different things. The CoinGecko ranking covers spot trading on centralised exchanges only. Coinbase reports its share of crypto trading volume across spot and derivatives combined, which includes the Deribit business and the wider market rather than just the top exchanges.

On Coinbase’s own measure, the trend is the more interesting story, since market share has risen for three consecutive quarters even as prices and volumes fell:

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. That growth reflected the strong cryptocurrency bull market of 2024 and 2025, driven by record-high prices for Bitcoin (which reached an all-time high of around $126,000 in October 2025) and Ethereum, alongside meaningful institutional participation through Coinbase Prime and spot Bitcoin and Ethereum ETF custody mandates.

The correction that followed has been severe. AOP fell to approximately $294 billion at the end of March 2026 and $245.9 billion at the end of June 2026, a decline of roughly 52% from the Q3 2025 peak in three quarters. Coinbase attributes most of this to lower crypto asset prices and to ETF outflows rather than to retail clients leaving the platform. On a native unit basis, meaning the number of coins held rather than their dollar value, the decline is far smaller, 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). In 2025, more than 12% of all crypto globally was held on Coinbase.

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).

2026 has been harder. Coinbase has now posted two consecutive quarterly losses:

• Q1 2026: Net revenue $1.34 billion, down 21% from Q4 2025; net loss of $394 million; Adjusted EBITDA $303 million;
• Q2 2026: Net revenue $1.15 billion; net loss of $359 million; Adjusted EBITDA $208 million, down 59% year over year.

That makes first-half 2026 net revenue of $2.49 billion against a net loss of $754 million. The Q2 loss was driven by $691.9 million of losses on the company’s own cryptocurrency holdings and by lower trading activity, with monthly transacting users falling to 7.6 million from 8.7 million a year earlier.

Despite the losses, Coinbase delivered its 14th consecutive quarter of positive Adjusted EBITDA in Q2 2026, and it generated positive operating cash flow of $380 million in the first half of the year while holding $13.15 billion in cash. Transaction revenue has fallen with volumes, while subscription and services revenue has held up far better, benefiting from stablecoin (USDC) interest income, custody services, and institutional products.

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. 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.

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 2022, peaked in Q4 2024, and has fallen in each of the last three reported quarters.

Quarterly Revenues

Revenue mix: the shift away from trading

The most important trend in Coinbase’s recent results is not the headline revenue decline but the changing mix behind it. Transaction revenue has fallen far faster than subscription and services revenue, so the non-trading side of the business now accounts for close to half of net revenue. Coinbase reported that 88% of Q2 2026 net revenue came from sources other than Bitcoin spot trading.

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 from 2017 onwards, based on the periods for which Coinbase publicly reported this metric.

Revenue Per User (Per Month)

The pattern that defines Coinbase’s reported results is the gap between GAAP net income and Adjusted EBITDA. GAAP earnings swing materially with crypto prices, because Coinbase marks its own crypto holdings to market every quarter, while Adjusted EBITDA strips those movements out. Q2 2025 is the clearest illustration: net income of $1.43 billion on net revenue of $1.42 billion, almost all of it from crypto asset gains rather than operations. Q2 2026 ran the same mechanism in reverse, with $691.9 million of losses on the same holdings.

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. This does not necessarily mean that Coinbase is generating revenue from this user, since many verified users sign up but never actively trade. The more meaningful engagement metric is the MTU, 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. Coinbase now emphasises MTUs, trading volume, and product-specific metrics such as Coinbase One subscribers as more meaningful engagement indicators. Even the MTU figure has been de-emphasised: it no longer appears in every shareholder letter and is now most reliably found in the quarterly 10-Q filings.

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. The 2026 correction has pulled them back down, to 8.2 million in Q1 2026 and 7.6 million in Q2 2026, the lowest since 2023. The full-year 2025 average was 9.2 million.

For context, Coinbase’s net revenue has historically held up better 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 increased materially, driven by Coinbase One subscriptions, derivatives after 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. The 2026 results test that: MTUs fell 13% year over year in Q2 while net revenue fell 19%, so retail activity still matters a great deal.

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. That 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 the leading position in crypto derivatives acquired with Deribit. In Q2 2026 institutional clients accounted for $120.6 billion of $146.4 billion in crypto spot volume, or 82%.

Note that Coinbase now headlines a much larger “total trading volume” figure, $5.2 trillion for 2025, which includes derivatives. The table below tracks crypto spot volume only, so the series stays comparable over time.

Conclusion

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.

The last three quarters have been a stress test of that model. Assets on Platform have roughly halved from the Q3 2025 peak, net revenue has fallen in each quarter, the company has posted two consecutive GAAP losses, and in May 2026 it cut around 14% of its workforce. The share price closed at $199.21 on 24 September 2026, less than half the all-time closing high of $419.78 set in July 2025.

The counterweight is that the business kept diversifying through the downturn. Subscription and services revenue reached 48% of net revenue in Q2 2026, Coinbase’s share of crypto trading volume hit an all-time high of 10.3% for a third consecutive quarter of gains, average USDC balances reached a record $20 billion, prediction markets passed $100 million in annualised revenue, and Adjusted EBITDA stayed positive for a 14th consecutive quarter. Coinbase now has 12 product lines each generating over $100 million annualised, and it ended June 2026 with $13.15 billion in cash.

Looking ahead, Coinbase remains structurally exposed to crypto price cycles. With a more constructive US regulatory environment, leading market share in US spot trading, and expanding adjacent products (prediction markets, gold and silver spot, DEX-enabled trading), it 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 revenue mix, while more diversified than it was, remains substantially exposed to trading activity. The 2026 results make that plain: a 13% fall in monthly transacting users translated into a 19% fall in revenue and a swing from a $1.43 billion profit to a $359 million loss in the space of a year.

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