Results indicate strong fundamentals despite short term macro headwinds:
-- Coinbase saw a new all-time high crypto trading volume market share,
driven by record-breaking consumer and institutional adoption of
derivatives, with retail derivatives annualized revenue1 exceeding $200
million
-- Prediction markets revealed as one of Coinbase's fastest scaling
products ever, reaching over $100 million in annualized revenue2 in less
than two months, driven by strong consumer demand
-- Coinbase leading competitors in USDC on platform, onchain stablecoin
transaction volume, and agentic stablecoin transaction volume,
solidifying its role as the largest regulated stablecoin platform in the
world
Everywhere/SAN DIEGO--(BUSINESS WIRE)--May 07, 2026--
Coinbase Global, Inc. (Nasdaq: COIN) reported progress across the Everything Exchange, stablecoins and payments, and onchain adoption -- serving consumers, developers, agents, institutions, banks, and government agencies as the most trusted name in crypto.
Everything Exchange: Coinbase reaches all-time high crypto trading volume market share
-- Coinbase crypto trading volume market share increased to 8.6%, a new
all-time high driven by product innovation and derivatives growth.
-- Coinbase continues to hold more crypto than any platform in the world,
securely storing 12% of global crypto assets.
-- Coinbase derivatives trading volume TTM grew 169% year-over-year,
driven by increasing consumer and institutional adoption, with retail
derivatives surpassing $200 million in annualized revenue, a new all-time
high.
-- Coinbase prediction markets reached $100 million in annualized revenue
in March (first two full months live) following U.S. launch, one of its
fastest scaling products ever, driven by strong retail interest.
Stablecoin and payments: Coinbase drives USDC growth and Base powers agentic stablecoin transactions
-- Coinbase is the distribution engine driving growth of USDC, the world's
largest regulated stablecoin, with more than 25% of total USDC in
circulation ($19 billion average USDC held in Coinbase products).
-- Base, Coinbase's layer-2 blockchain, processed 62% of total global
onchain stablecoin transaction volume, exceeding all other chains
combined.
-- More than 90% of onchain agentic stablecoin transaction volume was on
Base, making Coinbase the #1 platform for onchain agentic commerce.
-- 100 million+ payments processed via Coinbase's x402 protocol, with 99%+
of x402 transactions completed using USDC.
Onchain adoption: Coinbase sees 2x increase in DEX trading volume
-- Coinbase saw a 2x increase in decentralized exchange (DEX) trading
volume quarter-over-quarter, driven by native integration of DEX in the
Coinbase app.
-- Coinbase saw $1 billion year-over-year growth in Borrow/Lend balances.
"We executed well on what was in our control in Q1," said Brian Armstrong, Co-Founder and CEO. "We saw huge growth in derivatives trading volume, driven by our Everything Exchange. We hit a new all-time high in USDC held in Coinbase products and saw 10x year-over-year growth in stablecoin transactions on Base. We're also leading on the next frontier with over 90% of onchain agentic stablecoin transaction volume happening on Base. We believe there will soon be billions of agents transacting and they need rails that can keep up, and Coinbase is at the center of the agent economy."
"The market environment this quarter was softer, but the underlying fundamentals of our business remain strong," said Alesia Haas, Chief Financial Officer. "We've now delivered 13 consecutive quarters of positive Adjusted EBITDA spanning both bull and bear markets, alongside 12 consecutive quarters of native unit inflows. And we're growing new revenue streams, with 12 product lines each generating over $100 million annualized, and prediction markets on their way to becoming the 13th."
As the most trusted crypto platform with the broadest product suite, Coinbase's results show continued conviction that all asset classes will come onchain, and strengthened positioning to drive and capitalize on that shift.
Non-GAAP Financial Measure
This press release includes Adjusted EBITDA, a financial measures that is not prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). A definition, explanation, and reconciliation to the most comparable GAAP financial measure can be found in the appendix to this press release.
Quarterly Conference Call
Materials containing Coinbase's financial results for the first quarter ending March 31, 2026 have been posted on its Investor Relations website at investor.coinbase.com. The Company will hold a webcast to discuss these financial results at 2:30 p.m. PT today. The live webcast of the call can be accessed here. Following the call, a replay of the call, as well as a transcript, will be available on the Investor Relations website at investor.coinbase.com.
Disclosure Information
In addition to filings with the Securities and Exchange Commission (SEC), the Company uses its Investor Relations website (investor.coinbase.com), its blog (blog.coinbase.com), press releases, public conference calls and webcasts, its X feed (@coinbase), Brian Armstrong's X feed (@brian_armstrong), its LinkedIn page, and its YouTube channel as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial position; our business strategy and plans; expectations relating to our industry, the regulatory environment, market conditions, trends and growth; our market position; potential market opportunities; and our objectives for future operations. The words "believe," "may," "will," "estimate," "potential," "continue," "anticipate," "intend," "expect," "could," "would," "project, " "plan," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management's expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions including those discussed in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 12, 2026 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on May 7, 2026. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
About Coinbase
Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom in the world. The most trusted crypto platform, Coinbase stores more digital assets than any other company and is building the everything exchange -- one place to access crypto, equities, derivatives, prediction markets, and more. Coinbase serves consumers through its suite of financial apps, institutions through Coinbase Prime, and developers through the Coinbase Developer Platform. Every experience runs on Coinbase's full-stack platform powering the future of finance: secure custody, deep exchange liquidity, stablecoin infrastructure, and global settlement rails -- all built on a decade-plus foundation of security and compliance.
(1) Measured based on when a given product generated $200 million in quarterly annualized net revenue for the most recent qualifying quarter.
(2) Measured based on when the product generated $100 million in quarterly annualized net revenue, calculated as twelve times March revenue.
Appendix
Reconciliation of Adjusted EBITDA
($ in millions) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26
Net income (loss) 65.6 1,428.9 432.6 (666.7) (394.1)
Adjusted to exclude the
following:
Provision for (benefit from)
income taxes 16.8 394.9 69.6 (219.6) (70.6)
Interest expense 20.5 20.5 21.8 22.6 22.6
Depreciation and amortization 33.3 33.9 50.1 71.1 68.0
Stock-based compensation
expense 190.7 196.2 222.1 230.5 248.1
Data Theft Incident losses
(recoveries), net(1) -- 306.7 48.0 (9.5) 8.6
Losses (gains) on crypto
assets held for investment,
net 596.7 (362.1) (423.9) 718.2 482.4
Other expense (income), net(2) 6.2 (1,506.9) 380.5 419.3 (61.6)
----- --------- ------- ------- -------
Adjusted EBITDA(3) 929.9 512.1 800.7 565.9 303.3
Note: Amounts may not add as presented due to rounding.
[1] Losses, net of recoveries, directly related to the data theft incident announced on the Current Report on Form 8-K we filed with the SEC on May 15, 2025 (the "Data Theft Incident"), including voluntary customer reimbursements, direct legal costs, and reward payments, if any, in connection with the threat actor's arrest and conviction.
[2] See Note 16. Other Condensed Consolidated Statements of Operations Details to the Condensed Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended on March 31, 2026 filed with the SEC on May 7, 2026 for additional details.
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