Coinbase stock is a share in Coinbase Global, Inc., the company behind the Coinbase crypto exchange. Its Class A common stock trades on Nasdaq, a US stock exchange, under the ticker COIN. Owning COIN means owning a piece of a company. It does not mean owning Bitcoin, Ethereum or any other crypto.
Key takeaways
- COIN is a Nasdaq-listed share in Coinbase Global, Inc., not a cryptocurrency.
- Revenue from trading made up less than half of total revenue last quarter.
- Consumer and institutional crypto trading volumes fell sharply year over year.
What Coinbase stock is
Coinbase Global, Inc. is the issuer. The shares that change hands on Nasdaq are Class A common stock, and each one carries one vote. Class B shares carry 20 votes each and generally vote together with Class A. In plain terms: as a small shareholder you own a slice of the company, but your voting weight is small.
Coinbase became publicly traded on Nasdaq on April 14, 2021, through a direct listing of its Class A shares rather than a traditional IPO. A direct listing means existing shares simply started trading, without the company selling new shares first. For how the usual route works, see our guide to investing in an IPO.
At a glance:
| Item | Detail |
|---|---|
| Ticker | COIN |
| Exchange | Nasdaq |
| Share class traded | Class A common stock |
| Currency | US dollars |
| Close (Nov 10, 2026) | $132.13 |
| Market value (Nov 10, 2026) | $34.99 billion |
Nasdaq's regular session on November 11, 2026 ran from 9:30 a.m. to 4:00 p.m. Eastern Time, which is 3:30 to 10:00 p.m. CET and 4:30 to 11:00 p.m. EET in Finland. So the US market is open in your late afternoon and evening.
How Coinbase makes money
Coinbase reports its revenue in two main buckets: transaction revenue and subscription and services revenue, with corporate interest and other income shown separately.
Fees when people trade
In the quarter ended September 30, 2026, transaction revenue was $590.224 million, which the company reported as 48.6% of its $1,215.582 million total revenue. That splits into consumer transaction revenue of $450.112 million, institutional transaction revenue of $91.650 million and other transaction revenue of $48.462 million. Coinbase says consumer trading fees are volume-based and may include a spread depending on the trade type, and that institutional customers pay lower per-trade fees.
Subscriptions and services
This bucket brought in $570.238 million in the same quarter, which the company reported as 49% of net revenue. It includes stablecoin revenue of $306.905 million, blockchain rewards of $85.738 million, interest and finance fee income of $68.560 million, and other subscription and services revenue of $109.035 million. A stablecoin is a token designed to hold a steady value against a currency such as the US dollar. These are subscription and services revenue categories.
What moves Coinbase stock
Trading activity. Coinbase says trading activity directly affects transaction revenue. Its Q3 2026 filing linked lower consumer and institutional transaction revenue mainly to year-over-year declines in crypto spot trading volume of 59% and 53% respectively, partly offset by prediction-market and derivatives activity. For context on the crypto market itself, see our piece on the November 2026 bitcoin price fall.
Quarterly results. On October 29, 2026, Coinbase announced Q3 revenue of $1.216 billion and net income of $718.7 million, and said it would hold a live investor Q&A that day and post a replay and transcript afterward. Results days are when the numbers behind the share price get updated.
The revenue mix. Stablecoin revenue and interest and finance fee income are part of subscription and services revenue.
Share buybacks. In its October 29, 2026 Form 10-Q, Coinbase said that by September 30 it had used $2.0 billion of its share-repurchase authorization to repurchase 10,169,729 Class A shares, with $2.0 billion still available. The company said future repurchases remain discretionary.
Regulation and competition. Exchanges operate under licences and rules that change, and they compete on fees. On November 9, 2026, Coinbase announced final OCC approval for Coinbase National Trust Company, covering its institutional custody business.
Coinbase stock versus owning Bitcoin directly
These are two different things with two different risk profiles. One is a company with staff, costs, competitors and quarterly results. The other is an asset you hold yourself.
| Question | Coinbase stock (COIN) | Buying Bitcoin or Ethereum directly |
|---|---|---|
| What do you own? | A share in Coinbase Global, Inc. | The cryptoasset itself |
| What drives the value? | Revenue, costs, results, market mood | Supply and demand for that coin |
| Company risk? | Yes | No company behind Bitcoin |
| Stock-market risk? | Yes, it is a listed share | No, it does not trade on an exchange as a share |
| Where is it held? | In a securities account | In a wallet or at an exchange |
The practical point: COIN is a share in Coinbase Global, Inc., while Bitcoin is a cryptoasset. Last quarter's revenue included transaction revenue and subscription and services revenue.
If you want the direct route instead, read our step-by-step guide to buying Ethereum in Europe.
Risks
- Transaction revenue follows trading activity, and that activity can drop sharply. Spot volumes fell 59% for consumers and 53% for institutions year over year in Q3 2026.
- Fee competition can affect Coinbase's transaction revenue.
- Crypto exchanges face licensing, custody and derivatives rules that can change.
- Buybacks are not guaranteed: Coinbase said future repurchases remain discretionary.
- Share prices can fall, and you can get back less than you put in.
One more point for readers in Europe: COIN is quoted in US dollars. Your result in euros, kronor or kroner also depends on the exchange rate, and your broker's conversion and trading charges apply on top. Tax rules depend on where you live.
This article is for information only and is not investment advice.
Frequently asked questions
Does Coinbase only make money when crypto prices rise?
No. Trading revenue and service revenue were close to each other last quarter: transaction revenue was $590.224 million and subscription and services revenue was $570.238 million. Stablecoin revenue alone was $306.905 million. Coinbase says trading activity directly affects transaction revenue.
What was Coinbase's most recent profit?
For the quarter ended September 30, 2026, announced on October 29, Coinbase reported GAAP net income of $718.7 million on total revenue of $1.216 billion. GAAP is the standard US accounting rulebook. That figure covers one quarter only.
What are COIN's 52-week high and low?
CNBC listed COIN's 52-week high as $324.80 on November 10, 2025, and its 52-week low as $129.41 on November 10, 2026. The 52-week range is simply the highest and lowest price over the past year. The close on November 10, 2026 was $132.13. These figures change every trading day.
What period does a quarterly report cover?
A quarterly report gives three months of figures. An annual report covers the full year.
Sources
- Coinbase: Coinbase launches national trust company with federally regulated institutional-grade custody offering (November 9, 2026)
- U.S. Securities and Exchange Commission: Coinbase Global, Inc. Form 10-Q for the quarter ended September 30, 2026 (October 29, 2026)
- Coinbase: Coinbase Q3 2026 earnings show all-time-high Coinbase One subscribers and prediction markets surpassing $200 million in annualized revenue (October 29, 2026)
- CNBC: Coinbase Global Inc (COIN) quote
- Stock Analysis: Coinbase market cap
- Nasdaq: Stock market trading hours for Nasdaq
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