# Coinbase Global, Inc. (COIN)

> Source: Nexqual · https://nexqual.com/COIN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Coinbase Global, Inc. (COIN), nexqual.com/COIN" · informational, not investment advice.

**Price:** USD 169.09 (-4.51% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 177.08 · day 166.74–173.64 · 52w 139.11–373.25 · market cap $44.6B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.28B, net income -$988M (-15.7% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold COIN (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $32.4M; 0 not under a Rule 10b5-1 plan ($0K); 3 by opportunistic insiders (0 outside 10b5-1 plans), 4 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.37 on a 1–5 scale) (38 analysts), mean target USD 212.31 (range 110–330).
- Total return with dividends: 1Y -47.6% vs S&P 500 +14.9%; 5Y -43.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD -0.09, revenue estimate $1.21B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.84B | $3.19B | $3.11B | $6.56B | $7.18B | $6.28B |
| Operating income | $3.08B | -$2.71B | -$162M | $2.31B | $1.44B | $619M |
| Net income | $3.62B | -$2.62B | $94.9M | $2.58B | $1.26B | -$988M |
| EPS (diluted) | $14.50 | -$11.83 | $0.37 | $9.48 | $4.45 | — |
| Free cash flow | $4.04B | -$1.59B | — | — | — | — |
| Operating margin | 39.2% | -84.8% | -5.2% | 35.1% | 20.0% | 9.9% |
| Net margin | 46.2% | -82.2% | 3.1% | 39.3% | 17.6% | -15.7% |
| Revenue growth | +513.7% | -59.3% | -2.7% | +111.2% | +9.4% | — |
| Cash + short-term investments | $7.12B | $4.43B | $5.49B | $9.31B | $11.6B | — |
| Total debt | $3.40B | $3.41B | $2.98B | $4.23B | $7.21B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 7.1x · P/B 3.4x · Earnings yield -2.21%
P/E at fiscal year-ends: Dec 2025 51.5x, Dec 2024 26.3x, Dec 2023 466.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold COIN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Samantha McLemore | Patient Capital Management | 2.24% | $67.5M | Added +7.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
14 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01…2026-10-02 | Andreessen Marc L | Director | 20,514 | $3.9M | 1.8% | Yes (adopted June 5, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-21 | Haas Alesia J | Chief Financial Officer | 39,030 | $8.0M | 10.2% | Yes (adopted September 3, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-21 | Andreessen Marc L | Director | 6,838 | $1.4M | 0.6% | Yes (adopted June 5, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-08 | Andreessen Marc L | Director | 13,676 | $2.5M | 1.2% | Yes (adopted June 5, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-01 | Wilson Frederick R | Director | 10,000 | $1.8M | 5.1% | Yes (adopted February 18, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-24 | Jones Jennifer N. | Chief Accounting Officer | 2,062 | $389K | 100% | Yes (adopted March 6, 2026) | Routine (sold in Feb & Aug & Nov each year 2023–2025) |
| 2026-08-03 | Wilson Frederick R | Director | 35,068 | $5.1M | 15.1% | Yes (adopted February 18, 2026) | Too little history (no open-market trades in 2023) |
| 2026-07-01 | Wilson Frederick R | Director | 10,000 | $1.6M | 4.1% | Yes (adopted February 18, 2026) | Too little history (no open-market trades in 2023) |
| 2026-06-05 | Jones Jennifer N. | Chief Accounting Officer | 2,051 | $324K | 100% | Yes (adopted March 6, 2026) | Routine (sold in Feb & Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-01 | Wilson Frederick R | Director | 10,000 | $1.8M | 4% | Yes (adopted February 18, 2026) | Too little history (no open-market trades in 2023) |
| 2026-05-27 | Grewal Paul | Chief Legal Officer | 1,960 | $347K | 2.3% | Yes (adopted August 29, 2025) | Routine (sold in Feb & Mar & May & Jul & Aug & Nov each year 2023–2025) |
| 2026-05-22 | Brock Lawrence J | Chief People Officer | 6,616 | $1.3M | 23.7% | Yes (adopted December 3, 2025) | Routine (sold in May & Nov each year 2023–2025) |
| 2026-05-15 | Haas Alesia J | Chief Financial Officer | 9,750 | $2.0M | 2.6% | Yes (adopted September 3, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-16 | Haas Alesia J | Chief Financial Officer | 10,020 | $2.0M | 2.6% | Yes (adopted September 3, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.37 on a 1–5 scale), 38 analysts; mean target USD 212.31 (low 110, high 330).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Needham | Target raised | Buy | $200 → $205 |
| 2026-10-13 | Citigroup | Target raised | Buy | $210 → $230 |
| 2026-10-09 | Citizens | Target lowered | Market Outperform | $325 → $280 |
| 2026-10-09 | Morgan Stanley | Target raised | Equal-Weight | $250 → $258 |
| 2026-10-07 | Barclays | Target raised | Underweight | $95 → $149 |
| 2026-10-07 | BTIG | Reiterated | Buy | $240 |
| 2026-10-02 | Piper Sandler | Target raised | Neutral | $146 → $170 |
| 2026-10-02 | Wells Fargo | Initiated | Equal-Weight | $200 |
| 2026-09-28 | Baird | Target raised | Neutral | $130 → $205 |
| 2026-09-16 | BTIG | Reiterated | Buy | $240 |
| 2026-09-14 | Compass Point | Upgrade | Sell → Neutral | $130 → $177 |
| 2026-09-10 | Morgan Stanley | Initiated | Equal-Weight | $250 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -47.6% | -43.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -47.7% | -10.9% |
| Volatility (annualized) | 72.1% | 86.0% |
| Max drawdown | -61.0% (Oct 2025→Feb 2026) | -90.3% (Nov 2021→Jan 2023) |

## Peers (Financial Data & Stock Exchanges)
MSCI (MSCI Inc.) USD 620.24 +2.61% · NDAQ (Nasdaq, Inc.) USD 103.3 +7.47% · CBOE (Cboe Global Markets, Inc.) USD 327.72 +2.79% · MCO (Moody's Corporation) USD 491.05 +2.08% · ICE (Intercontinental Exchange Inc.) USD 163.84 +3.90% · CME (CME Group Inc.) USD 305.98 +3.45%

## More
Full page: https://nexqual.com/COIN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in COIN's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/1679788/000167978826000015/coin-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Circle Internet Financial | "For example, Circle provides us with creation and redemption services for USDC, including the operational capabilities required for our USDC customer-facing services." |
| Customer | Silvergate Capital | "For example, while our business and operations have not been materially affected by the closures of Silvergate Capital Corp. and Signature Bank and the cessation of their real-time fiat currency payment networks in March…" |
| Customer | Sentillia | "If we are unable to successfully integrate Deribit or comply with evolving U.S. and international crypto and derivatives regulations applicable to our expanded operations and products, we could be required to modify or d…" |
| Customer | Alphabet (Google) (GOOGL) | "If Google Play, the Apple App Store, or other platforms prevent customers from downloading our apps, our ability to grow may be hindered and our business, operating results, and financial condition could be adversely aff…" |
| Customer | Apple (AAPL) | "If Google Play, the Apple App Store, or other platforms prevent customers from downloading our apps, our ability to grow may be hindered and our business, operating results, and financial condition could be adversely aff…" |

Other companies that name COIN in their own reports (relationship from COIN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | Franklin Templeton Digital Holdings Trust (EZBC) | 10-K 2026-06-29 | "The insurance maintained by Coinbase Global is shared among all of the Coinbase Insureds' customers, is not specific to the Fund or to customers holding bitcoin with the Bitcoin Custodian or Prime Bro…" |
| supplier | Franklin Ethereum Trust (EZET) | 10-K 2026-06-29 | "The insurance maintained by Coinbase Global is shared among all of the Coinbase Insured's customers, is not specific to the Fund or to customers holding ether with the Ether Custodian or Prime Broker …" |
| supplier | Franklin XRP Trust (XRPZ) | 10-K 2026-06-29 | "The insurance maintained by Coinbase Global is shared among all of the Coinbase Insured's customers, is not specific to the Fund or to customers holding XRP with the XRP Custodian or Prime Broker, and…" |
| supplier | Franklin Solana Trust (SOEZ) | 10-K 2026-06-29 | "The insurance maintained by Coinbase Global is shared among all of the Coinbase Insured's customers, is not specific to the Fund or to customers holding Solana with the Solana Custodian or Prime Broke…" |
| supplier | Canary Marinade Solana ETF (SOLC) | 10-K 2026-03-31 | "The insurance maintained by the Coinbase Insureds is shared among all of Coinbase Global's customers, is not specific" |
| supplier | Canary XRP ETF (XRPC) | 10-K 2026-03-31 | "The insurance maintained by the Coinbase Insureds is shared among all of Coinbase Global's customers, is not specific" |
| supplier | Canary Litecoin ETF (LTCC) | 10-K 2026-03-31 | "by the Coinbase Insureds is shared among all of Coinbase Global's customers, is not specific to the Trust or to customers holding" |
| supplier | Franklin Crypto Trust (EZPZ) | 10-K 2026-03-30 | "The insurance maintained by Coinbase Global is shared among all of the Coinbase Insured's customers, is not specific to the Fund or to customers holding Digital Assets with the Digital Asset Custodian…" |
| supplier | Bitwise XRP ETF (XRP) | 10-K 2026-03-20 | "The insurance maintained by Coinbase Global is shared among all of Coinbase's customers, is not specific to the Trust or to customers holding XRP with the XRP Custodian or Prime Execution Agent, and m…" |
| supplier | Bitwise Solana Staking ETF (BSOL) | 10-K 2026-03-20 | "The insurance maintained by Coinbase Global is shared among all of Coinbase's customers, is not specific to the Trust or to customers holding solana with the Solana Custodian or Prime Execution Agent,…" |
| supplier | Bitwise Dogecoin ETF (BWOW) | 10-K 2026-03-20 | "The insurance maintained by Coinbase Global is shared among all of Coinbase's customers, is not specific to the Trust or to customers holding Dogecoin with the Dogecoin Custodian or Prime Execution Ag…" |
| supplier | Bitwise Chainlink ETF (CLNK) | 10-K 2026-03-20 | "The insurance maintained by Coinbase Global is shared among all of Coinbase's customers, is not specific to the Trust or to customers holding Chainlink with the Chainlink Custodian or Prime Execution …" |
| supplier | Bitwise Ethereum ETF (ETHW) | 10-K 2026-03-12 | "The insurance maintained by Coinbase Global is shared among all of its customers, is not specific to the Trust or to customers holding ether with the Ether Custodian or Prime Execution Agent, and may …" |
| supplier | Bitwise Bitcoin ETF (BITB) | 10-K 2026-03-02 | "The insurance maintained by Coinbase Global is shared among all of its customers, is not specific to the Trust or to customers holding bitcoin with the Bitcoin Custodian or Prime Execution Agent, and …" |
| supplier | iShares Ethereum Trust ETF (ETHA) | 10-K 2026-02-27 | "The insurance maintained by Coinbase Global is shared among all of Coinbase's customers, is not specific to the Trust or to customers holding ether with the Ether Custodian or the Prime Execution Agen…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Net revenue | $1.15B | 94.6% | -17.3% |
| — Bank Servicing (part of Net revenue) | $599.2M | 49.1% | -21.6% |
| — Subscription & Circulation Stablecoin (part of Net revenue) | $292.1M | 23.9% | -5.4% |
| — Subscription & Circulation Other (part of Net revenue) | $113.5M | 9.3% | -5.0% |
| — Bank Servicing Institutional (part of Net revenue) | $100.1M | 8.2% | +64.5% |
| — Bank Servicing Other (part of Net revenue) | $47.4M | 3.9% | -11.4% |
| Subscription & Circulation | $555.1M | 45.5% | -12.2% |
| Bank Servicing Consumer Net | $451.7M | 37.0% | -30.5% |
| Subscription & Circulation Blockchain Infrastructure Service | $83.3M | 6.8% | -42.3% |
| Other revenue | $65.8M | 5.4% | -34.7% |
| Total revenue | $1.22B | 100% | — |
The lines above cover 189.4% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $1.04B | 85.0% | -19.7% |
| International | $182.9M | 15.0% | -11.0% |
| Total revenue | $1.22B | 100% | — |

## Customer concentration

Period ended 2026-06-30: 26% of revenue from unnamed direct customers (10-Q, filed 2026-07-30).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.09 | $0.45 | -120.3% | $1.21B | 17 |
| Next quarter (ends 2026-12-31) | $0.11 | $0.73 | -84.4% | $1.37B | 18 |
| Current fiscal year (ends 2026-12-31) | $-1.76 | $-0.50 | +254.6% | $5.38B | 24 |
| Next fiscal year (ends 2027-12-31) | $3.02 | $4.21 | -28.4% | $7.00B | 28 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-29): ±10.1%; last 8 reports averaged ±6.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 85.9% | ±10.1% |
| 2026-11-06 | 14 | 78.2% | ±12.5% |
| 2026-11-13 | 21 | 72.7% | ±14.2% |
| 2026-11-20 | 28 | 70.9% | ±15.9% |
| 2026-11-27 | 35 | 68.4% | ±17.0% |
| 2026-12-04 | 42 | 67.6% | ±18.4% |
| 2026-12-18 | 56 | 65.6% | ±20.6% |
| 2027-01-15 | 84 | 64.9% | ±24.6% |