Coinbase Global : First Quarter 2026 Earnings Presentation

Published: 2026-05-07 19:40:41 ET COIN

Published on 05/07/2026 at 07:40 pm EDT - Modified on 05/07/2026 at 07:45 pm EDT

Our mission is to increase economic freedom in the world

Crypto is updating all financial services, AI is an accelerant

The Onchain Economy

Total Crypto Trading Volume1 has grown more than 50x over the past 7 years

$14T

Total Crypto Trading Volume as of Q1ʼ26

Stablecoin Market Cap2 $300B today and expected to 10x to $3T by 20303

$305B

Stablecoin Market Cap as of Q1ʼ26

Supply of tokenized RWAs $30B today and expected to reach $16T by 20304

$29B

RWA Market Cap (ex. Stable) as of Q1ʼ265

Agents forecast to process

$3-5T of transactions by 20306. Crypto is the native execution rail for the agent-led economy:

Global

Efficient

Programmable

Always on (24/7)

[1] Total Crypto Market Trading Volume is defined as the total USD value of all crypto matched spot and derivative trading volumes across exchanges defined in our proprietary competitor set during the period of measurement, based on data obtained from CoinDesk Data, CoinMetrics, and Dune. [2] Stablecoin Market Cap is defined as total market capitalization of all stablecoins on the last day of the quarter based on data obtained from CoinDesk Data, CoinMarketCap, and CoinGecko. [3] Per remarks delivered by Treasury Secretary Scott Bessent on November 12, 2025. 4

[4] Source: Boston Consulting Group and ADDX. [5] Source: rwa.xyz, reported as Distributed Asset Value which measures the total value of real-world assets tokenized onchain, excluding stablecoins. [6] Source: McKinsey.

Coinbase is uniquely positioned

to capitalize on this transformation

Most Trusted

$294B

Assets on Platform1 in Q1 - the most crypto stored in the world

80+

Licenses; global regulatory foundation

Global Liquidity

U.S. Crypto Spot Trading Market Share2

$5.2T

Total Trading Volume5 TTM

Stablecoin Platform

Regulated stablecoin -USDC Market Cap reached

$80B supply in Q13

$19B

Avg USDC Held in Coinbase Products in Q16

Repeatable Innovation

Products with $100M+ in annualized revenue4

44%

Subscription & Services as % of total net revenue in Q1

Assets on Platform is defined as the total U.S. dollar equivalent value of crypto assets and payment stablecoins held or managed on behalf of customers in digital wallets on our platform, including our custody services but excluding assets for which the customer holds full or partial keys, calculated based on the market price on the last day of the quarter.

U.S. Crypto Spot Trading Market Share is defined as Coinbase U.S. Crypto Spot Trading Volume divided by U.S. Crypto Market Spot Trading Volume. Coinbase U.S. Crypto Spot Trading Volume is defined as the total U.S. dollar equivalent value of spot matched trades transacted between a buyer and seller transacted on a U.S. exchange through our platform, plus half of the trade value of spot trades that are routed off our platform for fulfillment, during the period of measurement. U.S. Crypto Market Spot Trading Volume is defined as the total USD value of all crypto matched spot trading volumes across U.S. exchanges defined in our proprietary competitor set during the period of measurement, based on data obtained from CoinDesk Data, CoinMetrics, and Dune.

Market capitalization (end of day) of USDC on March 18, 2026, based on data obtained from CoinGecko.

Measured based on when a given product generated $100 million in quarterly annualized net revenue for the most recent qualifying quarter.

Total Trading Volume comprises Spot Trading Volume and Derivatives Trading Volume. Spot Trading Volume is the total U.S. dollar equivalent value of spot matched trades transacted between a buyer and seller through our platform, plus half of the value of trades that we routed off our platform for fulfillment, during the period of measurement. Derivatives Trading Volume is the total U.S. dollar equivalent value of the notional amount of 5

derivatives trades transacted between a buyer and seller through our platform during the period of measurement. Both measurements represent the product of the quantity of assets transacted and the trade price of the underlying at the time the transaction was executed.

Corporate USDC balances and USDC held on behalf of customers in eligible Coinbase products.

We build better financial services powered by crypto

Consumers Institutions Developers

Financial Super App

Advanced Trading Platform

Self-custody Wallet Prime Brokerage Developer Platform

Custody

Settlement

Common foundations create network effects and economies of scale across our platform

Secure Custody

We store the most crypto in the world through our battle-tested custody platform

Global Liquidity

Exchange ecosystem benefits from deep liquidity serving consumers, advanced traders, and institutions

Regulatory Foundations

Shared compliance and regulatory infrastructure in key markets around the world

Global Settlement

Incubated Base; support 60+ blockchains for fast, cheap settlement rails

Stablecoins

Regulatory

Co-founded USDC; support 5+ stablecoins for global, efficient money movement

Liquidity

Stablecoins

Q1 2026 Highlights

Derivatives Trading Volume1 TTM growth

169% Y/Y

Average USDC Held in Coinbase Products2

↓

55% Y/Y

Base Chain stablecoin transaction volume3

↓

10x Y/Y

Product lines generating $100M+ annualized revenue4

USDC on Base share of onchain agentic commerce volume in Q1ʼ265

90%+

Derivatives Trading Volume is the total U.S. dollar equivalent value of the notional amount of derivatives trades transacted between a buyer and seller through our platform during the period of measurement. [2] Corporate USDC balances and USDC held on behalf of customers in eligible Coinbase products. [3] Source: Artemis Analytics. [4] Measured based on when a given product generated $100 million in quarterly annualized net revenue for the most recent qualifying quarter. [5] Source: Artemis Analytics.

Gained trading market share in a down market

Gained share in both spot & derivatives globally, reaching an all-time high ("ATH") in Crypto Trading Volume Market Share

Momentum led by product innovation and growth in derivatives

Growth in global spot share reflecting our position as the most trusted

Coinbase Crypto Trading Volume Market Share is defined as Coinbase Total Crypto Trading Volume divided by Total Crypto Market Trading Volume. Total Crypto Trading Volume is defined as the total USD value of all crypto matched spot and derivative trading volumes across exchanges defined in our proprietary competitor set during the period of measurement, based on data obtained from CoinDesk Data, CoinMetrics, and Dune. Coinbase Total Crypto Trading Volume comprises Spot Trading Volume and Derivatives Trading Volume. Spot Trading Volume is the total U.S. dollar equivalent value of spot matched trades transacted between a buyer and seller through our platform, plus half of the value of trades that we routed off our platform for fulfillment, during the period of measurement. Derivatives Trading Volume is the total U.S. dollar equivalent value of the notional amount of derivatives trades transacted between a

buyer and seller through our platform during the period of measurement. Both measurements represent the product of the quantity of assets transacted and the trade price of the underlying at the time the transaction was executed. Coinbase Total Crypto Trading Volume excludes certain Fiat-Stablecoin 9

conversion activity. Competitor volumes in the denominator may include Fiat-Stablecoin trading pairs not captured in our numerator, which may affect comparability across venues.

Coinbase stores the most crypto in the world

Leading crypto custodian globally, storing more crypto than any other platform

12th consecutive quarter of Q/Q native unit inflows, with strength in majors (BTC/ETH/SOL)

3rd consecutive year of growth in AOP as a % of Total Crypto Market Capitalization

Assets on Platform divided by Total Crypto Market Capitalization. Total Crypto Market Capitalization is defined as total dollar value market capitalization of all publicly tradable crypto assets and payment stablecoins on the last day of the quarter, based on data obtained from 10

CoinDesk Data, CoinMarketCap, and CoinGecko.

Coinbase is the distribution engine driving USDC growth and receives ~50% of total USDC economics

USDC Market Cap reached ATH of ~$80B in March

More than 25% of USDC in circulation is held in Coinbase products (ATH)

Over the past year, we have captured ~50% of all USDC economics; deeper product integration driving greater USDC adoption

We power USDC's global network effect; our economics scale with adoption

Average USDC Held in Coinbase Products defined as corporate USDC balances and USDC held on behalf of customers in eligible Coinbase products in Q1ʼ26.

Average USDC Market Capitalization defined as average of each day's market capitalization (end of day) of USDC over the period of measurement, based on data obtained from CoinDesk Data, CoinMarketCap, and CoinGecko. 11

2026 Priorities

Everything Exchange

Trade every asset class in one place: crypto, equities, prediction markets, commodities, and FX with deep liquidity and capital efficiency.

Stablecoins & Payments

Enable money to move globally at the speed of the internet.

Onchain

Update the financial system by bringing trading and payments onchain.

Everything Exchange: New asset classes showing signs of success

Derivatives Trading Volume1 TTM up 169% Y/Y;

Measured based on when a given product generated $200 million in quarterly annualized net revenue for the most recent qualifying quarter. 13

Measured based on when the product generated $100 million in quarterly annualized net revenue, calculated as twelve times March revenue.

Stablecoins & Payments: Coinbase is accelerating adoption via USDC and Base

Source: Artemis Analytics, reported as "Supply." Current total supply of stablecoins in USD at the end of each period. See also Footnote 4 below.

Source: Artemis Analytics, reported as "Adjusted Transaction Volume." Adjusted stablecoin transaction volume (MEV and intra-exchange volumes removed) in USD. Measured by stablecoin. See also Footnote 4 below.

Source: Artemis Analytics, reported as "Adjusted Transaction Volume." Adjusted stablecoin transaction volume (MEV and intra-exchange volumes removed) in USD. Measured by chain. 14

USDC and Partner Stablecoins refer to stablecoin issuers with which Coinbase has a commercial partnership and economic relationship.

Stablecoins & Payments: We believe agents will

99%+

of onchain agentic commerce completed using USDC in Q1ʼ26

90%+

of agentic stablecoin transaction volumes were on Base in Q1ʼ26

100M+

total x402 payments processed as of Q1ʼ26

Coinbase is the settlement, distribution, and commerce layer for agents

Source: Artemis Analytics. 15

Onchain: DeFi integrations are driving real-world utility

Sum of the average loans outstanding through our Borrow product and the average lend balances through our Lend product in the relevant period. Borrow/Lend balances are powered by onchain DeFi protocols accessible in the Coinbase app. 16

The future of finance is onchain, and Coinbase is best positioned to power it

The onchain economy has reached escape velocity

Coinbase's full stack platform is powering it

The next frontier is agentic and on Coinbase

Q1 Financial Highlights

Total revenue

$1.4B

Transaction revenue

$756M

Subscription & services revenue

$584M

Net income (loss)

$(394)M

Adjusted EBITDA1

$303M

Cash & cash equivalents

$10.2B

Adjusted EBITDA is a non-GAAP financial measure. See Appendix for definition and reconciliation.

Q1 Report Card

Strong fundamentals despite macro headwinds

Macro headwinds outpaced growth

Declining Market Cap

Total Crypto Market Capitalization & Total Crypto Trading Volumes both down 20%+ Q/Q

Low Volatility

Suppressed trading activity, particularly in longer-tail assets driven by broader risk-off sentiment

The business is healthy

Reached ATH in Coinbase Crypto Trading Volume Market Share

12th consecutive quarter of net native unit inflows; continue to store the most crypto globally

T&D + G&A well below outlook in Q1

Q1 results were within outlook (or better)

Metric

Q1 Outlook (Feb 2026)

Q1 Actuals

Subscription & Services Revenue Transaction Expenses

$550-$630 million1 Low-to-Mid teens

$584 million ✓

as a % of net revenue

Technology & Development + General & Administrative Expenses

$925-$975 million

$902 million

✓+

Sales and Marketing Expenses

$215-$315 million

$267 million

✓

Total Stock-based Compensation

~$250 million

$248 million

✓

14.6% ✓

[1] Outlook range of $550-$630M provided February 2026 was prior to reclassification of stablecoin revenue related to our own corporate balances to Other Revenue. 20

Disclaimer

Coinbase Global Inc. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 23:34 UTC.