Coinbase Global : First Quarter 2026 Analyst Call Transcript
COIN
Published on 05/08/2026 at 03:45 am EDT
Joining me on today's call is Alesia Haas, CFO. Before we get started, I'd like to remind you that during today's call we may make forward looking statements. Actual results may vary materially from today's statements. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings.
Our discussion today will also include references to certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the earnings presentation on our investor relations website. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures. With that, we'll start to get into questions.
I see some folks have already started to raise their hands. We're using Google Meet this quarter to facilitate the Q&A. We just ask that everyone mute themselves to prevent any background noise. We'll call on folks who have raised their hands in the order their hands were raised. When called upon, please unmute yourself and ask your question. We ask that you limit yourself to one question and one follow up before placing yourself back on mute. Those joined by phone only will unfortunately not be able to ask a question directly on this call. Our first question from Owen Lau.
So I hope that provides more color and context to these numbers. We do have some expenses that are seasonal, so we don't necessarily, but they're within kind of bounds. So you're not going to see this wildly fluctuate Q2, Q3, Q4, but there could be some variance quarter to quarter.
arrived at, at that figure and whether you maybe think there's room to, to maybe reduce headcount by even more if you need to pull that lever. Thanks.
$100 million run rate revenue business and that's the second month of true meaningful operations. So that's the best information that we have to share with you on its recent trajectory and the traction that it's receiving. We shared previously but we are not monetizing our equity product at this time. So think about that as client engagement and share of wallet and building a deeper relationship with our clients but not a key monetization driver for us.
pleased to see that. And I think it's because of the value proposition that we provide the opportunity to have a Coinbase One credit card, the rewards that we can offer on USDC, etc. That we are seeing the ability to attract customers into that product and program who may not trade in that period. But as I shared, it's so important to note that the Coinbase One subscribers trade more on average than other customers, they generate more revenue than other customers and so they're highly gauged customer set.
We are the settlement, distribution and commerce layer for agents. 99% of onchain agentic commerce completed using USDC in the first quarter, 90% of Agentic stablecoin transaction volumes on Base in the first quarter and x402 reached over 100 million of payments processed in the first quarter. So we are seeing incredible adoption of agents through our stack of products.
back meaningfully, what you will see is probably growth mostly in sales and marketing through the format of USDC rewards and or growth marketing and other partnership payments. But you will not likely see significant increase in fixed expenses.
So both side of those marketplaces, as we see that increase, we expect you'll start to see an increase in transaction throughput where more agents are created and there's more places where individuals can use stablecoins and agentic payments. I think about it as a similar arc to the growth of credit card networks where you really need both merchants to accept credit cards and then you need consumers to have credit cards and show a preference for using them.
All right, I see Patrick Moley's hand up.
not just a pure Base item. And so you have a lot of puts and takes in there. And it's hard to see a true trend line within that financial statement line item.
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 08, 2026 at 07:43 UTC.