Coinbase Global : First Quarter 2026 Earnings Presentation

About this update from Coinbase Global, Inc.

Our mission is to increase economic freedom in the world Crypto is updating all financial services, AI is an accelerant The Onchain Economy Trading Total Crypto Trading Volume 1 has grown more than 50x over the past 7 years $14T Total Crypto Trading Volume as of Q1ʼ26 Stablecoins Stablecoin Market Cap 2 $300B today and expected to 10x to $3T by 2030 3 $305B Stablecoin Market Cap as of Q1ʼ26 Tofienization Supply of tokenized RWAs $30B today and expected to reach $16T by 2030 4 $29B RWA Market Cap (ex. Stable) as of Q1ʼ26 5 AI-Native Finance Agents forecast to process $3-5T of transactions by 2030 6 . Crypto is the native execution rail for the agent-led economy: Global Efficient Programmable Always on (24/7) AI [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 1 $294B Assets on Platform 1 in Q1 - the most crypto stored in the world 80+ Licenses; global regulatory foundation Global Liquidity 2 1 U.S. Crypto Spot Trading Market Share 2 $5.2T Total Trading Volume 5 TTM Stablecoin Platform 3 1 Regulated stablecoin -USDC Market Cap reached $80B supply in Q1 3 $19B Avg USDC Held in Coinbase Products in Q1 6 Repeatable Innovation 4 12 Products with $100M+ in annualized revenu e 4 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 6 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 1 2 3 4 5 Liquidity Stablecoins 7 Q1 2026 Highlights Derivatives Trading Volume 1 TTM growth 169% Y/Y Average USDC Held in Coinbase Products 2 ↓ ↓ 55% Y/Y Base Chain stablecoin transaction volume 3 ↓ 10x Y/Y Product lines generating $100M+ annualized revenue 4 12 USDC on Base share of onchain agentic commerce volume in Q1ʼ26 5 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 Marfiet Share 1 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 Assets on Platform 1 and % of Total Crypto Marfiet Capitalization 2 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 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. 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 Average USDC Held in Coinbase Products 1 and Average USDC Marfiet Capitalization 2 ~2x USDC Circulation ~10x USDC Held in Coinbase Products 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 1 Everything Exchange Trade every asset class in one place: crypto, equities, prediction markets, commodities, and FX with deep liquidity and capital efficiency. 2 Stablecoins & Payments Enable money to move globally at the speed of the internet. 3 Onchain Update the financial system by bringing trading and payments onchain. 12 1 Everything Exchange: New asset classes showing signs of success Derivatives Trading Volume 1 TTM up 169% Y/Y; retail derivatives annualized revenue $200M+ 2 Derivatives Trading Volume TTM ($M) Prediction markets scaling quickly, reaching $100M+ annualized revenue in March 3 (first two full months live) 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. 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 $100 million in quarterly annualized net revenue, calculated as twelve times March revenue. 2 Stablecoins & Payments: Coinbase is accelerating adoption via USDC and Base Total Stablecoin Circulation 1 ($B) 4 Stablecoin Transaction Volume by Asset 2 ($T) 4 Stablecoin Transaction Volume by Chain 3 ($T) 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. 2 Stablecoins & Payments: We believe agents will outnumber humans and drive the onchain economy 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 3 Onchain: DeFi integrations are driving real-world utility 2x Q/Q growth in DEX Trading Volume driven by our native integration in Coinbase app DEX Trading Volume ($M) $1B+ Y/Y growth in Borrow/Lend balances Average Borrow/Lend Balances 1 ($M) 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 1 The onchain economy has reached escape velocity 2 Coinbase's full stack platform is powering it 3 The next frontier is agentic and on Coinbase 17 Q1 Financial Highlights Total revenue $1.4B Transaction revenue $756M Subscription & services revenue $584M Net income (loss) $(394)M Adjusted EBITDA 1 $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 Gained Market Share Reached ATH in Coinbase Crypto Trading Volume Market Share Native Units Up 12th consecutive quarter of net native unit inflows; continue to store the most crypto globally Green Shoots on Everything Exchange Retail Derivatives: $200M+ annualized revenue as of Q1ʼ26 Prediction Markets: $100M+ annualized revenue as of March DEX Trading: $450M+ in cumulative volume as of Q1ʼ26 Proactive Expense Discipline T&D + G&A well below outlook in Q1 19 Q1 results were within outlook (or better) Metric Q1 Outlook (Feb 2026) Q1 Actuals Subscription & Services Revenue Transaction Expenses $550-$630 million 1 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 Attention : This is an excerpt of the original content. 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