Coinbase Global
COIN on Nasdaq. Coinbase sells crypto trading and financial services to retail and institutional customers. Market value $74.2bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Financial services stocks on the list
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 6 cents. Above 10 is good.
What you pay for each dollar of net assets: $3.80.
Profit per $100 you pay: $-1.99.
Quality score: 72 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$185.74 a share, 34% above its 1-year low
Over the past year the price has ranged from $139.11 to $402.16.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $7.8bn | $3.2bn | $3.1bn | $6.6bn | $7.2bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.22bn | 0.22bn | 0.25bn | 0.25bn | 0.27bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsShrinking, 2.2% a year
- Buying back its own sharesNo, 22% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.2 billion last quarter, down 19% on a year ago.
- A loss of $359 million, after a profit of $1.4 billion a year ago.
- 6% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.2bn |
| December 2024 | $2.3bn |
| March 2025 | $2.0bn |
| June 2025 | $1.5bn |
| September 2025 | $1.9bn |
| December 2025 | $1.8bn |
| March 2026 | $1.4bn |
| June 2026 | $1.2bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $75m |
| December 2024 | $1.3bn |
| March 2025 | $66m |
| June 2025 | $1.4bn |
| September 2025 | $433m |
| December 2025 | -$667m |
| March 2026 | -$394m |
| June 2026 | -$359m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 29 October 2026
- Last annual report (10-K)
- 12 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 1,115 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Patient Capital ManagementSamantha McLemore | $68m | 2.2% | Added |
| Gotham Asset ManagementJoel Greenblatt | $346,909 | <0.1% | Cut |
Largest holders overall
- BlackRock$2.4bn
- Vanguard Capital Management$2.1bn
- Vanguard Portfolio Management$1.4bn
- State Street$1.4bnAdded
- Geode Capital Management$946m
- Morgan Stanley$556m
- Banque Cantonale Vaudoise$501mAdded
- Paradigm Operations LP$466mCut
- Norges Bank$408mNew
- Goldman Sachs Group$372m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Brian ArmstrongPassive investorat least 13.9%(filed with 1 related holder)Since 31 December 2024
- Vanguard Capital ManagementPassive investor7.3%Since 31 March 2026
- BlackRock, Inc.Passive investor6.9%Since 30 June 2025
- G1 Execution Services, LLCPassive investorat least 4.2%−1.1 pts(filed with 3 related holders)Since 31 March 2025
- Frederick Ernest Ehrsam IIIPassive investorSold down below 5%Since 31 December 2024
- JANE STREET GROUP, LLCPassive investorSold down below 5%Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Brian Armstrong Passive investor | at least 13.9% (filed with 1 related holder) | 31 December 2024 | |
Vanguard Capital Management Passive investor | 7.3% | 31 March 2026 | |
BlackRock, Inc. Passive investor | 6.9% | 30 June 2025 | |
G1 Execution Services, LLC Passive investor | at least 4.2%−1.1 pts (filed with 3 related holders) | 31 March 2025 | |
Frederick Ernest Ehrsam III Passive investor | Sold down below 5% | 31 December 2024 | |
JANE STREET GROUP, LLC Passive investor | Sold down below 5% | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 9 sold $338m, $304m of it under preset trading plans.
- Andreessen Marc LDirectorSoldunder a preset trading plan
- Date
- 2 October 2026
- Shares
- 6,838
- Price
- $198.00
- Value
- $1m
- Andreessen Marc LDirectorSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 13,676
- Price
- $186.18
- Value
- $3m
- HAAS ALESIA JChief Financial OfficerSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 39,030
- Price
- $205.24
- Value
- $8m
- Andreessen Marc LDirectorSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 6,838
- Price
- $205.05
- Value
- $1m
- Andreessen Marc LDirectorSoldunder a preset trading plan
- Date
- 8 September 2026
- Shares
- 13,676
- Price
- $181.14
- Value
- $2m
- WILSON FREDERICK RDirectorSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 10,000
- Price
- $178.93
- Value
- $2m
- Jones Jennifer N.Chief Accounting OfficerSoldunder a preset trading plan
- Date
- 24 August 2026
- Shares
- 2,062
- Price
- $188.75
- Value
- $389,203
- WILSON FREDERICK RDirectorSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 35,068
- Price
- $144.32
- Value
- $5m
- WILSON FREDERICK RDirectorSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 10,000
- Price
- $159.09
- Value
- $2m
- Jones Jennifer N.Chief Accounting OfficerSoldunder a preset trading plan
- Date
- 5 June 2026
- Shares
- 2,051
- Price
- $158.15
- Value
- $324,366
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 October 2026 | Andreessen Marc L Director | Sold under a preset trading plan | 6,838 | $198.00 | $1m |
| 1 October 2026 | Andreessen Marc L Director | Sold under a preset trading plan | 13,676 | $186.18 | $3m |
| 21 September 2026 | HAAS ALESIA J Chief Financial Officer | Sold under a preset trading plan | 39,030 | $205.24 | $8m |
| 21 September 2026 | Andreessen Marc L Director | Sold under a preset trading plan | 6,838 | $205.05 | $1m |
| 8 September 2026 | Andreessen Marc L Director | Sold under a preset trading plan | 13,676 | $181.14 | $2m |
| 1 September 2026 | WILSON FREDERICK R Director | Sold under a preset trading plan | 10,000 | $178.93 | $2m |
| 24 August 2026 | Jones Jennifer N. Chief Accounting Officer | Sold under a preset trading plan | 2,062 | $188.75 | $389,203 |
| 3 August 2026 | WILSON FREDERICK R Director | Sold under a preset trading plan | 35,068 | $144.32 | $5m |
| 1 July 2026 | WILSON FREDERICK R Director | Sold under a preset trading plan | 10,000 | $159.09 | $2m |
| 5 June 2026 | Jones Jennifer N. Chief Accounting Officer | Sold under a preset trading plan | 2,051 | $158.15 | $324,366 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 9 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 2.2% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.