Coinbase Global Inc - Ordinary Shares - Class A
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+ FollowMarket Cap$37.87B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Predictions (new product) is offsetting weaker spot trading mix (good + surprising): Prediction markets is one of Coinbase’s fastest-growing “new revenue products,” launched in February 2026. In Q3 2026 it crossed ~$200M annualized run-rate revenue (management comment). Importantly, spot crypto trading volume was down ~10% QoQ, yet total transaction revenue was flat QoQ because predictions (and derivatives) grew and changed the revenue mix. Management highlighted this as incremental growth (not cannibalizing spot—customers are adding dollars to predictions/derivatives rather than fully switching).
Bitcoin thesis is getting stronger via ETF inflows + “Bitcoin as collateral” (good): Coinbase discussed that Bitcoin sentiment has improved (price stabilized; risk-asset behavior still exists) and that the quarter included significant Bitcoin ETF inflows. They also emphasized improving DeFi/DEX liquidity dynamics because users increasingly want to keep Bitcoin and use it as collateral (example: Base’s financing product growing; Base using Bitcoin-collateral financing to support more trading/activities).
Stablecoins strategy: USDC remains central; Coinbase and Circle are “coopetitors” (good, clarifies business model): Coinbase reaffirmed commitment to USDC (co-founder role) while supporting other regulated stablecoins (e.g., PYUSD, and examples like OUSD). Management said Coinbase’s competitive edge is distribution + customer relationships + deep product integration. Quant highlights: Coinbase captures about ~50% of USDC economics and holds about ~30% of total USDC in circulation as assets on-platform. USDC usage on Coinbase platform hit all-time highs; total USDC assets on platform have grown for several sequential quarters.
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Share Statistics
| Market cap | $37.87 Billion |
|---|---|
| Enterprise Value | $35.46 Billion |
| Earnings per Share | $4.85 |
| Beta | 3.41 |
| Outstanding Shares | 263,788,000 |
Return
| Return on Equity | -5.36% |
|---|---|
| Return on Assets | -2.65% |
| Return on Invested Capital | 0.24% |
Valuation & Multiples
| P/E Ratio | -54.79 |
|---|---|
| PEG | -82.82 |
| Price to Sales | 8.42 |
| Price to Book Ratio | 3.09 |
| Enterprise Value to Revenue | 7.27 |
| Enterprise Value to EBIT | 761.34 |
| Enterprise Value to Net Income | -51 |
| Total Debt to Enterprise | 0.18 |
| Debt to Equity | 0.5 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$-0.23
Consensus analyst estimateRevenue Estimate
$1.22 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 11, 2027
EPS Estimate
$-0.07
Consensus analyst estimateRevenue Estimate
$1.29 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.68, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.6832▼ 26.66% |
|---|---|
| Total Calls | 216,492▼ 99.42% |
| Total Puts | 147,900▼ 99.58% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.58%▼ 53.45% |
|---|---|
| Total Invested | $1.25B▼ 94.20% |
| Investors Holding | 399▼ 851.00% |
About Coinbase Global Inc
1,249 employees
CEO: Brian Armstrong
Coinbase is building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system enabled by crypto. The company started in 2012 with the radical idea that anyone, anywhere, should be able to easily and secure...