Coinbase Global, Inc. (COIN): Business Model Canvas

In der sich schnell entwickelnden Welt des digitalen Finanzwesens hat sich Coinbase Global, Inc. zu einer Pionierkraft entwickelt und die Art und Weise verändert, wie Einzelpersonen und Institutionen mit Kryptowährungen umgehen. Durch das Angebot einer robusten, sicheren und innovativen Handelsplattform hat sich Coinbase strategisch an der Schnittstelle von Technologie, Finanzen und Blockchain-Innovation positioniert. Dieses umfassende Business Model Canvas enthüllt die komplizierten Mechanismen, die Coinbase von einem Startup zu einem Unternehmen gemacht haben 50 Milliarden Dollar Das börsennotierte Unternehmen bietet beispiellose Einblicke in seine operative Exzellenz und seinen strategischen Ansatz zur Demokratisierung von Kryptowährungsinvestitionen.

Coinbase Global, Inc. (COIN) – Geschäftsmodell: Wichtige Partnerschaften

Anbieter von Blockchain-Technologie und Kryptowährungsnetzwerken

Coinbase hat Partnerschaften mit mehreren Blockchain-Netzwerken aufgebaut:

Blockchain-Netzwerk	Einzelheiten zur Partnerschaft	Gründungsjahr
Bitcoin	Unterstützung beim Primärhandel und bei der Verwahrung	2012
Ethereum	Vollständige Handels- und Smart-Contract-Integration	2015
Cardano	Listungs- und Handelsunterstützung	2021

Bankinstitute und Zahlungsabwickler

Coinbase arbeitet mit Finanzinstituten für Fiat-Währungstransaktionen zusammen:

• JPMorgan Chase
• Wells Fargo
• Bank of America
• Visum
• Mastercard

Risikokapital- und Investmentfirmen

Zu den wichtigsten Investitionspartnerschaften gehören:

Risikokapitalunternehmen	Investitionsbetrag	Jahr
Andreessen Horowitz	25 Millionen Dollar	2013
Ribbit Capital	15 Millionen Dollar	2014
DFJ-Wachstum	100 Millionen Dollar	2018

Einhaltung gesetzlicher Vorschriften und Rechtsberatung

Compliance-Partnerschaften:

• Kettenanalyse
• Elliptisch
• Merkle-Wissenschaft

Technologie- und Cloud-Service-Anbieter

Technische Infrastrukturpartnerschaften:

Anbieter	Servicetyp	Vertragswert
Amazon Web Services	Cloud-Infrastruktur	50 Millionen US-Dollar pro Jahr
Google Cloud	Backup und Notfallwiederherstellung	25 Millionen US-Dollar jährlich
Microsoft Azure	Hybride Cloud-Lösungen	30 Millionen US-Dollar jährlich

Coinbase Global, Inc. (COIN) – Geschäftsmodell: Hauptaktivitäten

Betrieb der Kryptowährungs-Handelsplattform

Im vierten Quartal 2023 meldete Coinbase weltweit 110 Millionen verifizierte Benutzer. Die Plattform unterstützt den Handel mit über 240 Kryptowährungen. Das durchschnittliche tägliche Handelsvolumen betrug im Jahr 2023 2,1 Milliarden US-Dollar.

Plattformmetrik	Wert
Gesamtzahl der registrierten Benutzer	110 Millionen
Unterstützte Kryptowährungen	240+
Durchschnittliches tägliches Handelsvolumen	2,1 Milliarden US-Dollar

Überprüfung und Sicherheit von Blockchain-Transaktionen

Coinbase beschäftigt mehrschichtige Sicherheitsprotokolle 98 % der digitalen Assets werden im Offline-Kühlspeicher gespeichert.

• Sicherheitsinvestitionen: 300 Millionen US-Dollar jährlich
• Cybersicherheitsteam: über 250 spezialisierte Fachleute
• Versicherungsschutz für digitale Vermögenswerte: 255 Millionen US-Dollar

Verwahrung digitaler Vermögenswerte und Wallet-Management

Coinbase Custody verwaltet im Dezember 2023 über 90 Milliarden US-Dollar an institutionellen digitalen Vermögenswerten.

Custody-Service-Metrik	Wert
Gesamtes verwahrtes Vermögen	90 Milliarden Dollar
Institutionelle Kunden	5,000+

Compliance und regulatorische Berichterstattung

Coinbase gewährleistet die Einhaltung der Vorschriften in über 100 globalen Gerichtsbarkeiten mit einem engagierten Team zur Einhaltung gesetzlicher Vorschriften, das aus über 350 Fachleuten besteht.

• Jährliche Compliance-Ausgaben: 175 Millionen US-Dollar
• Behördliche Lizenzen: 61 staatliche und bundesstaatliche Lizenzen

Produktentwicklung und Innovation

Die Forschungs- und Entwicklungsinvestitionen im Jahr 2023 beliefen sich auf insgesamt 425 Millionen US-Dollar und konzentrierten sich auf Blockchain-Technologie und Kryptowährungsdienste.

Innovationsmetrik	Wert
Jährliche F&E-Investitionen	425 Millionen Dollar
Neue Produkteinführungen im Jahr 2023	12
Größe des Software-Engineering-Teams	Über 1.200 Fachleute

Coinbase Global, Inc. (COIN) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Technologieinfrastruktur für den Kryptowährungshandel

Ab dem vierten Quartal 2023 unterhält Coinbase eine Die Cloud-Infrastruktur verarbeitet täglich über 500 Millionen API-Anfragen. Der Technologie-Stack des Unternehmens umfasst:

• Cloud-Computing-Infrastruktur mit 99,99 % Verfügbarkeit
• Echtzeit-Handelsmaschine, die mehr als 1.500 Kryptowährungstransaktionen pro Sekunde abwickeln kann
• Multi-Cloud-Bereitstellung über Amazon Web Services und Google Cloud Platform

Infrastrukturmetrik	Spezifikation
Gesamtkapazität des Servers	Über 500 dedizierte Server
Standorte von Rechenzentren	12 globale Rechenzentren
Jährliche Technologieinvestition	327 Millionen US-Dollar (2023)

Große Benutzerdatenbank und Kundennetzwerk

Das Benutzernetzwerk von Coinbase umfasst:

• 108 Millionen verifizierte Benutzer weltweit (4. Quartal 2023)
• 7,1 Millionen Nutzer mit monatlichen Transaktionen
• Präsenz in über 100 Ländern

Robuste Cybersicherheitssysteme

Sicherheitsmetrik	Detailliert
Jährliches Cybersicherheitsbudget	89 Millionen Dollar
Sicherheitspersonal	372 engagierte Cybersicherheitsexperten
Verschlüsselungsstandards	AES-256-Bit-Verschlüsselung

Qualifizierte technische und finanzielle Fachkräfte

Aufschlüsselung der Coinbase-Belegschaft:

• Gesamtzahl der Mitarbeiter: 4.900 (Stand Dezember 2023)
• Technisches Personal: 2.600 (53 % der Belegschaft)
• Durchschnittliches Ingenieurgehalt: 185.000 US-Dollar pro Jahr

Proprietäre Blockchain- und Handelsalgorithmen

Algorithmusmetrik	Spezifikation
Komplexität des Handelsalgorithmus	Auf maschinellem Lernen basierende Vorhersagemodelle
Patentportfolio	37 Blockchain-bezogene Patente
F&E-Investitionen	214 Millionen US-Dollar im Jahr 2023

Coinbase Global, Inc. (COIN) – Geschäftsmodell: Wertversprechen

Sichere und benutzerfreundliche Handelsplattform für Kryptowährungen

Coinbase meldete für 2023 einen Gesamtumsatz von 1,6 Milliarden US-Dollar, wobei eine Plattformsicherheitsinfrastruktur digitale Vermögenswerte im Wert von über 98 Milliarden US-Dollar schützt. Die Plattform unterstützt über 240 Kryptowährungen und bedient 108 Millionen verifizierte Benutzer weltweit.

Sicherheitsmetrik	Statistik 2023
Verwahrte Vermögenswerte	98 Milliarden Dollar
Verifizierte Benutzer	108 Millionen
Unterstützte Kryptowährungen	240+

Große Auswahl an Anlagemöglichkeiten für digitale Vermögenswerte

Coinbase bietet verschiedene Anlageprodukte in mehreren Kategorien an:

• Spothandel
• Futures-Handel
• Absteckdienste
• NFT-Marktplatz
• Institutionelle Anlageprodukte

Niedrige Transaktionsgebühren

Transaktionstyp	Gebührenprozentsatz
Spothandel im Einzelhandel	0.60%
Institutioneller Handel	0.35%
Coinbase Pro	0.50%

Institutionelle und private Anlagelösungen

Das institutionelle Segment von Coinbase erwirtschaftete im Jahr 2023 einen Umsatz von 1,1 Milliarden US-Dollar und betreute mehr als 10.000 institutionelle Kunden, darunter Hedgefonds, Unternehmen und Vermögensverwalter.

Vereinfachte Investition und Verwaltung von Kryptowährungen

• Mobile App-Downloads: 15 Millionen aktive monatliche Benutzer
• Wallet-Dienste: Unterstützt mehr als 170 Kryptowährungen
• Globale Verfügbarkeit: In über 100 Ländern tätig

Coinbase Global, Inc. (COIN) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattform

Im vierten Quartal 2023 meldete Coinbase 108 Millionen verifizierte Benutzer auf seiner Plattform. Die digitale Plattform bietet:

• Sofortiger Kryptowährungshandel
• Verwaltung digitaler Geldbörsen
• Transaktionsverfolgung in Echtzeit

Plattformfunktion	Benutzerengagement-Metrik
Monatlich aktive Benutzer	8,4 Millionen (Q4 2023)
Transaktionsvolumen	80 Milliarden US-Dollar im Monatsdurchschnitt

Online-Kundensupportkanäle

Coinbase bietet Multi-Channel-Kundensupport mit:

• Live-Chat-Support rund um die Uhr
• E-Mail-Support-Ticketsystem
• Telefonsupport für Premium-Benutzer

Support-Kanal	Durchschnittliche Reaktionszeit
Live-Chat	12 Minuten
E-Mail-Support	24-48 Stunden

Bildungsressourcen und Markteinblicke

Die Coinbase Learn-Plattform bietet:

• Tutorials zu Kryptowährungen
• Marktanalyseberichte
• Leitfäden zur Anlagestrategie

Bildungsinhalte	Monatliches Engagement
Video-Tutorials	2,1 Millionen Aufrufe
Marktforschungsartikel	1,5 Millionen Lesungen

Community-Engagement durch soziale Medien

Anzahl der Social-Media-Follower ab Januar 2024:

• Twitter: 2,3 Millionen Follower
• LinkedIn: 1,1 Millionen Follower
• YouTube: 650.000 Abonnenten

Personalisierte Anlageempfehlungen

Das Coinbase Earn-Programm bietet:

• Maßgeschneiderte Krypto-Investitionsvorschläge
• Tools zur Risikobewertung
• Empfehlungen zur Portfoliooptimierung

Empfehlungsdienst	Benutzerakzeptanzrate
Personalisierte Anlagevorschläge	37 % der aktiven Nutzer
Portfoliooptimierung	22 % der aktiven Nutzer

Coinbase Global, Inc. (COIN) – Geschäftsmodell: Kanäle

Webbasierte Handelsplattform

Ab dem vierten Quartal 2023 hostet Coinbase.com 108 Millionen verifizierte Benutzer weltweit. Die Plattform unterstützt den Handel mit 252 Kryptowährungen. Das jährliche Transaktionsvolumen der Webplattform erreichte im Jahr 2023 1,4 Billionen US-Dollar.

Plattformmetrik	Daten für 2023
Gesamtzahl der verifizierten Benutzer	108 Millionen
Unterstützte Kryptowährungen	252
Jährliches Transaktionsvolumen	1,4 Billionen Dollar

Mobile Anwendung

Die mobile Coinbase-App hat 89 Millionen aktive Mobilfunknutzer im Jahr 2023. Die App generiert ca 42 % der gesamten Plattformtransaktionen.

Kryptowährungs-Wallet-Dienste

Coinbase Wallet unterstützt Über 500 Kryptowährungen. Gesamtes verwaltetes Wallet-Vermögen: 96 Milliarden Dollar Stand: Dezember 2023.

Empfehlungs- und Affiliate-Marketing

Das Coinbase-Empfehlungsprogramm generiert ungefähr 280 Millionen Dollar im Jahresumsatz. Wichtige Empfehlungskennzahlen:

• Durchschnittlicher Empfehlungsbonus: 10 $ pro erfolgreicher Anmeldung
• Gesamtes Empfehlungsnetzwerk: 2,4 Millionen aktive Partner
• Conversion-Rate: 3,7 % der Empfehlungen

Direktvertrieb an institutionelle Anleger

Die institutionelle Plattform Coinbase verwaltet 180 Milliarden Dollar in institutionellen Vermögenswerten. Wichtige institutionelle Kanalkennzahlen:

Institutionelle Kanalmetrik	Daten für 2023
Gesamtes institutionelles Vermögen	180 Milliarden Dollar
Anzahl institutioneller Kunden	7,500
Institutionelles Handelsvolumen	620 Milliarden US-Dollar pro Jahr

Coinbase Global, Inc. (COIN) – Geschäftsmodell: Kundensegmente

Privatanleger von Kryptowährungen

Im vierten Quartal 2023 meldete Coinbase weltweit 110 Millionen verifizierte Benutzer. Der durchschnittliche Transaktionswert für Privatanleger liegt zwischen 250 und 1.500 US-Dollar.

Benutzerdemografie	Prozentsatz
Alter 18–34	62%
Alter 35-54	31%
Alter 55+	7%

Professionelle Händler

Die Coinbase Pro-Plattform bedient rund 35.000 professionelle Handelskonten mit einem monatlichen Handelsvolumen von über 500 Millionen US-Dollar.

• Durchschnittliches monatliches Handelsvolumen pro professionellem Händler: 750.000 $
• Verfügbarkeit des Margin-Handels
• Erweiterte Diagrammtools

Institutionelle Anleger

Coinbase Custody verwaltet seit Januar 2024 über 90 Milliarden US-Dollar an digitalen Vermögenswerten für institutionelle Kunden.

Institutioneller Kundentyp	Verwaltetes Vermögen
Hedgefonds	42 Milliarden Dollar
Vermögensverwalter	28 Milliarden Dollar
Unternehmenskassen	20 Milliarden Dollar

Enthusiasten der Blockchain-Technologie

Coinbase unterstützt über 240 Kryptowährungen und Blockchain-Netzwerke und zieht etwa 50.000 aktive Blockchain-Entwickler an.

• Zugriff auf die Entwickler-API
• Blockchain-Bildungsressourcen
• Förderprogramme für Blockchain-Innovationen

Internationale Kryptowährungshändler

Coinbase ist in über 100 Ländern mit lokalisierten Plattformen tätig, die internationale Märkte bedienen.

Region	Aktive Benutzer	Marktdurchdringung
Nordamerika	58 Millionen	52%
Europa	35 Millionen	28%
Asien-Pazifik	17 Millionen	15%

Coinbase Global, Inc. (COIN) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Für das Geschäftsjahr 2023 meldete Coinbase Gesamtkosten für Technologie und Entwicklung in Höhe von 1,3 Milliarden US-Dollar. Die Kosten für Cloud-Infrastruktur und Rechenzentren machten einen erheblichen Teil dieser Ausgaben aus.

Kategorie „Technologiekosten“.	Jährliche Ausgaben (2023)
Cloud-Infrastruktur	487 Millionen US-Dollar
Serverwartung	312 Millionen Dollar
Netzwerksicherheitssysteme	215 Millionen Dollar

Ausgaben für Cybersicherheit und Compliance

Coinbase stellte im Jahr 2023 425 Millionen US-Dollar für Cybersicherheits- und Compliance-Maßnahmen bereit.

• Cybersicherheitssoftware und -tools: 187 Millionen US-Dollar
• Compliance-Überwachungssysteme: 138 Millionen US-Dollar
• Externe Sicherheitsüberprüfungen: 100 Millionen US-Dollar

Gehälter und Leistungen der Mitarbeiter

Die gesamten Personalkosten für Coinbase beliefen sich im Jahr 2023 auf 1,1 Milliarden US-Dollar.

Vergütungskategorie	Jährliche Ausgaben
Grundgehälter	692 Millionen US-Dollar
Aktienbasierte Vergütung	276 Millionen Dollar
Gesundheits- und Altersvorsorgeleistungen	132 Millionen Dollar

Marketing und Kundenakquise

Im Jahr 2023 gab Coinbase 475 Millionen US-Dollar für Marketing und Kundenakquise aus.

• Digitale Werbung: 218 Millionen US-Dollar
• Sponsoring und Partnerschaften: 127 Millionen US-Dollar
• Content-Marketing: 86 Millionen US-Dollar
• Empfehlungsprogramme: 44 Millionen US-Dollar

Kosten für die Einhaltung von Vorschriften und Gesetzen

Die Rechts- und Regulierungskosten beliefen sich im Jahr 2023 auf insgesamt 312 Millionen US-Dollar.

Compliance-Kostenkategorie	Jährliche Ausgaben
Betrieb der Rechtsabteilung	156 Millionen Dollar
Zulassungsgebühren	87 Millionen Dollar
Externe Rechtsberatung	69 Millionen Dollar

Coinbase Global, Inc. (COIN) – Geschäftsmodell: Einnahmequellen

Transaktionsgebühren für Kryptowährungsgeschäfte

Im dritten Quartal 2023 meldete Coinbase einen Gesamttransaktionsumsatz von 590,3 Millionen US-Dollar. Das Handelsvolumen belief sich im Quartal auf etwa 73 Milliarden US-Dollar. Die Transaktionsgebühren liegen je nach Transaktionsgröße und -art zwischen 0,5 % und 4,5 %.

Transaktionstyp	Gebührenprozentsatz	Geschätzter Jahresumsatz
Einzelhandel	1.99%	1,2 Milliarden US-Dollar
Institutioneller Handel	0.50%	480 Millionen Dollar

Abonnementbasierte Dienste

Der Umsatz mit Coinbase Cloud-Abonnements belief sich im dritten Quartal 2023 auf 54,1 Millionen US-Dollar. Das monatliche Abonnement von Coinbase One kostet 29,99 US-Dollar.

• Coinbase Cloud: Blockchain-Infrastrukturdienste für Unternehmen
• Coinbase One: Premium-Handels- und Sicherheitsfunktionen
• Erweiterte Handelsplattform: Professionelle Trader-Tools

Gebühren für institutionelle Handelsplattformen

Der institutionelle Handel generierte im dritten Quartal 2023 174,2 Millionen US-Dollar. Die Gebühren für institutionelle Plattformen liegen typischerweise zwischen 0,25 % und 0,50 % pro Transaktion.

Zinsen aus Kryptowährungskrediten

Das Coinbase Earn-Programm generierte im dritten Quartal 2023 etwa 22,3 Millionen US-Dollar an Zinserträgen. Die durchschnittlichen Kreditzinsen liegen zwischen 2 % und 5 % pro Jahr.

Gebühren für Wallet- und Verwahrungsservice

Die Verwahrungsdienstleistungen erwirtschafteten im dritten Quartal 2023 37,5 Millionen US-Dollar. Die Struktur der Verwahrungsgebühren variiert zwischen 0,10 % und 0,50 % des verwahrten Vermögens.

Verwahrungsdienststufe	Asset-Bereich	Gebührenprozentsatz
Grundsorgerecht	1 Mio. $ – 10 Mio. $	0.10%
Unternehmensverwahrung	10 bis 100 Millionen US-Dollar	0.50%

Coinbase Global, Inc. (COIN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Coinbase Global, Inc. over the competition as of late 2025. It's about trust, breadth of service, and ecosystem integration.

• - The most trusted and regulated on-ramp for crypto in the US. Coinbase is the largest publicly traded cryptocurrency exchange in the United States. The company continues to be the primary custodian for over 80% of U.S. BTC and ETH ETF assets as of quarter-end.
• - Comprehensive suite: spot, derivatives, staking, and custody services. Coinbase ended Q3 2025 with $516B in total Assets on Platform, with Assets Under Custody (AUC) reaching an all-time high of $300B.
• - High security and insurance for digital assets on the platform. In May 2025, Coinbase disclosed a cyberattack affecting under 1% of its Monthly Transacting Users (MTUs), with an estimated remediation cost between $180-$400 million.
• - Ease of use for retail investors and institutional-grade services (Prime). Retail Consumer Trading Revenue for Q3 2025 was $844M, while Institutional Transaction Revenue hit $135M, marking a 122% quarter-over-quarter increase.
• - Access to the Base ecosystem for developers and users. The Base ecosystem saw Total Value Locked (TVL) soar to $12B by late September 2025. In Q3 2025, the Consumer app added the ability to trade more than 40,000 assets via its decentralized exchange (DEX) integration on Base.

The sheer scale of operations supports these value propositions, especially when looking at the Q3 2025 financial snapshot.

Metric	Q3 2025 Value	Context/Growth
Total Quarterly Revenue	$1.9B	Up 25% Quarter-over-Quarter (Q/Q)
Net Income	$433M	Sharp increase from $75.5M in Q3 2024
Total Trading Volume	$295B	Up from $237B in Q2 2025
Institutional Trading Volume	$236B	Up 22% Q/Q
Derivatives Revenue Contribution (from Deribit)	$52M	Contribution from the August 14 closing
Derivatives Notional Volume (Combined)	Over $840B	Achieved in Q3
Staking Revenue	$185M	Up 28% Q/Q

The diversification into non-trading revenue streams is a key part of the current value proposition, showing resilience when spot trading volumes fluctuate.

• Subscription and Services Revenue reached $747M in Q3 2025, up 14% Q/Q.
• Stablecoin-related revenue contributed approximately $355M in the quarter, up 7% Q/Q.
• Average USDC balances held in Coinbase products reached an all-time high of over $15B.

For institutional clients, the derivatives expansion following the Deribit acquisition is a major draw, cementing Coinbase as a comprehensive provider.

• The combined entity achieved over $840B of notional derivatives trading volume in Q3.
• Margin on institutional volume nearly doubled last quarter, partly due to the Deribit purchase accounting for $52 million in the quarter.

The Base network's growth directly feeds into the value proposition for developers and users seeking on-chain activity.

• Average Daily Active Addresses (DAAs) on Base grew year over year from 873k to 1.2 million on a quarterly average basis.
• The network is targeting 25 million users and $100B in on-chain assets by the end of 2025.

Finance: draft 13-week cash view by Friday.

Coinbase Global, Inc. (COIN) - Canvas Business Model: Customer Relationships

You're looking at how Coinbase Global, Inc. manages its massive and diverse user base as of late 2025. The relationship strategy clearly splits between the high-volume, low-touch retail segment and the high-value, high-touch institutional side.

Automated, self-service platform for the vast majority of retail users

The core relationship for the majority of Coinbase Global, Inc.'s user base is digital and automated. As of 2025, the platform serves around 120 million total monthly users. However, the number of users actively transacting, or Monthly Transacting Users (MTUs), was 8.7 million in Q2 2025. This wide gap suggests that the overwhelming majority of the user base relies on the automated, self-service interface for basic functions like viewing balances, setting up recurring buys, or simple trades without direct human intervention. Coinbase last reported 108 million verified users by the end of 2024, illustrating the scale this automated system must support. The platform's listing of over 270 cryptocurrencies as of mid-2025 further necessitates a self-service model for navigation and asset management.

Dedicated, white-glove service for high-priority/institutional traders

For institutional clients, the relationship shifts to a dedicated, high-touch model, which is critical given their transaction size. In Q2 2025, institutional customers accounted for a trading volume of $236 billion, representing an 81.86% share of total trades on the platform. This segment is clearly prioritized for bespoke service. Coinbase Institutional reports that 40% of the world's largest hedge funds have onboarded, and the firm was chosen as custodian for 8 out of the 11 US Bitcoin ETFs, holding 81% of all ETF assets. The institutional transaction revenue in Q3 2025 hit $135 million, more than double the figure from Q2 2025, underscoring the high-value nature of these relationships. This white-glove service likely includes dedicated account management, complex financing options, and specialized custody solutions, such as the one supporting the $516 billion in total Assets on Platform at the end of Q3 2025.

Metric	Retail Segment (Consumer)	Institutional Segment
Q3 2025 Transaction Revenue	$844 million	$135 million
Q2 2025 Trading Volume	Implied ~$61 billion (Total $295B - $236B Insto)	$236 billion
Q2 2025 Trading Volume Share	Implied ~18.14% (Based on Q2 data)	81.86%
User Count Context (Q2 2025)	8.7 million MTUs	40% of world's largest hedge funds onboarded

Coinbase One subscription offering zero-fee trading and enhanced support

The Coinbase One subscription is the primary mechanism for deepening the relationship with engaged retail users by offering tangible benefits for a recurring fee. Estimates suggest the Coinbase One subscriber base reached approximately 1 million users in 2025, up from exceeding 600,000 members across 42 countries at one point in 2024. This program is a key part of the shift toward recurring revenue, with Subscription and Services Revenue hitting $747 million in Q3 2025. The service has evolved, with the Basic tier launching in Q2 2025 at $4.99 per month, making the zero-fee trading proposition more accessible. The value proposition includes zero-fee trading (for standard spot trading on certain tiers), staking reward boosts, and enhanced support, directly addressing common friction points for active retail traders.

• Coinbase One Subscriber Estimate (2025): ~1 million users.
• Coinbase One Basic Tier Price: $4.99/month.
• Q3 2025 Subscription & Services Revenue: $747 million.
• Stablecoin Revenue Contribution (Q3 2025): $355 million.

Proactive communication on regulatory changes and security updates

Managing trust is paramount, especially following security events and in a heavily regulated industry. Coinbase Global, Inc. had to engage in proactive communication following a cyberattack disclosed in May 2025, which affected <1% of its Monthly Transacting Users (MTUs) and carried an estimated remediation cost of up to $400 million. Communicating the incident response and system hardening efforts is a direct relationship management function. Furthermore, the company actively communicates its stance and updates regarding regulatory shifts, such as its inclusion in the S&P 500 in May 2025, which signals legitimacy to the broader financial community. The ongoing SEC probe regarding historical 'verified users' metrics also necessitates careful, proactive communication to maintain user confidence in reporting integrity. Finance: draft the Q4 2025 security and regulatory update summary by next Tuesday.

Coinbase Global, Inc. (COIN) - Canvas Business Model: Channels

You're looking at how Coinbase Global, Inc. actually gets its value proposition-secure, accessible crypto finance-into the hands of its diverse customer base as of late 2025. The channels are a mix of direct digital interfaces, specialized institutional portals, a growing physical/spending layer, and an entire Layer 2 ecosystem.

Coinbase App and Website (primary retail access)

This is the front door for the vast majority of retail users. The platform saw its total monthly users reach 120 million across its platforms in 2025, a roughly 25% year-on-year growth from 96 million in 2024. That said, the number of users who actually transact in a given month-the Monthly Transacting Users (MTUs)-is much smaller; Q2 2025 reported 8.7 million MTUs. The U.S. market remains a stronghold, where Coinbase retains a dominant share of spot trading volume, over 50% as of early 2025. Total quarterly trading volume in Q3 2025 was $295 billion, up 24% quarter-over-quarter. Consumer spot trading volume specifically for Q3 2025 was $59.00 billion. The Subscription and Services revenue stream, which includes many direct-to-consumer offerings, climbed to around $746.7 million in Q3 2025.

Coinbase Prime (direct sales channel for institutions)

Coinbase Prime serves the institutional segment, offering brokerage, custody, and prime services. This channel is critical for high-volume activity. In Q3 2025, institutional customers accounted for a trading volume of $236.00 billion. Following the August 2025 acquisition of Deribit, Coinbase collectively achieved over $840 billion of notional derivatives trading volume with Deribit in Q3 2025. The total Assets on Platform (custodied assets) ended Q3 2025 at $516.00 billion, showing the scale of assets flowing through its institutional infrastructure. The company is also accelerating stablecoin adoption for treasury and payments, with average USDC balances held in Coinbase products hitting an all-time high of over $15 billion in Q3 2025.

Coinbase One Card (physical/digital debit card for spending)

This channel bridges crypto holdings with everyday spending, tied directly to the Coinbase One membership program. The Coinbase One Card, a credit card issued by First Electronic Bank on the American Express network, is set for a Fall 2025 launch. Eligibility requires a Coinbase One membership, which has approximately 1 million subscribers as of 2025. The card offers tiered Bitcoin rewards, up to 4% back on eligible purchases, though the base rate is 2% if Assets on Coinbase (AOC) are under $10,000. The basic annual membership cost is $49.99/year. For members who meet the top tier, the 4% back breaks even on the membership cost with only about $1,250 in annual spend. Furthermore, members receive perks like up to $10 per month in Base gas credits.

Base Layer 2 Network (ecosystem for developers and dApps)

Base acts as an ecosystem channel, attracting developers and decentralized applications (dApps) directly into the Coinbase orbit. As of late November 2025, the Total Value Locked (TVL) on the network was reported at $14.37 billion, though an August 2025 report cited a figure near $4.5 billion. The network boasts 596,000 daily active users, generating approximately $500,000 daily from its applications alone. Over 25,000 developers are building on the platform, which is designed to offer low-cost, high-speed transactions fully compatible with Ethereum. Daily transactions on its decentralized exchanges reached $855 million in late 2025.

Here's a quick look at the scale across these key distribution points as of late 2025:

Channel Component	Key Metric	Value (Late 2025/Q3 2025)
Coinbase App/Website (Retail)	Total Monthly Users	120 million
Coinbase App/Website (Retail)	Monthly Transacting Users (Q2 2025)	8.7 million
Coinbase Prime (Institutional)	Q3 2025 Trading Volume	$236.00 billion
Coinbase Prime (Institutional)	Total Assets on Platform (Q3 2025)	$516.00 billion
Coinbase One Card	Coinbase One Subscribers	Approx. 1 million
Base Layer 2 Network	Total Value Locked (TVL)	$14.37 billion
Base Layer 2 Network	Daily Application Earnings	Approx. $500,000

The Coinbase One membership itself bundles several channel benefits; for instance, it includes up to $10 per month in Base gas credits, directly connecting the subscription service to the Layer 2 channel. Also, the Subscription and Services revenue for Q3 2025 was $746.7 million, showing the financial contribution from these non-trading channels.

Coinbase Global, Inc. (COIN) - Canvas Business Model: Customer Segments

You're looking at the customer base for Coinbase Global, Inc. (COIN) as of late 2025, and honestly, it's a tale of two very different user groups-the everyday trader and the massive financial entity. The platform has clearly evolved past just being a simple exchange.

Retail Investors: Novice to experienced crypto buyers and sellers

This segment remains the volume engine, though the focus is shifting toward more stable revenue streams. As of the second quarter of 2025, Coinbase reported 8.7 million Monthly Transacting Users (MTUs). That's the number of people who actually traded in a 28-day period. To give you a sense of scale, the total verified user count is estimated to be around 120 million across the platform in 2025. Retail activity is still significant, but its share of the action is shrinking relative to institutions. For instance, in Q2 2025, retail trades accounted for about 6.6% of the total trading volume on the platform. However, when you look at transaction revenue specifically for Q3 2025, retail brought in $844 million, which was over 80% of the total trading revenue for that quarter, showing they still drive the transaction fee base. The company is definitely leaning into its subscription services, like Coinbase One, partly to stabilize revenue against the inherent choppiness of retail trading.

Institutional Investors: Hedge funds, asset managers, and corporations

This is where the durable revenue story is being written. Coinbase Institutional, or Coinbase Prime, is securing massive amounts of client assets. As of the second quarter of 2025, Assets Under Custody (AUC) specifically for institutional clients stood at $245.7 billion. This trust is built on their regulated status. For example, Coinbase Custody is the custodian for 9 out of 11 spot Bitcoin ETFs and 8 out of 9 spot Ethereum ETFs approved in the U.S. as of early 2025. Trading volume from this segment is substantial, hitting $236 billion in Q3 2025, which generated $135 million in transaction revenue that quarter. The total Assets on Platform (AOP) across all clients ended Q3 2025 at $516 billion. This segment is key to the subscription and services revenue growth, which hit $747 million in Q3 2025.

Here's a quick look at the institutional activity metrics we have for 2025:

Metric	Q2 2025 Value	Q3 2025 Value
Institutional Trading Volume	$194 billion	$236 billion
Institutional Transaction Revenue	$61 million	$135 million
Institutional Custody (AUC)	$245.7 billion (Q2 only)	N/A

Developers: Building on the Base Layer 2 network

The Base Layer 2 network is a distinct customer segment, comprised of the builders creating decentralized applications (dApps) and infrastructure. The ambition here is clear: Coinbase set a roadmap target to onboard 25,000 developers by the end of 2025. While they had 4,287 active developers in 2024, the growth trajectory is steep, with over 1,600 developers onboarded within Base's first year. This ecosystem is scaling transaction throughput rapidly; Base processed 1.5 billion transactions in November 2025 alone, exceeding its earlier goal of 1 billion transactions by October 2025. This activity is what drives utility for the next two segments.

Government Entities: Seeking secure custody for digital assets

While not a high-volume trading segment, government entities represent a critical trust anchor. Coinbase Global, Inc. (COIN) custodies crypto assets seized by the U.S. Marshals Service. This relationship validates their security posture for the most risk-averse clients. Furthermore, the demand for compliance and surveillance tools is growing; government requests for data on the platform rose 19% in Q3 2025, reaching 12,000 requests. This indicates an increasing reliance on Coinbase's infrastructure for regulatory and legal purposes.

Asset Issuers: Utilizing Coinbase Custody for Spot ETF products

This group is tightly linked to the Institutional segment but focuses specifically on the regulated product wrapper layer. As mentioned, Coinbase Custody is the trusted custodian for the vast majority of regulated crypto investment products. They hold the keys for 9 out of 11 spot Bitcoin ETFs and 8 out of 9 spot ETH ETFs. This business line directly feeds the recurring custody fee revenue, which is a cornerstone of the company's strategy to de-risk from volatile trading fees. The success here is directly measurable by the number of major asset managers choosing Coinbase over competitors for their regulated fund structures.

Finance: draft 13-week cash view by Friday.

Coinbase Global, Inc. (COIN) - Canvas Business Model: Cost Structure

You're looking at the expense side of Coinbase Global, Inc.'s operations as of late 2025, which is where the rubber meets the road for profitability, especially given the high fixed-cost nature of running a major exchange.

Total Q3 2025 operating expenses came in at $1.4 billion, which was actually a decrease of 9% quarter-over-quarter, even as revenue surged. That drop of $134 million Q/Q shows some cost discipline was in place during that period.

The bulk of the spending is concentrated in the core operational areas, which you can see clearly broken down for the third quarter:

Expense Category	Q3 2025 Amount (Millions USD)
Technology and development expenses	$431 million
General and administrative costs	$418 million
Sales and marketing expenses	$260 million
Total of the above three categories	$1.1 billion

That combined $1.1 billion for Technology & development, General & administrative, and Sales & marketing represented a 14% collective increase quarter-over-quarter. The main driver here was headcount growth; full-time employees ended Q3 2025 at 4,795, up 12% sequentially.

For platform maintenance and future-proofing, technology and development expenses were $431 million in Q3 2025. This spend is definitely tied to scaling the platform and supporting new initiatives like the Base network, plus absorbing personnel costs from recent additions.

General and administrative costs settled at $418 million for the quarter. This bucket is where you'd find significant legal and regulatory spend, which is a constant, non-negotiable cost of doing business in this sector, especially as Coinbase navigates the evolving global compliance landscape.

Driving user acquisition and engagement, sales and marketing expenses were $260 million in Q3 2025. This spend is directly linked to growing the user base and promoting services like Coinbase One subscriptions.

The integration of recent acquisitions is a clear cost factor. The Deribit acquisition, which closed in August 2025, contributed $30 million to total operating expenses in Q3 2025. This $30 million figure includes $16 million recognized as deal-related amortization.

Looking ahead to Q4 2025, the outlook for Tech & Dev and G&A combined was projected to be in the range of $925 million to $975 million. Coinbase noted that approximately half of that expected sequential increase was due to the recent acquisitions of Deribit and Echo.

• Technology and development expenses were $431.0 million in Q3 2025.
• General and administrative costs were $418.4 million in Q3 2025.
• Sales and marketing expenses were $260.3 million in Q3 2025.
• Total operating expenses for Q3 2025 were $1.4 billion.
• Deribit contributed $30 million to Q3 2025 operating expenses.

Finance: draft 13-week cash view by Friday.

Coinbase Global, Inc. (COIN) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Coinbase Global, Inc.'s profitability as of late 2025, specifically focusing on the third quarter results. Honestly, the shift from pure trading fees to a more diversified services model is the story here.

The revenue streams are clearly segmented, showing where the money is actually coming from across their platform offerings. Here's the quick math on the major components from the Q3 2025 report:

• - Transaction Revenue: Fees from trading, totaling $1.05 billion in Q3 2025.
• - Subscription and Services Revenue: $747 million in Q3 2025.
• - Stablecoin Revenue: Interest income from USDC reserves, which was $355 million in Q3 2025.
• - Staking Revenue: This component, part of the broader services, brought in $185 million in Q3 2025.
• - Custody and Partner Ecosystem Fees: This specific segment of services revenue totaled $143 million in Q3 2025.

To give you a clearer picture of the scale, Coinbase Global, Inc. reported total revenue of $1.87 billion for Q3 2025. The platform ended that quarter with $516 billion in total Assets on Platform.

Let's break down those Subscription and Services Revenue components a bit further, because that's where the growth story is getting interesting, especially with stablecoins and staking yield.

Revenue Component	Q3 2025 Amount (USD)	Quarter-over-Quarter Change
Total Subscription and Services Revenue	$747 million	Up 14%
Stablecoin Revenue (Interest Income)	$355 million	Up 7%
Blockchain Rewards Revenue (Staking)	$185 million	Up 28%
Custody and Partner Ecosystem Revenue	$143 million	Up 19%

The growth in transaction revenue was heavily influenced by trading volumes. Total Q3 Trading Volume was $295 billion. You see that retail transaction revenue hit $844 million, which was up 30% quarter-over-quarter. Institutional transaction revenue was $135 million, which was up a massive 122% quarter-over-quarter, partly due to the recent Deribit acquisition contributing $52 million of that revenue in Q3.

On the stablecoin front, the underlying asset is growing significantly. In Q3, USDC reached an all-time high of $74 billion in market capitalization. Furthermore, average USDC balances held in Coinbase products reached an all-time high of over $15 billion.

The services side is definitely showing momentum, which is key for long-term stability. You can see the focus on scaling payments through USDC adoption and growing the staking yield. If onboarding takes 14+ days, churn risk rises, but the underlying product adoption seems strong. Finance: draft 13-week cash view by Friday.