Coinbase Global, Inc. (COIN): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el mundo en rápida evolución de las finanzas digitales, Coinbase Global, Inc. se ha convertido en una fuerza pionera, transformando la forma en que los individuos e instituciones se involucran con las criptomonedas. Al ofrecer una plataforma comercial robusta, segura e innovadora, Coinbase se ha posicionado estratégicamente en la intersección de la tecnología, las finanzas y la innovación de blockchain. Este lienzo de modelo de negocio completo revela los intrincados mecanismos que han impulsado Coinbase de una startup a un $ 50 mil millones Compañía que cotiza en bolsa, que proporciona información sin precedentes sobre su excelencia operativa y su enfoque estratégico para democratizar las inversiones de criptomonedas.

Coinbase Global, Inc. (Coin) - Modelo de negocios: asociaciones clave

Proveedores de tecnología de blockchain y redes de criptomonedas

Coinbase ha establecido asociaciones con múltiples redes blockchain:

Red de blockchain	Detalles de la asociación	Año establecido
Bitcoin	Soporte principal de comercio y custodia	2012
Ethereum	Comercio completo e integración de contratos inteligentes	2015
Cardano	Soporte de listado y comercio	2021

Instituciones bancarias y procesadores de pago

Coinbase colabora con instituciones financieras para transacciones de divisas fiduciarias:

• JPMorgan Chase
• Wells Fargo
• Banco de América
• Visa
• Tarjeta MasterCard

Capital de riesgo e empresas de inversión

Las asociaciones de inversión clave incluyen:

Empresa de capital de riesgo	Monto de la inversión	Año
Andreessen Horowitz	$ 25 millones	2013
Capital ribbit	$ 15 millones	2014
Crecimiento DFJ	$ 100 millones	2018

Cumplimiento regulatorio y servicios de asesoramiento legal

Asociaciones de cumplimiento:

• Cade análisis
• Elíptico
• Ciencia de Merkle

Proveedores de tecnología y servicios en la nube

Asociaciones de infraestructura técnica:

Proveedor	Tipo de servicio	Valor de contrato
Servicios web de Amazon	Infraestructura en la nube	$ 50 millones anuales
Google Cloud	Copia de seguridad y recuperación ante desastres	$ 25 millones anuales
Microsoft Azure	Soluciones de nubes híbridas	$ 30 millones anualmente

Coinbase Global, Inc. (Coin) - Modelo de negocio: actividades clave

Operaciones de plataforma de comercio de criptomonedas

A partir del cuarto trimestre de 2023, Coinbase reportó 110 millones de usuarios verificados en todo el mundo. La plataforma admite el comercio por más de 240 criptomonedas. El volumen de negociación diario promedio en 2023 fue de $ 2.1 mil millones.

Métrica de plataforma	Valor
Total de usuarios registrados	110 millones
Criptomonedas compatibles	240+
Volumen comercial diario promedio	$ 2.1 mil millones

Verificación y seguridad de la transacción blockchain

Coinbase emplea Protocolos de seguridad de múltiples capas con el 98% de los activos digitales almacenados en almacenamiento en frío fuera de línea.

• Inversiones de seguridad: $ 300 millones anuales
• Equipo de ciberseguridad: más de 250 profesionales especializados
• Cobertura de seguro para activos digitales: $ 255 millones

Custodia de activos digitales y gestión de billetera

La custodia de Coinbase administra más de $ 90 mil millones en activos digitales institucionales a diciembre de 2023.

Métrica de servicio de custodia	Valor
Activos totales bajo custodia	$ 90 mil millones
Clientes institucionales	5,000+

Cumplimiento e informes regulatorios

Coinbase mantiene el cumplimiento entre más de 100 jurisdicciones globales con un equipo de cumplimiento regulatorio dedicado de más de 350 profesionales.

• Gasto anual de cumplimiento: $ 175 millones
• Licencias regulatorias mantenidas: 61 licencias estatales y federales

Desarrollo de productos e innovación

La inversión en I + D en 2023 totalizó $ 425 millones, centrándose en la tecnología blockchain y los servicios de criptomonedas.

Métrica de innovación	Valor
Inversión anual de I + D	$ 425 millones
Se lanzan nuevos productos en 2023	12
Tamaño del equipo de ingeniería de software	1,200+ profesionales

Coinbase Global, Inc. (Coin) - Modelo de negocio: recursos clave

Infraestructura avanzada de tecnología de comercio de criptomonedas

A partir del cuarto trimestre de 2023, Coinbase mantiene un Procesamiento de infraestructura en la nube de más de 500 millones de solicitudes de API diariamente. La pila de tecnología de la compañía incluye:

• Infraestructura de computación en la nube con tiempo de actividad del 99.99%
• Motor de negociación en tiempo real capaz de manejar más de 1.500 transacciones de criptomonedas por segundo
• Implementación de múltiples nubes en los servicios web de Amazon, la plataforma de Google Cloud

Infraestructura métrica	Especificación
Capacidad total del servidor	500+ servidores dedicados
Ubicaciones de centros de datos	12 centros de datos globales
Inversión tecnológica anual	$ 327 millones (2023)

Base de datos de usuarios grande y red de clientes

La red de usuarios de Coinbase comprende:

• 108 millones de usuarios verificados a nivel mundial (cuarto trimestre 2023)
• 7.1 millones de usuarios transactivos mensuales
• Presencia en más de 100 países

Sistemas robustos de ciberseguridad

Métrica de seguridad	Detalle
Presupuesto anual de ciberseguridad	$ 89 millones
Personal de seguridad	372 profesionales de ciberseguridad dedicados
Estándares de cifrado	Cifrado de bit aes-256

Profesionales técnicos y financieros calificados

Desglose de la fuerza laboral de Coinbase:

• Total de empleados: 4.900 (a diciembre de 2023)
• Personal técnico: 2.600 (53% de la fuerza laboral)
• Salario promedio de ingeniería: $ 185,000 anualmente

Algoritmos de blockchain y comercio patentados

Métrico de algoritmo	Especificación
Complejidad del algoritmo de comercio	Modelos predictivos con aprendizaje automático
Cartera de patentes	37 patentes relacionadas con blockchain
Inversión de I + D	$ 214 millones en 2023

Coinbase Global, Inc. (Coin) - Modelo de negocio: propuestas de valor

Plataforma de comercio de criptomonedas segura y fácil de usar

Coinbase reportó $ 1.6 mil millones en ingresos totales para 2023, con una infraestructura de seguridad de plataforma que protege más de $ 98 mil millones en activos digitales. La plataforma admite más de 240 criptomonedas y atiende a 108 millones de usuarios verificados a nivel mundial.

Métrica de seguridad	2023 estadísticas
Activos bajo custodia	$ 98 mil millones
Usuarios verificados	108 millones
Criptomonedas compatibles	240+

Amplia gama de opciones de inversión de activos digitales

Coinbase ofrece diversos productos de inversión en múltiples categorías:

• Comercio spot
• Comercio de futuros
• Servicios de referencia
• Mercado NFT
• Productos de inversión institucionales

Bajas tarifas de transacción

Tipo de transacción	Porcentaje de tarifas
Comercio de manchas minoristas	0.60%
Comercio institucional	0.35%
Coinbase Pro	0.50%

Soluciones de inversión institucional y minorista

El segmento institucional de Coinbase generó $ 1.1 mil millones en ingresos en 2023, atendiendo a más de 10,000 clientes institucionales, incluidos fondos de cobertura, corporaciones y administradores de activos.

Inversión y gestión de criptomonedas simplificadas

• Descargas de aplicaciones móviles: 15 millones de usuarios mensuales activos
• Servicios de billetera: Soporte de más de 170 criptomonedas
• Disponibilidad global: Operativo en más de 100 países

Coinbase Global, Inc. (Coin) - Modelo de negocios: relaciones con los clientes

Plataforma digital de autoservicio

A partir del cuarto trimestre de 2023, Coinbase reportó 108 millones de usuarios verificados en su plataforma. La plataforma digital ofrece:

• Comercio instantáneo de criptomonedas
• Gestión de billetera digital
• Seguimiento de transacciones en tiempo real

Característica de la plataforma	Métrica de participación del usuario
Usuarios activos mensuales	8.4 millones (cuarto trimestre de 2023)
Volumen de transacción	Promedio mensual de $ 80 mil millones

Canales de atención al cliente en línea

Coinbase proporciona atención al cliente multicanal con:

• Soporte de chat en vivo 24/7
• Sistema de boletos de soporte por correo electrónico
• Soporte telefónico para usuarios premium

Canal de soporte	Tiempo de respuesta promedio
Chat en vivo	12 minutos
Soporte por correo electrónico	24-48 horas

Recursos educativos e ideas del mercado

Ofertas de plataforma de aprendizaje de Coinbase:

• Tutoriales de criptomonedas
• Informes de análisis de mercado
• Guías de estrategia de inversión

Contenido educativo	Compromiso mensual
Tutoriales de video	2.1 millones de visitas
Artículos de investigación de mercado	1.5 millones de lecturas

Participación comunitaria a través de las redes sociales

El seguidor de las redes sociales cuenta a partir de enero de 2024:

• Twitter: 2.3 millones de seguidores
• LinkedIn: 1.1 millones de seguidores
• YouTube: 650,000 suscriptores

Recomendaciones de inversión personalizadas

El programa Coinbase Earn proporciona:

• Sugerencias personalizadas de inversión criptográfica
• Herramientas de evaluación de riesgos
• Recomendaciones de optimización de cartera

Servicio de recomendación	Tasa de adopción de usuarios
Sugerencias de inversión personalizadas	37% de los usuarios activos
Optimización de cartera	22% de los usuarios activos

Coinbase Global, Inc. (Coin) - Modelo de negocios: canales

Plataforma de comercio basada en la web

A partir del cuarto trimestre de 2023, Coinbase.com alberga 108 millones de usuarios verificados a nivel mundial. La plataforma admite el comercio para 252 criptomonedas. El volumen de transacciones de plataforma web anual alcanzó $ 1.4 billones en 2023.

Métrica de plataforma	2023 datos
Usuarios verificados totales	108 millones
Criptomonedas compatibles	252
Volumen de transacción anual	$ 1.4 billones

Aplicación móvil

La aplicación móvil de Coinbase tiene 89 millones de usuarios móviles activos en 2023. La aplicación genera aproximadamente 42% de las transacciones totales de la plataforma.

Servicios de billetera de criptomonedas

Coinbase Wallet admite 500+ criptomonedas. Activos totales de billetera bajo administración: $ 96 mil millones a diciembre de 2023.

Marketing de referencia y afiliación

El programa de referencia de Coinbase genera aproximadamente $ 280 millones en ingresos anuales. Métricas de referencia clave:

• Bonificación de referencia promedio: $ 10 por registro exitoso
• Red total de referencia: 2.4 millones de afiliados activos
• Tasa de conversión: 3.7% de las referencias

Ventas directas a inversores institucionales

La plataforma institucional de Coinbase administra $ 180 mil millones en activos institucionales. Métricas clave del canal institucional:

Métrico de canal institucional	2023 datos
Activos institucionales totales	$ 180 mil millones
Número de clientes institucionales	7,500
Volumen de comercio institucional	$ 620 mil millones anualmente

Coinbase Global, Inc. (Coin) - Modelo de negocio: segmentos de clientes

Inversores minoristas de criptomonedas

A partir del cuarto trimestre de 2023, Coinbase reportó 110 millones de usuarios verificados en todo el mundo. El valor de transacción promedio para los inversores minoristas varía entre $ 250 y $ 1,500.

Demográfico del usuario	Porcentaje
Edad 18-34	62%
Edad 35-54	31%
Edad 55+	7%

Comerciantes profesionales

Coinbase Pro Platform atiende aproximadamente 35,000 cuentas comerciales profesionales con volúmenes de negociación mensuales superiores a $ 500 millones.

• Volumen de negociación mensual promedio por comerciante profesional: $ 750,000
• Disponibilidad de comercio de margen
• Herramientas avanzadas

Inversores institucionales

La custodia de Coinbase administra más de $ 90 mil millones en activos digitales para clientes institucionales a partir de enero de 2024.

Tipo de cliente institucional	Activos bajo administración
Fondos de cobertura	$ 42 mil millones
Administradores de activos	$ 28 mil millones
Tesoros corporativos	$ 20 mil millones

Entusiastas de la tecnología blockchain

Coinbase admite más de 240 criptomonedas y redes blockchain, atrayendo a aproximadamente 50,000 desarrolladores de blockchain activos.

• Acceso de API de desarrollador
• Recursos educativos de blockchain
• Programas de subvención para innovación blockchain

Comerciantes internacionales de criptomonedas

Coinbase opera en más de 100 países con plataformas localizadas que sirven a mercados internacionales.

Región	Usuarios activos	Penetración del mercado
América del norte	58 millones	52%
Europa	35 millones	28%
Asia-Pacífico	17 millones	15%

Coinbase Global, Inc. (Coin) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Para el año fiscal 2023, Coinbase informó tecnología total y gastos de desarrollo de $ 1.3 mil millones. La infraestructura de la nube y los costos del centro de datos comprendían una parte significativa de estos gastos.

Categoría de costos tecnológicos	Gasto anual (2023)
Infraestructura en la nube	$ 487 millones
Mantenimiento del servidor	$ 312 millones
Sistemas de seguridad de red	$ 215 millones

Gastos de ciberseguridad y cumplimiento

Coinbase asignó $ 425 millones para la ciberseguridad y las medidas de cumplimiento en 2023.

• Software y herramientas de ciberseguridad: $ 187 millones
• Sistemas de monitoreo de cumplimiento: $ 138 millones
• Auditorías de seguridad externa: $ 100 millones

Salarios y beneficios de los empleados

Los gastos totales de personal para Coinbase en 2023 fueron de $ 1.1 mil millones.

Categoría de compensación	Gasto anual
Salarios base	$ 692 millones
Compensación basada en acciones	$ 276 millones
Beneficios de salud y jubilación	$ 132 millones

Marketing y adquisición de clientes

Coinbase gastó $ 475 millones en marketing y adquisición de clientes en 2023.

• Publicidad digital: $ 218 millones
• Patrocinio y asociaciones: $ 127 millones
• Marketing de contenido: $ 86 millones
• Programas de referencia: $ 44 millones

Costos de cumplimiento regulatorio y legal

Los gastos legales y regulatorios totalizaron $ 312 millones en 2023.

Categoría de costos de cumplimiento	Gasto anual
Operaciones de departamento legal	$ 156 millones
Tarifas de presentación regulatoria	$ 87 millones
Consultas legales externas	$ 69 millones

Coinbase Global, Inc. (Coin) - Modelo de negocios: flujos de ingresos

Tarifas de transacción de las operaciones de criptomonedas

En el tercer trimestre de 2023, Coinbase informó ingresos por transacciones totales de $ 590.3 millones. El volumen de negociación para el trimestre fue de aproximadamente $ 73 mil millones. Las tasas de tarifas de transacción oscilan entre 0.5% y 4.5% según el tamaño y el tipo de transacción.

Tipo de transacción	Porcentaje de tarifas	Ingresos anuales estimados
Comercio minorista	1.99%	$ 1.2 mil millones
Comercio institucional	0.50%	$ 480 millones

Servicios basados ​​en suscripción

Los ingresos por suscripción a la nube de Coinbase fueron de $ 54.1 millones en el tercer trimestre de 2023. Coinbase Una suscripción mensual cuesta $ 29.99.

• Cloud de Coinbase: Servicios de infraestructura de blockchain empresarial
• Coinbase One: características de seguridad y comercio premium
• Plataforma de comercio avanzado: herramientas profesionales de comerciante

Tarifas de plataforma de comercio institucional

El comercio institucional generó $ 174.2 millones en el tercer trimestre de 2023. Las tarifas de la plataforma institucional generalmente varían de 0.25% a 0.50% por transacción.

Interés de los préstamos de criptomonedas

El programa Coinbase Earn generó aproximadamente $ 22.3 millones en ingresos por intereses durante el tercer trimestre de 2023. Las tasas de préstamos promedio varían entre 2% y 5% anual.

Cargos de servicio de billetera y custodia

Los servicios de custodia generaron $ 37.5 millones en el tercer trimestre de 2023. La estructura de la tarifa de custodia varía de 0.10% a 0.50% de los activos bajo custodia.

Nivel de servicio de custodia	Rango de activos	Porcentaje de tarifas
Custodia básica	$ 1M - $ 10M	0.10%
Custodia empresarial	$ 10M - $ 100M	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.