Coinbase Global, Inc. (COIN): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde en évolution rapide de la finance numérique, Coinbase Global, Inc. est devenu une force pionnière, transformant la façon dont les individus et les institutions s'engagent avec les crypto-monnaies. En offrant une plate-forme commerciale robuste, sécurisée et innovante, Coinbase s'est stratégiquement positionné à l'intersection de l'innovation technologique, financier et de blockchain. Cette toile complète du modèle commercial révèle les mécanismes complexes qui ont propulsé la Coinbase d'une startup à un 50 milliards de dollars Société cotée en bourse, fournissant des informations sans précédent sur son excellence opérationnelle et son approche stratégique pour démocratiser les investissements de crypto-monnaie.

Coinbase Global, Inc. (COIN) - Modèle commercial: partenariats clés

Provideurs de technologie de blockchain et réseaux de crypto-monnaie

Coinbase a établi des partenariats avec plusieurs réseaux de blockchain:

Réseau de blockchain	Détails du partenariat	Année établie
Bitcoin	Support de trading et de garde primaire	2012
Ethereum	Trading complet et intégration des contrats intelligents	2015
Cardano	Assistance de cotation et de trading	2021

Institutions bancaires et processeurs de paiement

Coinbase collabore avec les institutions financières pour les transactions de monnaie fiduciaire:

• JPMorgan Chase
• Wells Fargo
• Banque d'Amérique
• Visa
• MasterCard

Capital-risque et sociétés d'investissement

Les principaux partenariats d'investissement comprennent:

Entreprise de capital-risque	Montant d'investissement	Année
Andreessen Horowitz	25 millions de dollars	2013
Capital de Ribbit	15 millions de dollars	2014
Croissance DFJ	100 millions de dollars	2018

Services de conformité réglementaire et de conseil juridique

Partenariats de conformité:

• Chaîne-analyse
• Elliptique
• Merkle Science

Provideurs de services technologiques et cloud

Partenariats d'infrastructure technique:

Fournisseur	Type de service	Valeur du contrat
Services Web Amazon	Infrastructure cloud	50 millions de dollars par an
Google Cloud	Sauvegarde et reprise après sinistre	25 millions de dollars par an
Microsoft Azure	Solutions de nuages ​​hybrides	30 millions de dollars par an

Coinbase Global, Inc. (Coin) - Modèle d'entreprise: Activités clés

Opérations de plate-forme de trading de crypto-monnaie

Au quatrième trimestre 2023, Coinbase a rapporté 110 millions d'utilisateurs vérifiés à l'échelle mondiale. La plate-forme prend en charge les échanges pour plus de 240 crypto-monnaies. Le volume de trading quotidien moyen en 2023 était de 2,1 milliards de dollars.

Métrique de la plate-forme	Valeur
Total des utilisateurs enregistrés	110 millions
Crypto-monnaies prises en charge	240+
Volume de trading quotidien moyen	2,1 milliards de dollars

Vérification et sécurité des transactions blockchain

Coinbase utilise protocoles de sécurité multicouches avec 98% des actifs numériques stockés dans un stockage à froid hors ligne.

• Investissements en sécurité: 300 millions de dollars par an
• Équipe de cybersécurité: 250+ professionnels spécialisés
• Couverture d'assurance pour les actifs numériques: 255 millions de dollars

Cust à vue et gestion des portefeuilles numériques

La garde à vue Coinbase gère plus de 90 milliards de dollars d'actifs numériques institutionnels en décembre 2023.

Métrique de service de la garde	Valeur
Total des actifs sous garde	90 milliards de dollars
Clients institutionnels	5,000+

Compliance et rapport réglementaire

Coinbase maintient la conformité dans plus de 100 juridictions mondiales avec une équipe de conformité réglementaire dédiée de plus de 350 professionnels.

• Dépenses de conformité annuelles: 175 millions de dollars
• Licences réglementaires détenues: 61 Licences d'État et fédérales

Développement et innovation de produits

L'investissement en R&D en 2023 a totalisé 425 millions de dollars, en se concentrant sur la technologie de la blockchain et les services de crypto-monnaie.

Métrique d'innovation	Valeur
Investissement annuel de R&D	425 millions de dollars
Les nouveaux produits lancent en 2023	12
Taille de l'équipe d'ingénierie logicielle	1 200+ professionnels

Coinbase Global, Inc. (Coin) - Modèle d'entreprise: Ressources clés

Infrastructure de technologie de négociation avancée de crypto-monnaie

Depuis le Q4 2023, Coinbase maintient un Cloud Infrastructure Traitement plus de 500 millions de demandes d'API quotidiennement. La pile technologique de l'entreprise comprend:

• Infrastructure de cloud computing avec une disponibilité de 99,99%
• Moteur de trading en temps réel capable de gérer plus de 1 500 transactions de crypto-monnaie par seconde
• Déploiement multi-cloud sur Amazon Web Services, Google Cloud Plateforme

Métrique d'infrastructure	Spécification
Capacité totale du serveur	Plus de 500 serveurs dédiés
Emplacements du centre de données	12 centres de données mondiaux
Investissement technologique annuel	327 millions de dollars (2023)

Grande base de données des utilisateurs et réseau client

Le réseau utilisateur de Coinbase comprend:

• 108 millions d'utilisateurs vérifiés dans le monde (Q4 2023)
• 7,1 millions d'utilisateurs de transaction mensuels
• Présence dans plus de 100 pays

Systèmes de cybersécurité robustes

Métrique de sécurité	Détail
Budget annuel de cybersécurité	89 millions de dollars
Personnel de sécurité	372 professionnels de la cybersécurité dédiés
Normes de chiffrement	Cryptage AES-256

Professionnels techniques et financiers qualifiés

Répartition des effectifs de Coinbase:

• Total des employés: 4 900 (en décembre 2023)
• Personnel technique: 2 600 (53% de la main-d'œuvre)
• Salaire d'ingénierie moyen: 185 000 $ par an

Blockchain propriétaire et algorithmes commerciaux

Métrique algorithme	Spécification
Complexité de l'algorithme commercial	Modèles prédictifs alimentés par l'apprentissage automatique
Portefeuille de brevets	37 brevets liés à la blockchain
Investissement en R&D	214 millions de dollars en 2023

Coinbase Global, Inc. (Coin) - Modèle d'entreprise: propositions de valeur

Plateforme de trading de crypto-monnaie sécurisée et conviviale

Coinbase a déclaré 1,6 milliard de dollars de revenus totaux pour 2023, avec une infrastructure de sécurité de plate-forme protégeant plus de 98 milliards de dollars d'actifs numériques. La plate-forme prend en charge plus de 240 crypto-monnaies et dessert 108 millions d'utilisateurs vérifiés à l'échelle mondiale.

Métrique de sécurité	2023 statistiques
Actifs sous garde	98 milliards de dollars
Utilisateurs vérifiés	108 millions
Crypto-monnaies prises en charge	240+

Large gamme d'options d'investissement d'actifs numériques

Coinbase propose divers produits d'investissement dans plusieurs catégories:

• Trading au point
• Trading à terme
• Services de jalonnement
• NFT Marketplace
• Produits d'investissement institutionnel

Frais de transaction faibles

Type de transaction	Pourcentage de frais
Commerce de détail	0.60%
Trading institutionnel	0.35%
Coinbase Pro	0.50%

Solutions d'investissement institutionnelles et de détail

Le segment institutionnel Coinbase a généré 1,1 milliard de dollars de revenus en 2023, desservant plus de 10 000 clients institutionnels, notamment des fonds spéculatifs, des sociétés et des gestionnaires d'actifs.

Investissement et gestion simplifiés de la crypto-monnaie

• Téléchargements d'applications mobiles: 15 millions d'utilisateurs mensuels actifs
• Services de portefeuille: Soutenir plus de 170 crypto-monnaies
• Disponibilité mondiale: Opérationnel dans plus de 100 pays

Coinbase Global, Inc. (COIN) - Modèle d'entreprise: relations avec les clients

Plate-forme numérique en libre-service

Au quatrième trimestre 2023, Coinbase a rapporté 108 millions d'utilisateurs vérifiés sur sa plate-forme. La plate-forme numérique propose:

• Trading de crypto-monnaie instantanée
• Gestion du portefeuille numérique
• Suivi des transactions en temps réel

Fonctionnalité de plate-forme	Métrique de l'engagement de l'utilisateur
Utilisateurs actifs mensuels	8,4 millions (Q4 2023)
Volume de transaction	Moyenne mensuelle de 80 milliards de dollars

Canaux de support client en ligne

Coinbase fournit un support client multicanal avec:

• Support de chat en direct 24/7
• Système de ticket d'assistance par e-mail
• Prise en charge du téléphone pour les utilisateurs premium

Canal de support	Temps de réponse moyen
Chat en direct	12 minutes
Assistance par e-mail	24-48 heures

Ressources éducatives et idées du marché

Coinbase Learn Platform Offre:

• Tutoriels de crypto-monnaie
• Rapports d'analyse du marché
• Guides de stratégie d'investissement

Contenu éducatif	Engagement mensuel
Tutoriels vidéo	2,1 millions de vues
Articles d'études de marché	1,5 million de lectures

Engagement communautaire sur les réseaux sociaux

Le suiveur des médias sociaux compte à partir de janvier 2024:

• Twitter: 2,3 millions d'abonnés
• LinkedIn: 1,1 million de followers
• YouTube: 650 000 abonnés

Recommandations d'investissement personnalisées

Le programme Coinbase Earn fournit:

• Suggestions d'investissement de crypto personnalisées
• Outils d'évaluation des risques
• Recommandations d'optimisation du portefeuille

Service de recommandation	Taux d'adoption des utilisateurs
Suggestions d'investissement personnalisées	37% des utilisateurs actifs
Optimisation du portefeuille	22% des utilisateurs actifs

Coinbase Global, Inc. (Coin) - Modèle d'entreprise: canaux

Plateforme de trading basée sur le Web

Depuis le quatrième trimestre 2023, Coinbase.com hôte 108 millions d'utilisateurs vérifiés à l'échelle mondiale. La plateforme prend en charge le trading pour 252 crypto-monnaies. Le volume des transactions de plate-forme Web annuelle a atteint 1,4 billion de dollars en 2023.

Métrique de la plate-forme	2023 données
Total utilisateurs vérifiés	108 millions
Crypto-monnaies prises en charge	252
Volume de transaction annuel	1,4 billion de dollars

Application mobile

L'application mobile Coinbase a 89 millions d'utilisateurs mobiles actifs en 2023. L'application génère approximativement 42% des transactions totales de plate-forme.

Services de portefeuille de crypto-monnaie

Supports de portefeuille Coinbase Plus de 500 crypto-monnaies. Actifs totaux de portefeuille sous gestion: 96 milliards de dollars En décembre 2023.

Marketing de référence et d'affiliation

Le programme de référence Coinbase génère approximativement 280 millions de dollars en revenus annuels. Mesures de référence clés:

• Bonus de référence moyen: 10 $ par inscription réussie
• Réseau de référence total: 2,4 millions d'affiliés actifs
• Taux de conversion: 3,7% des références

Ventes directes aux investisseurs institutionnels

Coinbase Institutional Platform gère 180 milliards de dollars dans les actifs institutionnels. Mesures clés du canal institutionnel:

Métrique du canal institutionnel	2023 données
Total des actifs institutionnels	180 milliards de dollars
Nombre de clients institutionnels	7,500
Volume de trading institutionnel	620 milliards de dollars par an

Coinbase Global, Inc. (COIN) - Modèle d'entreprise: segments de clientèle

Investisseurs de crypto-monnaie au détail

Au quatrième trimestre 2023, Coinbase a rapporté 110 millions d'utilisateurs vérifiés à l'échelle mondiale. La valeur moyenne des transactions pour les investisseurs de détail varie entre 250 $ et 1 500 $.

Utilisateur démographique	Pourcentage
18-34 ans	62%
35 à 54 ans	31%
55 ans et plus	7%

Commerçants professionnels

La plate-forme Coinbase Pro dessert environ 35 000 comptes de négociation professionnels avec des volumes de trading mensuels dépassant 500 millions de dollars.

• Volume de trading mensuel moyen par trader professionnel: 750 000 $
• Disponibilité du trading des marges
• Outils de cartographie avancés

Investisseurs institutionnels

Coinbase Custody gère plus de 90 milliards de dollars d'actifs numériques pour les clients institutionnels en janvier 2024.

Type de client institutionnel	Actifs sous gestion
Hedge funds	42 milliards de dollars
Gestionnaires d'actifs	28 milliards de dollars
Bons du Trésor des entreprises	20 milliards de dollars

Antariens de la technologie de la blockchain

Coinbase prend en charge plus de 240 crypto-monnaies et des réseaux de blockchain, attirant environ 50 000 développeurs de blockchain actifs.

• Accès à l'API du développeur
• Ressources d'éducation blockchain
• Programmes de subvention pour l'innovation de la blockchain

Traders internationaux de crypto-monnaie

Coinbase opère dans plus de 100 pays avec des plateformes localisées desservant les marchés internationaux.

Région	Utilisateurs actifs	Pénétration du marché
Amérique du Nord	58 millions	52%
Europe	35 millions	28%
Asie-Pacifique	17 millions	15%

Coinbase Global, Inc. (COIN) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Pour l'exercice 2023, Coinbase a déclaré des frais totaux de technologie et de développement de 1,3 milliard de dollars. Les coûts d'infrastructure cloud et de centre de données comprenaient une partie importante de ces dépenses.

Catégorie de coûts technologiques	Dépenses annuelles (2023)
Infrastructure cloud	487 millions de dollars
Maintenance du serveur	312 millions de dollars
Systèmes de sécurité du réseau	215 millions de dollars

Dépenses de cybersécurité et de conformité

Coinbase a alloué 425 millions de dollars aux mesures de cybersécurité et de conformité en 2023.

• Logiciels et outils de cybersécurité: 187 millions de dollars
• Systèmes de surveillance de la conformité: 138 millions de dollars
• Audits de sécurité externe: 100 millions de dollars

Salaires et avantages sociaux des employés

Les dépenses totales du personnel de Coinbase en 2023 étaient de 1,1 milliard de dollars.

Catégorie de compensation	Dépenses annuelles
Salaires de base	692 millions de dollars
Compensation en stock	276 millions de dollars
Prestations de santé et de retraite	132 millions de dollars

Marketing et acquisition de clients

Coinbase a dépensé 475 millions de dollars en marketing et acquisition de clients en 2023.

• Publicité numérique: 218 millions de dollars
• Parrainage et partenariats: 127 millions de dollars
• Marketing de contenu: 86 millions de dollars
• Programmes de référence: 44 millions de dollars

Frais de conformité réglementaires et juridiques

Les dépenses juridiques et réglementaires ont totalisé 312 millions de dollars en 2023.

Catégorie de coût de conformité	Dépenses annuelles
Opérations du département juridique	156 millions de dollars
Frais de dépôt réglementaire	87 millions de dollars
Consultations juridiques externes	69 millions de dollars

Coinbase Global, Inc. (COIN) - Modèle d'entreprise: Strots de revenus

Frais de transaction des métiers des crypto-monnaies

Au troisième trimestre 2023, Coinbase a déclaré un chiffre d'affaires total de transaction de 590,3 millions de dollars. Le volume de négociation pour le trimestre était d'environ 73 milliards de dollars. Les taux de frais de transaction se situent entre 0,5% et 4,5% en fonction de la taille et du type des transactions.

Type de transaction	Pourcentage de frais	Revenus annuels estimés
Commerce de détail	1.99%	1,2 milliard de dollars
Trading institutionnel	0.50%	480 millions de dollars

Services basés sur l'abonnement

Le chiffre d'affaires de Coinbase Cloud était de 54,1 millions de dollars au troisième trimestre 2023. Coinbase Un abonnement mensuel coûte 29,99 $.

• Coinbase Cloud: Services d'infrastructure de blockchain d'entreprise
• Coinbase One: fonctionnalités de trading et de sécurité premium
• Plateforme de négociation avancée: outils de trader professionnel

Frais de plate-forme de trading institutionnel

Les échanges institutionnels ont généré 174,2 millions de dollars au troisième trimestre 2023. Les frais de plate-forme institutionnelle varient généralement de 0,25% à 0,50% par transaction.

Intérêt de la crypto-monnaie prêts

Le programme Coinbase GAGE ​​a généré environ 22,3 millions de dollars de revenus d'intérêts au cours du troisième trimestre 2023. Les taux de prêt moyens se situent entre 2% et 5% par an.

Frais de service de portefeuille et de garde

Les services de garde ont généré 37,5 millions de dollars au troisième trimestre 2023. La structure des frais de garde varie de 0,10% à 0,50% des actifs sous garde.

Niveau de service de garde	Plage d'actifs	Pourcentage de frais
Garde de base	1 M $ - 10 M $	0.10%
Garde d'entreprise	10 M $ - 100 M $	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.