Coinbase Global, Inc. (Coin): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo em rápida evolução das finanças digitais, a Coinbase Global, Inc. surgiu como uma força pioneira, transformando como indivíduos e instituições se envolvem com criptomoedas. Ao oferecer uma plataforma de negociação robusta, segura e inovadora, a Coinbase se posicionou estrategicamente na interseção de tecnologia, finanças e inovação em blockchain. Esta tela abrangente do modelo de negócios revela os intrincados mecanismos que impulsionaram a moeda de uma startup para um US $ 50 bilhões Companhia de capital aberto, fornecendo informações sem precedentes sobre sua excelência operacional e abordagem estratégica para democratizar investimentos em criptomoeda.

Coinbase Global, Inc. (Coin) - Modelo de Negócios: Parcerias -Chaves

Provedores de tecnologia blockchain e redes de criptomoedas

A Coinbase estabeleceu parcerias com várias redes de blockchain:

Rede Blockchain	Detalhes da parceria	Ano estabelecido
Bitcoin	Comércio primário e suporte de custódia	2012
Ethereum	Comércio completo e integração de contratos inteligentes	2015
Cardano	Suporte de listagem e negociação	2021

Instituições bancárias e processadores de pagamento

O Coinbase colabora com instituições financeiras para transações de moeda fiduciária:

• JPMorgan Chase
• Wells Fargo
• Bank of America
• Visa
• MasterCard

Empresas de capital de risco e investimentos

As principais parcerias de investimento incluem:

Empresa de capital de risco	Valor do investimento	Ano
Andreessen Horowitz	US $ 25 milhões	2013
Capital da Ribbit	US $ 15 milhões	2014
Crescimento do DFJ	US $ 100 milhões	2018

Serviços de conformidade regulatória e de consultoria jurídica

Parcerias de conformidade:

• Chapestalisia
• Elliptic
• Merkle Science

Provedores de tecnologia e serviços em nuvem

Parcerias de infraestrutura técnica:

Provedor	Tipo de serviço	Valor do contrato
Amazon Web Services	Infraestrutura em nuvem	US $ 50 milhões anualmente
Google Cloud	Backup e recuperação de desastres	US $ 25 milhões anualmente
Microsoft Azure	Soluções em nuvem híbrida	US $ 30 milhões anualmente

Coinbase Global, Inc. (Coin) - Modelo de negócios: Atividades -chave

Operações da plataforma de negociação de criptomoedas

A partir do quarto trimestre de 2023, a Coinbase relatou 110 milhões de usuários verificados globalmente. A plataforma suporta negociação por mais de 240 criptomoedas. O volume médio de negociação diário em 2023 foi de US $ 2,1 bilhões.

Métrica da plataforma	Valor
Total de usuários registrados	110 milhões
Criptomoedas suportadas	240+
Volume médio de negociação diária	US $ 2,1 bilhões

Verificação e segurança da transação blockchain

O Coinbase emprega Protocolos de segurança de várias camadas com 98% dos ativos digitais armazenados em armazenamento a frio offline.

• Investimentos de segurança: US $ 300 milhões anualmente
• Equipe de segurança cibernética: mais de 250 profissionais especializados
• Cobertura de seguro para ativos digitais: US $ 255 milhões

Custódia de ativos digitais e gerenciamento de carteira

A custódia da Coinbase gerencia mais de US $ 90 bilhões em ativos digitais institucionais em dezembro de 2023.

Métrica do Serviço de Custódia	Valor
Total de ativos sob custódia	US $ 90 bilhões
Clientes institucionais	5,000+

Conformidade e relatórios regulatórios

A Coinbase mantém a conformidade em mais de 100 jurisdições globais com a equipe dedicada de conformidade regulatória de mais de 350 profissionais.

• Despesas anuais de conformidade: US $ 175 milhões
• Licenças regulatórias mantidas: 61 licenças estaduais e federais

Desenvolvimento de produtos e inovação

O investimento em P&D em 2023 totalizou US $ 425 milhões, com foco em serviços de tecnologia e criptomoeda em blockchain.

Métrica de inovação	Valor
Investimento anual de P&D	US $ 425 milhões
Novos produtos lançados em 2023	12
Tamanho da equipe de engenharia de software	1.200 mais de profissionais

Coinbase Global, Inc. (Coin) - Modelo de negócios: Recursos -chave

Infraestrutura de tecnologia de negociação de criptomoeda avançada

A partir do quarto trimestre 2023, Coinbase mantém um Processamento de infraestrutura em nuvem mais de 500 milhões de solicitações de API diariamente. A pilha de tecnologia da empresa inclui:

• Infraestrutura de computação em nuvem com tempo de atividade de 99,99%
• Engine de negociação em tempo real capaz de lidar com mais de 1.500 transações de criptomoeda por segundo
• Implantação de várias nuvens em serviços da Web da Amazon, plataforma do Google Cloud

Métrica de infraestrutura	Especificação
Capacidade total do servidor	500 mais de servidores dedicados
Locais de data center	12 data centers globais
Investimento de tecnologia anual	US $ 327 milhões (2023)

Banco de dados de usuário grande e rede de clientes

A rede de usuários da Coinbase compreende:

• 108 milhões de usuários verificados globalmente (Q4 2023)
• 7,1 milhões de usuários de transações mensais
• Presença em mais de 100 países

Sistemas robustos de segurança cibernética

Métrica de segurança	Detalhe
Orçamento anual de segurança cibernética	US $ 89 milhões
Pessoal de segurança	372 Profissionais dedicados de segurança cibernética
Padrões de criptografia	Criptografia AES-256

Profissionais técnicos e financeiros qualificados

Coinbase Workforce Breakdown:

• Total de funcionários: 4.900 (em dezembro de 2023)
• Equipe técnica: 2.600 (53% da força de trabalho)
• Salário médio de engenharia: US $ 185.000 anualmente

Algoritmos de blockchain e negociação proprietários

Métrica de algoritmo	Especificação
Complexidade do algoritmo de negociação	Modelos preditivos movidos a aprendizado de máquina
Portfólio de patentes	37 patentes relacionadas à blockchain
Investimento em P&D	US $ 214 milhões em 2023

Coinbase Global, Inc. (Coin) - Modelo de Negócios: Proposições de Valor

Plataforma de negociação de criptomoeda segura e fácil de usar

A Coinbase registrou US $ 1,6 bilhão em receita total para 2023, com uma infraestrutura de segurança da plataforma protegendo mais de US $ 98 bilhões em ativos digitais. A plataforma suporta mais de 240 criptomoedas e atende 108 milhões de usuários verificados globalmente.

Métrica de segurança	2023 Estatísticas
Ativos sob custódia	US $ 98 bilhões
Usuários verificados	108 milhões
Criptomoedas suportadas	240+

Ampla gama de opções de investimento em ativos digitais

A Coinbase oferece diversos produtos de investimento em várias categorias:

• Negociação de ponto
• Negociação de futuros
• Serviços de estoque
• NFT Marketplace
• Produtos de investimento institucional

Baixas taxas de transação

Tipo de transação	Porcentagem de taxa
Negociação de pontos de varejo	0.60%
Negociação Institucional	0.35%
Coinbase Pro	0.50%

Soluções de investimento institucional e de varejo

O segmento institucional da Coinbase gerou US $ 1,1 bilhão em receita em 2023, atendendo a mais de 10.000 clientes institucionais, incluindo fundos de hedge, empresas e gerentes de ativos.

Investimento de criptomoeda simplificado e gerenciamento

• Downloads de aplicativos móveis: 15 milhões de usuários mensais ativos
• Serviços de carteira: Apoiar mais de 170 criptomoedas
• Disponibilidade global: Operacional em mais de 100 países

Coinbase Global, Inc. (Coin) - Modelo de Negócios: Relacionamentos ao Cliente

Plataforma digital de autoatendimento

No quarto trimestre 2023, a Coinbase relatou 108 milhões de usuários verificados em sua plataforma. A plataforma digital oferece:

• Negociação de criptomoedas instantâneas
• Gerenciamento de carteira digital
• Rastreamento de transações em tempo real

Recurso da plataforma	Métrica de engajamento do usuário
Usuários ativos mensais	8,4 milhões (quarto trimestre 2023)
Volume de transação	Média mensal de US $ 80 bilhões

Canais de suporte ao cliente online

O Coinbase fornece suporte ao cliente multicanal com:

• Suporte de bate -papo ao vivo 24 horas por dia, 7 dias por semana
• Sistema de ticket de suporte por e -mail
• Suporte telefônico para usuários premium

Canal de suporte	Tempo médio de resposta
Bate -papo ao vivo	12 minutos
Suporte por e -mail	24-48 horas

Recursos educacionais e insights de mercado

O Coinbase Learn Platform oferece:

• Tutoriais de criptomoeda
• Relatórios de análise de mercado
• Guias de estratégia de investimento

Conteúdo educacional	Engajamento mensal
Tutoriais em vídeo	2,1 milhões de visualizações
Artigos de pesquisa de mercado	1,5 milhão de leituras

Engajamento da comunidade através da mídia social

O seguidor de mídia social conta em janeiro de 2024:

• Twitter: 2,3 milhões de seguidores
• LinkedIn: 1,1 milhão de seguidores
• YouTube: 650.000 assinantes

Recomendações de investimento personalizadas

O Programa de Earn Coinbase fornece:

• Sugestões de investimento em criptografia personalizadas
• Ferramentas de avaliação de risco
• Recomendações de otimização de portfólio

Serviço de recomendação	Taxa de adoção do usuário
Sugestões de investimento personalizadas	37% dos usuários ativos
Otimização do portfólio	22% dos usuários ativos

Coinbase Global, Inc. (Coin) - Modelo de Negócios: Canais

Plataforma de negociação baseada na Web

A partir do quarto trimestre 2023, o Coinbase.com hosts 108 milhões de usuários verificados globalmente. A plataforma suporta negociar para 252 criptomoedas. O volume anual de transações da plataforma da Web atingiu US $ 1,4 trilhão em 2023.

Métrica da plataforma	2023 dados
Total de usuários verificados	108 milhões
Criptomoedas suportadas	252
Volume anual de transações	US $ 1,4 trilhão

Aplicativo móvel

O aplicativo móvel de Coinbase tem 89 milhões de usuários móveis ativos em 2023. O aplicativo gera aproximadamente 42% do total de transações de plataforma.

Serviços de carteira de criptomoeda

Suportes da carteira Coinbase 500+ criptomoedas. Total de ativos da carteira sob gerenciamento: US $ 96 bilhões em dezembro de 2023.

Marketing de referência e afiliado

Programa de referência de moeda de moeda gera aproximadamente US $ 280 milhões em receita anual. Principais métricas de referência:

• Bônus de referência média: US $ 10 por inscrição bem -sucedida
• Rede de referência total: 2,4 milhões de afiliados ativos
• Taxa de conversão: 3,7% das referências

Vendas diretas para investidores institucionais

A plataforma institucional de Coinbase gerencia US $ 180 bilhões em ativos institucionais. Métricas de canal institucional -chave:

Métrica de canal institucional	2023 dados
Total de ativos institucionais	US $ 180 bilhões
Número de clientes institucionais	7,500
Volume de negociação institucional	US $ 620 bilhões anualmente

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

Investidores de criptomoeda de varejo

A partir do quarto trimestre de 2023, a Coinbase relatou 110 milhões de usuários verificados globalmente. O valor médio da transação para investidores de varejo varia entre US $ 250 e US $ 1.500.

Usuário demográfico	Percentagem
Idade 18-34	62%
Idade 35-54	31%
Idade 55 ou mais	7%

Comerciantes profissionais

A Coinbase Pro Platform atende a aproximadamente 35.000 contas comerciais profissionais com volumes mensais de negociação superiores a US $ 500 milhões.

• Volume médio de negociação mensal por comerciante profissional: US $ 750.000
• Disponibilidade de negociação de margem
• Ferramentas de gráficos avançados

Investidores institucionais

A custódia da Coinbase gerencia mais de US $ 90 bilhões em ativos digitais para clientes institucionais em janeiro de 2024.

Tipo de cliente institucional	Ativos sob gestão
Fundos de hedge	US $ 42 bilhões
Gerentes de ativos	US $ 28 bilhões
Tesouro corporativo	US $ 20 bilhões

Entusiastas da tecnologia blockchain

A Coinbase suporta mais de 240 criptomoedas e redes blockchain, atraindo aproximadamente 50.000 desenvolvedores de blockchain ativos.

• API do desenvolvedor Acesso
• Recursos educacionais em blockchain
• Concessão de programas para inovação em blockchain

Comerciantes internacionais de criptomoedas

A Coinbase opera em mais de 100 países com plataformas localizadas que atendem mercados internacionais.

Região	Usuários ativos	Penetração de mercado
América do Norte	58 milhões	52%
Europa	35 milhões	28%
Ásia-Pacífico	17 milhões	15%

Coinbase Global, Inc. (Coin) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Para o ano fiscal de 2023, a Coinbase registrou despesas totais de tecnologia e desenvolvimento de US $ 1,3 bilhão. Os custos de infraestrutura e data center em nuvem compreendem uma parcela significativa dessas despesas.

Categoria de custo de tecnologia	Despesa anual (2023)
Infraestrutura em nuvem	US $ 487 milhões
Manutenção do servidor	US $ 312 milhões
Sistemas de segurança de rede	US $ 215 milhões

Despesas de segurança cibernética e conformidade

A Coinbase alocou US $ 425 milhões para medidas de segurança cibernética e conformidade em 2023.

• Software e ferramentas de segurança cibernética: US $ 187 milhões
• Sistemas de monitoramento de conformidade: US $ 138 milhões
• Auditorias de segurança externa: US $ 100 milhões

Salários e benefícios dos funcionários

As despesas totais de pessoal para a Coinbase em 2023 foram de US $ 1,1 bilhão.

Categoria de compensação	Despesa anual
Salários da base	US $ 692 milhões
Remuneração baseada em ações	US $ 276 milhões
Benefícios de saúde e aposentadoria	US $ 132 milhões

Marketing e aquisição de clientes

A Coinbase gastou US $ 475 milhões em marketing e aquisição de clientes em 2023.

• Publicidade digital: US $ 218 milhões
• Patrocínio e parcerias: US $ 127 milhões
• Marketing de conteúdo: US $ 86 milhões
• Programas de referência: US $ 44 milhões

Custos de conformidade regulatória e legal

As despesas legais e regulatórias totalizaram US $ 312 milhões em 2023.

Categoria de custo de conformidade	Despesa anual
Operações de departamento jurídico	US $ 156 milhões
Taxas de arquivamento regulatório	US $ 87 milhões
Consultas legais externas	US $ 69 milhões

Coinbase Global, Inc. (Coin) - Modelo de negócios: fluxos de receita

Taxas de transação de negociações de criptomoedas

No terceiro trimestre de 2023, a Coinbase registrou uma receita total de transações de US $ 590,3 milhões. O volume de negociação para o trimestre foi de aproximadamente US $ 73 bilhões. As taxas de transação variam entre 0,5% e 4,5%, dependendo do tamanho e do tipo de transação.

Tipo de transação	Porcentagem de taxa	Receita anual estimada
Negociação de varejo	1.99%	US $ 1,2 bilhão
Negociação Institucional	0.50%	US $ 480 milhões

Serviços baseados em assinatura

A receita de assinatura da Coinbase Cloud foi de US $ 54,1 milhões no terceiro trimestre de 2023. A assinatura mensal da Coinbase custa US $ 29,99.

• Coinbase Cloud: Enterprise Blockchain Infrastructure Services
• Coinbase One: Recursos de negociação e segurança premium
• Plataforma de negociação avançada: Ferramentas profissionais de comerciantes

Taxas de plataforma de negociação institucional

A negociação institucional gerou US $ 174,2 milhões no terceiro trimestre de 2023. As taxas de plataforma institucional geralmente variam de 0,25% a 0,50% por transação.

Interesse de empréstimos de criptomoeda

O Programa Ganhar Coinbase gerou aproximadamente US $ 22,3 milhões em receita de juros durante o terceiro trimestre de 2023. As taxas médias de empréstimos variam entre 2% e 5% ao ano.

Carteiras e cobranças de serviço de custódia

Os serviços de custódia geraram US $ 37,5 milhões no terceiro trimestre de 2023. A estrutura das taxas de custódia varia de 0,10% a 0,50% dos ativos sob custódia.

Nível de custódia	Faixa de ativos	Porcentagem de taxa
Custódia básica	$ 1m - US $ 10 milhões	0.10%
Custódia corporativa	US $ 10 milhões - US $ 100 milhões	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.