Coinbase Q1 Financial Results Show Resilient Financial Performance Driven by New All-Time High Crypto Trading Volume Market Share

Results indicate strong fundamentals despite short term macro headwinds: Coinbase saw a new all-time high crypto trading volume market share, driven by record-breaking consumer and institutional adoption of derivatives, with retail derivatives annualized revenue1 exceeding $200 million Prediction markets revealed as one of Coinbase’s fastest scaling products ever, reaching over $100 million in annualized revenue2 in less than two months, driven by strong consumer demand Coinbase leading competitors in USDC on platform, onchain stablecoin transaction volume, and agentic stablecoin transaction volume, solidifying its role as the largest regulated stablecoin platform in the world Everywhere/SAN DIEGO--(BUSINESS WIRE)--Coinbase Global, Inc. (Nasdaq: COIN) reported progress across the Everything Exchange, stablecoins and payments, and onchain adoption — serving consumers, developers, agents, institutions, banks, and government agencies as the most trusted name in crypto. Everything Exchange: Coinbase reaches all-time high crypto trading volume market share Coinbase crypto trading volume market share increased to 8.6%, a new all-time high driven by product innovation and derivatives growth. Coinbase continues to hold more crypto than any platform in the world, securely storing 12% of global crypto assets. Coinbase derivatives trading volume TTM grew 169% year-over-year, driven by increasing consumer and institutional adoption, with retail derivatives surpassing $200 million in annualized revenue, a new all-time high. Coinbase prediction markets reached $100 million in annualized revenue in March (first two full months live) following U.S. launch, one of its fastest scaling products ever, driven by strong retail interest. Stablecoin and payments: Coinbase drives USDC growth and Base powers agentic stablecoin transactions Coinbase is the distribution engine driving growth of USDC, the world’s largest regulated stablecoin, with more than 25% of total USDC in circulation (~$19 billion average USDC held in Coinbase products). Base, Coinbase’s layer-2 blockchain, processed 62% of total global onchain stablecoin transaction volume, exceeding all other chains combined. More than 90% of onchain agentic stablecoin transaction volume was on Base, making Coinbase the #1 platform for onchain agentic commerce. 100 million+ payments processed via Coinbase’s x402 protocol, with 99%+ of x402 transactions completed using USDC. Onchain adoption: Coinbase sees 2x increase in DEX trading volume Coinbase saw a 2x increase in decentralized exchange (DEX) trading volume quarter-over-quarter, driven by native integration of DEX in the Coinbase app. Coinbase saw $1 billion year-over-year growth in Borrow/Lend balances. “We executed well on what was in our control in Q1," said Brian Armstrong, Co-Founder and CEO. "We saw huge growth in derivatives trading volume, driven by our Everything Exchange. We hit a new all-time high in USDC held in Coinbase products and saw 10x year-over-year growth in stablecoin transactions on Base. We’re also leading on the next frontier with over 90% of onchain agentic stablecoin transaction volume happening on Base. We believe there will soon be billions of agents transacting and they need rails that can keep up, and Coinbase is at the center of the agent economy.” “The market environment this quarter was softer, but the underlying fundamentals of our business remain strong," said Alesia Haas, Chief Financial Officer. "We’ve now delivered 13 consecutive quarters of positive Adjusted EBITDA spanning both bull and bear markets, alongside 12 consecutive quarters of native unit inflows. And we're growing new revenue streams, with 12 product lines each generating over $100 million annualized, and prediction markets on their way to becoming the 13th.” As the most trusted crypto platform with the broadest product suite, Coinbase’s results show continued conviction that all asset classes will come onchain, and strengthened positioning to drive and capitalize on that shift. Non-GAAP Financial Measure This press release includes Adjusted EBITDA, a financial measures that is not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). A definition, explanation, and reconciliation to the most comparable GAAP financial measure can be found in the appendix to this press release. Quarterly Conference Call Materials containing Coinbase’s financial results for the first quarter ending March 31, 2026 have been posted on its Investor Relations website at investor.coinbase.com. The Company will hold a webcast to discuss these financial results at 2:30 p.m. PT today. The live webcast of the call can be accessed here. Following the call, a replay of the call, as well as a transcript, will be available on the Investor Relations website at investor.coinbase.com. Disclosure Information In addition to filings with the Securities and Exchange Commission (SEC), the Company uses its Investor Relations website (investor.coinbase.com), its blog (blog.coinbase.com), press releases, public conference calls and webcasts, its X feed (@coinbase), Brian Armstrong’s X feed (@brian_armstrong), its LinkedIn page, and its YouTube channel as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Forward-Looking StatementsRead the full story here

Coinbase Q1 Financial Results Show Resilient Financial Performance Driven by New All-Time High Crypto Trading Volume Market Share

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