Coinbase 🛡️ (@coinbase): From Trading App to the S&P 500: A 5 Year Speedrun

From Trading App to the S&P 500: A 5 Year Speedrun Five years ago, Coinbase went public as a crypto trading platform. The hot takes were immediate: Crypto is a fad Revenue is too volatile Regulation will eat you alive Bitcoin is dead, again Anyways… It wasn't easy. FTX collapsed. The regulators circled. Half the industry disappeared overnight. But we showed up when it mattered and kept building. When regulation was a question mark, we didn't wait for permission. We went to Congress. We helped rally 3.6M global advocates through Stand with Crypto. We pushed for clear rules – and landmark crypto legislation is now moving. Remember when TradFi said crypto wasn’t a real asset class? Then when they launched ETFs and needed someone to actually help hold the assets, they called us. Coinbase is now the custodian for over 80% of U.S. BTC and ETH ETF assets and saw a peak of $31.0 billion of inflows from ETFs in Q4 2025. Customers store more crypto at Coinbase than any other company. To put that in perspective, as of the end of 2025, more than 12% of all crypto on planet Earth sits with us. More than the next four competitors combined. The bets that hit A few years ago, we made two bets that looked ambitious at best and insane at worst (according to social media). @Base is now the #1 L2 by total value locked. @USDC has grown to nearly $80B in circulation globally. In Q4 2025, average USDC held in Coinbase products (1) reached $17.8B. These were structural bets on the future of onchain finance before onchain finance was a phrase people used at dinner parties (actually people still don't use it at dinner parties but we're working on that). S&P 500 First-ever crypto company included? Hi. That’s us. No crypto company had ever been in the S&P 500. Now one is. Feels worth mentioning twice. The shift nobody was watching Trading used to be >90% of our revenue. Everyone assumed that was a weakness. It wasn't. Coinbase crypto trading volume market share (2) more than doubled in 2025, reaching an all-time high. In February of this year, we had the highest 24 hour trading volume in over a year. By Q4 2025, trading was ~55% of revenue, with the rest from subscriptions, services, and non-transaction fee institutional products. In that same quarter, 12 products were generating >$100M in revenue on an annualized basis (3) - spanning custody, staking, stablecoins, derivatives, and more. Half exceeded $250M. Two exceeded $1B. Subscription and services revenue grew 5.5x from the 2021 peak to $2.8B in 2025. And the thesis hasn't changed All asset classes will move onchain eventually. That was the bet five years ago and it's still the bet today. The difference is most people were still debating whether it would happen. We spent those five years building the rails, the custody, the stablecoins, and the products for when it did. Five years in since our direct listing, we’re still trading. Still building. Still here. See you at ten. Legal stuff: (1) Corporate USDC balances and USDC held on behalf of customers in eligible Coinbase products. (2) Coinbase Crypto Trading Volume Market Share is defined as Coinbase Total Crypto Trading Volume divided by Total Crypto Market Trading Volume. Total Crypto Trading Volume Market Share is defined as the total USD value of all crypto matched spot and derivative trading volumes across exchanges defined in our proprietary competitor set during the period of measurement, based on data obtained from CryptoCompare, CoinMetrics, and Dune. (3) Measured based on when a given product generated $100 million in quarterly annualized net revenue for the most recent qualifying quarter. NOTE: All figures mentioned above are as of 12/31/2025 unless otherwise noted, and do not reflect any material activity in the first quarter of 2026.