Coinbase Global Maps ‘Everything Exchange' Push at Citi Conference

Coinbase is broadening beyond spot crypto trading through its “Everything Exchange” strategy, adding derivatives, prediction markets, traditional and tokenized equities, and commodities-related contracts to diversify revenue and expand its addressable market. The company is prioritizing growth in derivatives, prediction markets, stablecoins and payments . Coinbase One surpassed 1 million subscribers in the second quarter, while prediction-market revenue has been incremental so far and primarily driven by existing users. Coinbase is maintaining expense discipline and expects 2026 expenses to remain broadly similar to 2025, excluding USDC rewards, while investing in tokenized equities, Base and agentic payments. Management is cautiously optimistic about U.S. crypto regulation but says its roadmap does not depend on a single legislative outcome.

Coinbase Global NASDAQ: COIN is expanding beyond its origins as a spot cryptocurrency trading platform, with Chief Financial Officer Alesia Haas outlining a strategy centered on an “Everything Exchange,” stablecoins, payments and on-chain infrastructure during a Citi Research conference discussion. Haas said the company’s addressable market has broadened materially over the past 12 to 18 months. Coinbase now operates across spot crypto, derivatives, traditional equities, tokenized equities for non-U.S. customers and prediction markets, she said. Its derivatives business includes crypto contracts as well as contracts tied to commodities and metals.

“What has gone from being… a single-product spot crypto trading platform, has meaningfully expanded out to four trading verticals,” Haas said. She added that the broader product set could diversify revenue and create additional growth opportunities as customers trade more assets on one platform.

Haas said Coinbase’s publicly stated priorities this year are expanding the Everything Exchange and growing stablecoin- and payments-related businesses. Within the exchange strategy, she highlighted derivatives and prediction markets as products requiring the most scaling and showing the strongest new product-market fit.

Prediction markets, a product Haas described as approximately six months old, have gained traction as Coinbase adds contract types such as crypto binaries and Combos. She said crypto binary contracts allow users to express a view on short-term crypto price movements without committing the capital required to buy or trade the underlying asset directly. According to Haas, prediction-market activity so far has come from existing Coinbase users rather than paid acquisition efforts. The company has not yet used the product as a growth-marketing channel because it is still focused on strengthening and scaling the offering. She also said Coinbase has not seen cannibalization of its other products, describing prediction-market revenue to date as incremental.

Coinbase One, the company’s paid membership program, exceeded 1 million subscribers during the second quarter, Haas said. She characterized the milestone as notable because it occurred against a backdrop of weaker crypto markets. The membership currently provides benefits largely tied to spot crypto trading, but Haas said Coinbase sees opportunities to expand benefits into derivatives, prediction markets and adjacent services. She also cited the Coinbase card and USDC rewards as valuable parts of the membership offering.