Coinbase Global Maps ‘Everything Exchange' Push Beyond Crypto Trading

Coinbase is diversifying beyond spot crypto trading: Bitcoin spot trading now generates just over 10% of total revenue, down from more than 50% at its 2021 listing, while subscriptions and services produce roughly $2.5 billion annually. The company’s “ Everything Exchange ” strategy combines crypto derivatives, prediction markets, traditional equities, stablecoins and tokenized assets on one platform. Prediction markets have reached a $100 million annualized revenue run rate, while derivatives market share hit a second-quarter high. Coinbase is building broader financial infrastructure through Base, USDC and institutional custody, supported by a more constructive regulatory environment. Management also expects 2026 expenses to remain roughly flat with 2025 while maintaining positive adjusted EBITDA.

Coinbase Global NASDAQ: COIN executives outlined an expansion strategy centered on diversifying beyond spot cryptocurrency trading, adding new trading products, scaling stablecoin and tokenization offerings, and building infrastructure for on-chain transactions. Speaking at a GS Research event, President and COO Emilie Choi and Chief Financial Officer Alesia Haas said the company’s business has changed substantially since its 2021 public listing, when it primarily served retail and institutional spot-trading customers.

Haas said Bitcoin spot trading now represents “about 10%, just over, of our total revenue,” compared with more than 50% at the time of Coinbase’s public listing. Subscription and services revenue is now running at roughly $2.5 billion annually, she said, driven in part by stablecoin activity. Coinbase holds roughly 12% of the world’s on-chain assets on its platform, according to Haas. She said the company is seeking to build durable infrastructure for consumers, institutions, fintechs, banks and corporations that want to offer crypto-related products.

Choi described Coinbase’s “Everything Exchange” goal as creating a single platform where customers can trade “any asset, any time.” The company began with crypto spot trading but has since added derivatives, prediction markets and traditional equities. Coinbase’s derivatives business reached an all-time high in market-share terms during the second quarter, Choi said. The company’s prediction-markets product, meanwhile, has reached a $100 million annualized revenue run rate and is among Coinbase’s fastest-growing revenue products, she said.

Haas said prediction-markets revenue and contracts doubled quarter over quarter after the product launched in the first quarter. Following the launch of crypto binary contracts, average daily traders increased threefold and average revenue increased fourfold, she said. Coinbase has also introduced “combos,” which Haas said have added further engagement. The executives said they do not view prediction markets as cannibalizing existing trading revenues. Instead, Haas characterized the offering as an incremental way to engage customers through new types of contracts, including contracts tied to weather, politics and sports. Looking ahead, Haas said Coinbase plans to expand the range of available prediction-market contracts and continue improving the six-month-old product. The company initially entered the market through a partnership with Kalshi, but Haas said Coinbase could explore additional partners or potential vertical integration over time.