[COIN] Coinbase: Q3 2026 Earnings Test New Products Against a Retail Trading Slump

Coinbase is the largest regulated crypto-asset trading and custody platform in the US, earning most of its revenue from trading fees paid by retail and institutional users and from stablecoin revenue it shares with Circle on USDC reserves[1]. Coinbase Q3 2026 earnings are scheduled for 2026-10-29 on the Drillr earnings calendar, covering the Third quarter 2026 (three months ended September 30, 2026)[2]. In the latest disclosed period, the second quarter of 2026, total revenue was $1.22 billion, down 18.5% year over year; transaction revenue was $599 million, down 21.6%; and subscription and services revenue was $555 million, or 48% of net revenue. The company posted a $113 million operating loss, and after a $209 million fair-value loss on crypto assets held for investment, a net loss of $359 million, or -$1.36 per share, while adjusted EBITDA was $208 million[3][4]. In its July 30 outlook, management said quarter-to-date transaction revenue through July 26 was about $130 million (and cautioned against extrapolating it), guided subscription and services revenue to $500-$580 million, adjusted expenses to $980-$1,080 million and stock-based compensation to about $245 million, and gave no guidance for total revenue or earnings per share[4]. Analyst consensus compiled by Drillr on 2026-10-23 calls for third-quarter total revenue of $1.202 billion (15 analysts, range $1.066-$1.348 billion) and EPS of -$0.23 (13 analysts, range -$3.56 to $5.65)[5]; the EPS range is this wide because net income includes fair-value changes on crypto assets held for investment and strategic investments[3].

Three things matter most in these results, one each for transaction revenue, stablecoin revenue and the expense floor. The first is whether new products keep offsetting the shrinking retail spot market: second-quarter retail spot volume was $25.8 billion, down 24% from the prior quarter, while consumer transaction revenue of $452 million fell only 20%, a gap the company attributed to prediction markets that already run above $100 million in annualized revenue[4]. If consumer transaction revenue starts falling as fast as volume in the third quarter, that cushion is gone. The second is whether record USDC balances can produce stablecoin revenue: average USDC held in Coinbase products reached an all-time high of $20 billion in the second quarter, yet stablecoin revenue of $292 million was below the $309 million of a year earlier, while USDC rewards rose 16% to $119 million[4][3]; that determines how thick a buffer subscription and services, now nearly half of net revenue, can provide. The third is whether expenses stay within guidance after a 14% workforce cut: the May restructuring shows up for a full quarter for the first time[6], and the company has committed to positive adjusted EBITDA in all market conditions, while the second-quarter figure was only $208 million, its 14th consecutive positive quarter[4].

Company Background and Business Structure

Coinbase is expanding from a crypto spot exchange into what it calls the "Everything Exchange." With a mission to increase economic freedom in the world, the company announced in December 2025 that it was expanding the assets available to trade to stocks, commodity futures, perpetual futures and prediction markets, and it completed the acquisition of crypto options venue Deribit in August 2025[1]. Coinbase reports as a single segment; in the second quarter of 2026, 85% of total revenue came from the US, and no other country exceeded 10%[3]. It also incubated Base, an Ethereum layer-2 network, and earns sequencer fees each time Base processes a transaction[1].

Transaction revenue is still the company's largest revenue source, and retail users supply most of it. In 2025, total revenue was $7.18 billion, of which transaction revenue was $4.06 billion, or 56.5%, split into $3.32 billion from consumers, $480 million from institutions and $253 million of other transaction revenue[1]. Retail users on the Coinbase App pay fees based on the amount traded, while paid Coinbase One members exchange a fixed subscription fee for zero-fee trading; paid subscribers passed 1 million in the second quarter, an all-time high[7].

Subscription and services is the second-largest revenue line, and stablecoin revenue is its biggest component. In 2025, subscription and services revenue was $2.83 billion, including $1.35 billion of stablecoin revenue, $677 million of blockchain rewards (staking commissions), $247 million of interest and finance fee income and $555 million of other subscription and services revenue, plus $298 million of other revenue, mainly corporate interest income[1]. Stablecoin revenue comes from the Circle Agreement updated in August 2023: Circle issues USDC and shares reserve economics with Coinbase based on USDC in circulation on and off the platform, so the greater the share of USDC on Coinbase, the more Coinbase earns[1]. The agreement had an initial three-year term and renews automatically when conditions are met; in the second quarter the company said the renewal conditions had been met and the partnership would renew on the same terms[4].

The balance sheet also carries assets that sit outside operations but flow straight into net income. Customer assets are held one-to-one and are not company cash[1], but Coinbase itself holds crypto assets for investment such as Bitcoin and Ethereum, along with strategic investments, and at the end of the second quarter its Bitcoin units held were up 92% and Ethereum units up 34% from a year earlier[4]. Fair-value changes on these assets run through net income but are excluded from adjusted EBITDA, which is why the two profit measures often move in different directions[3].

Financial History and Current Position

Coinbase's annual revenue swings sharply with the crypto cycle, and 2025 revenue hit a record while profit came in below 2024. Total revenue was $3.11 billion in 2023 and recovered to $6.56 billion in 2024, when net income was about $2.6 billion and adjusted EBITDA was $3.35 billion[1]. In 2025, total revenue was $7.18 billion, net income about $1.3 billion, adjusted EBITDA $2.81 billion and operating cash flow $2.43 billion; 2025 net income also absorbed $345 million of Data Theft Incident losses and $529 million of losses on crypto assets held for investment[1].

In the first two quarters of 2026, a weaker crypto market pushed revenue down quarter after quarter. First-quarter total revenue was $1.41 billion, including $756 million of transaction revenue and $584 million of subscription and services revenue, with a net loss of $394 million and adjusted EBITDA of $303 million[8]. Second-quarter total revenue was $1.22 billion, down 14% from the first quarter and 18.5% from a year earlier; transaction revenue was $599 million, made up of $452 million from consumers, $100 million from institutions and $47 million of other, while subscription and services revenue was $555 million and other revenue was $66 million[3][4].

Both operating and net results were negative in the second quarter, and only adjusted EBITDA stayed positive. The quarter's $113 million operating loss included $52.4 million of restructuring charges; a $209 million loss on crypto assets held for investment took the net loss to $359 million, or -$1.36 per share, compared with net income of $1.43 billion a year earlier[3]. Adjusted EBITDA was $208 million, down from $512 million a year earlier, and totaled $511 million for the first half, against $692 million of losses on crypto assets held for investment over the same six months[3].

On cash and capital allocation, the company kept repaying debt and buying back stock while profit fell. Operating cash flow for the first half of 2026 was $713 million lower than a year earlier, mainly because consumer transaction revenue fell by $727 million; over the same period Coinbase repaid $1.3 billion of 2026 convertible notes and spent $1.2 billion repurchasing about 7.1 million shares[3]. Cash and cash equivalents were $8.61 billion at June 30, the company cited about $10 billion of available resources, and $2.0 billion of buyback authorization remained[4].

Operating Model

Transaction revenue is roughly each type of trading volume times its fee rate, and it follows market activity with almost no lag. It is approximately retail spot volume times the effective fee rate, plus institutional volume at lower rates, derivatives and prediction-market fees and Base sequencer fees; in the second quarter, consumer transaction revenue was about 1.75% of retail spot volume[3][4]. That ratio is only a blended proxy, because the company does not disclose its effective fee rate and prediction-market and derivatives fees are not counted in spot volume. In the second quarter crypto-asset volatility fell 14% from the first quarter to multi-year lows and total market spot volume fell 25%, and those changes reached consumer transaction revenue within the same quarter[4].

Subscription and services revenue depends more on interest rates and USDC balances than on trading activity. It is roughly USDC balances times the reserve yield and Coinbase's share, plus staked assets times the reward rate and commission, plus interest on custodial cash and loans and subscription fees such as Coinbase One; in the second quarter those four pieces were $292 million of stablecoin revenue, $83 million of blockchain rewards, $66 million of interest and finance fee income and $114 million of other subscription and services revenue[3]. Blockchain rewards benefited from growth in native units staked but were offset by lower prices and reward rates in the second quarter, showing that this revenue also moves with crypto prices within the quarter[4].

Adjusted EBITDA is roughly net revenue minus transaction expense and adjusted expenses, and rigid costs amplify any revenue decline into profit. Second-quarter transaction expense was $190 million, or 16.4% of net revenue, and moves with volume, while technology and development, general and administrative, and sales and marketing expenses are dominated by people, infrastructure and USDC rewards and do not fall in proportion to revenue in the short run[3][4]. That is why a $277 million year-over-year drop in second-quarter total revenue cut adjusted EBITDA from $512 million to $208 million; because trading fees are collected at execution, operating cash flow is most sensitive to consumer transaction revenue[3].

Industry and Competitive Position

Coinbase has held and grown its share in a market that is shrinking overall. It stores more crypto than any other platform, its global crypto trading volume share reached an all-time high in the second quarter, and it gained share in both spot and derivatives, with spot gains concentrated in crypto-to-fiat, its highest-revenue channel[4]. Second-quarter crypto derivatives volume was $1,027.0 billion, roughly flat with $1,032.1 billion in the first quarter, while the derivatives market overall was down double digits from the prior quarter[4]; Deribit, which it acquired, is the global leader in crypto options by volume and open interest[1]. In stablecoins, more than 30% of USDC in circulation sat in Coinbase products at quarter-end, and over the past year the company captured about half of all USDC economics[4].

Competitive pressure comes from several directions, and the available comparison has clear limits. Brokers such as Robinhood have launched their own Ethereum layer-2 chains, while management argues that Base, as the largest Ethereum layer-2, will benefit from long-term consolidation[7]; global exchanges such as Binance, and CME and Kalshi in derivatives and prediction markets, compete for the same traders, but the available material has no comparable revenue or fee-rate data for these rivals. Compass Point argues that competition brings long-term pressure on pricing and margins[9], and because Coinbase does not disclose its effective fee rate, outsiders cannot directly measure how large that pressure is.

Core Debates

Retail spot volume has fallen by more than half in a year; can prediction markets and derivatives keep holding up Coinbase's transaction revenue?

Transaction revenue is still Coinbase's largest revenue source, and costs do not fall with it, so every step down in transaction revenue is magnified in profit. Transaction revenue was 56.5% of total revenue in 2025 and still 51.9% of net revenue in the second quarter[1][3]. Second-quarter retail spot volume was down 38% year over year and transaction revenue was down 21.6%; quarter-to-date transaction revenue through July 26 was about $130 million, a lower daily run rate than in the second quarter[3][4].

The current evidence shows consumer transaction revenue falling less than retail spot volume. Second-quarter retail spot volume was $25.8 billion, down 24% from $33.8 billion in the first quarter and less than half of the $57.4 billion in the third quarter of 2025; consumer transaction revenue was $452 million, down 20% from the prior quarter, compared with $844 million in the third quarter of 2025[4]. The company attributed the gap to growth in prediction markets, which passed $100 million in annualized revenue as revenue and contracts more than doubled from the prior quarter[4]; management also said new products have delivered incremental spot volume with no observed cannibalization, and that Bitcoin-related trading revenue has fallen to 12% of total revenue[7].

The transmission runs from prices and volatility through volume into transaction revenue and profit, but the rising ratio of revenue to volume has two explanations. Lower crypto prices and multi-year-low volatility reduced retail spot trading, cutting volume-based consumer fees, while new products such as prediction markets, perpetual futures and stock trading added revenue that is not counted in spot volume, so consumer transaction revenue fell less than volume before the effect reached transaction expense and adjusted EBITDA[4]. The other explanation is a mix shift: Coinbase One members trade fee-free in exchange for a subscription, which moves revenue from trading fees into subscriptions[7], and Compass Point points to long-term pricing and margin pressure from competition[9]; if spot keeps shrinking in the third quarter while prediction-market growth slows, transaction revenue would fall in step with spot. Because the company discloses neither its effective fee rate nor the revenue from new products, the question cannot yet be settled directly.

The third quarter offers three sets of numbers to test this debate, each with a clear falsifier. The first is whether retail spot volume falls below $25.8 billion and whether consumer transaction revenue still declines less than volume; the second is whether the company reaffirms or raises its annualized prediction-market revenue and whether crypto derivatives volume holds near $1 trillion; the third is total transaction revenue against the roughly $130 million pace of the first 26 days of July, and whether institutional transaction revenue holds the second quarter's $100 million[4][3]. If consumer transaction revenue falls more than retail spot volume, new products are no longer offsetting the decline or fee rates are slipping; if the revenue-to-volume ratio keeps rising and annualized prediction-market revenue grows, that supports the view that transaction revenue is becoming less dependent on the spot cycle.

USDC balances on Coinbase are at a record, so why is stablecoin revenue falling, and how much will rates and rewards eat into it?

Subscription and services revenue is the main buffer when trading is weak, and stablecoin revenue is its largest piece. In the second quarter subscription and services revenue was 48% of net revenue, and stablecoin revenue of $292 million made up more than half of it[4][3]. The company guided third-quarter subscription and services revenue to $500-$580 million, a midpoint below the second quarter's $555 million, because second-quarter performance earn-outs will not recur and quarter-to-date crypto prices were lower, offsetting growth in USDC balances[4].

The current evidence shows balance growth not turning into revenue growth. In the second quarter the average USDC market cap was $77 billion and stable from the prior quarter, average USDC held in Coinbase products was a record $20 billion, and more than 30% of USDC in circulation sat in Coinbase products at quarter-end[4]. Yet stablecoin revenue fell from $305 million in the first quarter and $325 million in the third quarter of 2025 to $292 million, which the company attributed to lower interest rates and lower off-platform balances[8][4]. Over the same quarter USDC rewards, booked in sales and marketing, were $119 million, up 16% year over year and equal to about 40.8% of stablecoin revenue[3].

Stablecoin's net contribution to profit is revenue minus rewards, and rates and rewards squeeze it from both ends. Growth in total USDC and on-platform balances increases the reserve economics Coinbase earns under the Circle Agreement, but falling short-term rates lower the yield on each dollar; to retain balances, Coinbase pays USDC rewards to Coinbase One members and institutional customers, because customers holding USDC are more likely to use other products such as trading[1][3]. In the second quarter, stablecoin revenue net of rewards was about $173 million. The alternative reading is that balance growth is mostly bought with rewards and that the net contribution will narrow if rates keep falling; the company also supports other stablecoins such as PYUSD and USDT and participates in the Onyx USD consortium, which could divert USDC balances[7], and because it does not disclose the reserve yield or its share, the separate effects of rates and balances cannot be cleanly split.

Third-quarter watch points sit in three places: the guidance range, balances and the rewards ratio. Readers should check whether subscription and services revenue lands within $500-$580 million, whether average USDC held in Coinbase products stays above $20 billion and stablecoin revenue stops falling, and whether USDC rewards rise above 40.8% of stablecoin revenue[4]. If balances rise while stablecoin revenue keeps falling, lower rates are driving revenue; if stablecoin revenue stabilizes or recovers while the rewards ratio holds steady, balance growth is converting into profit.

After cutting 14% of its workforce, can Coinbase keep expenses within guidance and hold adjusted EBITDA positive through the trading slump?

Most of Coinbase's costs are people and infrastructure, so a revenue decline compresses profit sharply. In the second quarter, total revenue fell $277 million from a year earlier and adjusted EBITDA dropped from $512 million to $208 million[3]. The third quarter is the first full quarter after the layoffs and a test of the company's commitment to "generate positive Adjusted EBITDA in all market conditions"[4].

The restructuring is complete and second-quarter expenses landed within guidance, but costs inside the total are shifting. On May 5 the company announced a cut of about 700 employees, roughly 14% of its global workforce, and estimated restructuring charges of $50-$60 million[6]; it recognized $52.4 million in the second quarter[3]. Second-quarter technology and development plus general and administrative expenses totaled $830 million and sales and marketing $240 million, both within or below guidance[4]; within that, marketing programs spending was $59.7 million, down 34% year over year, while USDC rewards rose 16%, and stock-based compensation was $238 million versus $248 million in the first quarter[3][8].

Expense guidance and revenue sensitivity together set the room for third-quarter adjusted EBITDA. The company guided third-quarter adjusted expenses to $980-$1,080 million ($1,015-$1,120 million on a GAAP basis), transaction expense to the mid-teens as a percentage of net revenue and stock-based compensation to about $245 million[4], and said full-year 2026 adjusted expenses will be slightly higher than in 2025, driven by USDC rewards[3]. The top of the adjusted-expense range is roughly the same as the second quarter's $1,070 million on a GAAP basis; with costs unchanged, each $100 million of lost revenue reduces adjusted EBITDA by about $84 million after roughly 16% of transaction expense. The alternative reading is that payroll savings from the layoffs are offset by USDC rewards and marketing for new products, so total expenses do not actually fall, while July's slower transaction-revenue pace pushes adjusted EBITDA lower still; recent departures of several senior executives also add execution uncertainty, although management described them as normal individual transitions[7].

The third quarter tests this debate through three results: expenses, profit and expense mix. Readers should check whether adjusted expenses land within $980-$1,080 million, whether adjusted EBITDA stays positive and how it compares with the second quarter's $208 million, and whether growth in marketing and USDC rewards offsets the payroll savings from the layoffs[4]. If adjusted expenses exceed the top of guidance or adjusted EBITDA turns negative, the cost floor is higher than the company has judged; if expenses come in below the $1,030 million guidance midpoint and adjusted EBITDA holds above $200 million, the restructured cost base can carry the company through the bottom of the cycle.

Risks and Falsifiers

Fair-value swings on crypto investments can disconnect GAAP profit from operating results. Coinbase's Bitcoin, Ethereum and other crypto assets held for investment are measured at fair value, so price declines flow directly into net income, and the company was still actively buying Bitcoin in the second quarter; these losses were $209 million in the second quarter and $692 million in the first half, compared with adjusted EBITDA of $208 million and $511 million over the same periods[3]. That is one reason the third-quarter EPS consensus spans -$3.56 to $5.65[5]. If third-quarter gains and losses on crypto investments plus other income and expense total no more than half of adjusted EBITDA, this risk has limited effect on the quarter.

Uncertainty over US market-structure legislation affects the rules for stablecoin rewards and new products. On the second-quarter call, management cited prediction markets putting the odds of the CLARITY Act passing at roughly 30%, and said that if it fails, the SEC and CFTC would issue their own rules and Coinbase would continue business as usual[7]; on the first-quarter call, management had said the bill text preserved rewards[10]. Exposed businesses include $119 million of second-quarter USDC rewards and new products such as US perpetual futures and prediction markets, and 85% of the company's revenue comes from the US[3]. If the legislation passes with stablecoin rewards intact, or the SEC and CFTC issue rules that let existing businesses continue, this risk would recede materially.

If retail spot keeps shrinking while new products slow, transaction revenue could fall in step with spot again. At the second quarter's 1.75% ratio of consumer transaction revenue to retail spot volume, each $1 billion drop in retail spot volume corresponds to about $17.5 million of consumer transaction revenue; second-quarter transaction revenue was $599 million, or 51.9% of net revenue[3][4]. If third-quarter consumer transaction revenue holds up better quarter over quarter than retail spot volume and annualized prediction-market revenue stays above $100 million, this risk has not materialized.

Falling short-term rates and rising rewards could squeeze stablecoin's net contribution at the same time. Second-quarter stablecoin revenue of $292 million minus $119 million of USDC rewards left about $173 million, roughly 83% of the quarter's $208 million adjusted EBITDA[3]. If third-quarter stablecoin revenue grows from the second quarter and USDC rewards stay at or below 40.8% of stablecoin revenue, this risk is falsified.

Continued declines in transaction revenue combined with higher rewards and marketing spend could push adjusted EBITDA toward zero. The top of third-quarter adjusted-expense guidance, $1,080 million, is roughly the same as the second quarter's $1,070 million on a GAAP basis[4][3], leaving almost no cushion on the expense side for a revenue decline. If third-quarter adjusted expenses come in below the $1,030 million guidance midpoint and adjusted EBITDA is no lower than $208 million, this risk is falsified.

What to Watch Next

• Retail spot volume versus consumer transaction revenue: from second-quarter levels of $25.8 billion and $452 million, a smaller decline in revenue than in volume supports the new-products case, and the reverse weakens it.
• Prediction markets and derivatives: whether annualized prediction-market revenue, above $100 million, is reaffirmed or raised and whether crypto derivatives volume, $1,027.0 billion in the second quarter, holds near $1 trillion.
• Transaction revenue pace: total transaction revenue of $599 million and institutional revenue of $100 million in the second quarter, against about $130 million through July 26; holding institutional revenue at $100 million is supportive.
• Subscription and services and stablecoin revenue: whether the line lands within the $500-$580 million guidance and whether stablecoin revenue, $292 million in the second quarter, stops falling.
• USDC rewards ratio: a rise above the second quarter's 40.8% of stablecoin revenue would signal a narrowing net contribution.
• Expense floor and adjusted EBITDA: adjusted expenses against the $980-$1,080 million guidance and $1,030 million midpoint, and adjusted EBITDA against $208 million; exceeding the top of guidance or a negative result would falsify the cost-floor case.

Conclusion

Coinbase's results run on two lines: transaction revenue, which moves with crypto trading activity, and subscription and services revenue, which depends more on interest rates and USDC balances. In the second quarter they were $599 million and $555 million, with the latter already 48% of net revenue, but because costs are rigid, an 18.5% year-over-year drop in total revenue cut adjusted EBITDA to $208 million and produced a $359 million net loss[3][4]. With about $8.6 billion of cash and cash equivalents, the company can financially withstand the bottom of the cycle[4]; the unanswered question is whether growth in prediction markets, derivatives and USDC balances can keep adjusted EBITDA positive while spot volume has halved and rates are falling.

After the second-quarter results, two independent firms offered readings with different emphases. BTIG analyst Andrew Harte, after meeting Brett Tejpaul, co-CEO of Coinbase's institutional business, described a three-phase growth path for the institutional arm: first build out a core institutional platform, then expand into payments and stablecoins, and finally move into tokenized assets and continuous markets, with the article putting institutional business at about 20% of total revenue[11]; according to the 10-Q, however, second-quarter institutional transaction revenue was $100 million, about 8% of total revenue, so the two figures use different scopes[3]. Compass Point analyst Ed Engel pointed to "improving crypto-cycle and EBITDA trends tempered by secular pricing and margin pressure from competition"[9]. Both firms acknowledge areas of improvement, and they differ on whether new growth adds net profit: BTIG's path maps to the growth side of the transaction-revenue and stablecoin debates, while Compass Point's concern points directly at the fee-rate explanation in the transaction-revenue debate and at margins in the expense debate.

Taken together, a specific set of third-quarter observations would materially strengthen or weaken the current understanding. If consumer transaction revenue again falls less than retail spot volume, annualized prediction-market revenue stays above $100 million, stablecoin revenue stops falling with rewards at or below 40.8% of it, and adjusted expenses come in below the guidance midpoint with adjusted EBITDA no lower than $208 million, new products and stablecoins are genuinely reducing the company's dependence on the spot cycle. If instead consumer transaction revenue falls in step with spot, stablecoin revenue keeps declining while rewards rise, and adjusted EBITDA approaches zero, fee pressure and falling rates are driving results, and the savings from the restructuring are not enough to offset them.

Sources

[1] COIN FY2025 10-K filed 2026-02-12 · 2026-02-12 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001679788&type=10-K&dateb=&owner=include&count=40

[2] COIN earnings calendar updated 2026-10-23 · 2026-10-23 · Drillr earnings calendar

[3] COIN Q2 2026 10-Q filed 2026-07-30 · 2026-07-30 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001679788&type=10-Q&dateb=&owner=include&count=40

[4] COIN Q2 2026 8-K filed 2026-07-30 · 2026-07-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001679788&type=8-K&dateb=&owner=include&count=40

[5] Drillr analyst estimates COIN Q3 2026 retrieved 2026-10-23 · 2026-10-23 · Drillr analyst estimates · https://gateway.drillr.ai/mcp/private

[6] COIN 8-K filed 2026-05-05 · 2026-05-05 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001679788&type=8-K&dateb=&owner=include&count=40

[7] COIN Q2 2026 earnings call 2026-07-30 · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[8] COIN Q1 2026 10-Q filed 2026-05-07 · 2026-05-07 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001679788&type=10-Q&dateb=&owner=include&count=40

[9] Compass Point view on COIN via BeInCrypto 2026-09-14 · 2026-09-14 · Compass Point · https://beincrypto.com/coinbase-stock-morgan-stanley-crash-warning/

[10] COIN Q1 2026 earnings call 2026-05-07 · 2026-05-07 · earnings-call · https://gateway.drillr.ai/mcp/private

[11] BTIG view on COIN institutional business via Crypto Briefing 2026-09-16 · 2026-09-16 · BTIG · https://cryptobriefing.com/btig-coinbase-buy-240-price-target/