Coinbase Reports Record Financial Performance in 2025: Trading Volume, Market Share, and Subscriber Growth Soar

Coinbase Reports Record-Breaking Trading Volume and Revenue in 2025

San Francisco, CA – February 12, 2026 – Coinbase Global, Inc. (Nasdaq: COIN) has announced impressive financial results for the fourth quarter and full year ended December 31, 2025, showcasing a remarkable surge in trading volume and market share, alongside significant growth in subscription and services revenue.

In a shareholder letter released today, Coinbase revealed that its total trading volume reached an all-time high of $5.2 trillion, marking a staggering 156% increase year-over-year. This surge has propelled Coinbase’s crypto trading volume market share to 6.4%, effectively doubling its share from the previous year.

Brian Armstrong, Co-founder and CEO of Coinbase, expressed optimism about the company’s trajectory, stating, “The Everything Exchange is working. In 2025, we drove all-time highs across our products: Coinbase One subscriptions reached nearly 1 million, trading volume and market share doubled, and USDC held on our platform reached an all-time high. We’re in pole position to capitalize on whatever 2026 has in store.”

Coinbase’s subscription and services revenue also soared to $2.8 billion, a 5.5x increase since the peak of the last bull cycle in 2021. The company reported that the number of paid Coinbase One subscribers has tripled over the past three years, nearing 1 million.

Alesia Haas, CFO of Coinbase, highlighted the company’s operational success, stating, “2025 was a strong year for Coinbase, both operationally and financially. We executed consistently against our goals, delivering or outperforming our revenue and expense guidance every quarter, and extending our multi-year track record of profitability.”

The company’s growth is attributed to its expanding product suite, which now includes 12 products generating over $100 million in annualized revenue. Coinbase has also made significant strides in the derivatives market, achieving a 4x increase in U.S. derivatives market share year-over-year, following its launch of 24/7 U.S. perpetual-style futures.

Internationally, Coinbase solidified its position as a leader in crypto derivatives by acquiring Deribit, resulting in new all-time highs in both volume and revenue since the acquisition. The company has also diversified its offerings by launching prediction markets and equities, reducing revenue correlation to crypto price fluctuations.

With assets on its platform increasing threefold over the last three years, Coinbase now holds more than 12% of all crypto assets globally, reinforcing its status as the most trusted crypto platform.

As Coinbase prepares for the future, Armstrong noted that the company has already experienced the highest 24-hour trading volume in over a year in Q1 2026, alongside record-breaking volumes in gold, silver, DEX-enabled spot trading, and prediction markets.

For those interested in further details, Coinbase will hold a quarterly conference call at 2:30 p.m. PT today, which will be accessible via their Investor Relations website.

For more information, view the full press release here.

Contact:

• Press: press@coinbase.com
• Investor Relations: investor@coinbase.com

This communication contains forward-looking statements regarding Coinbase’s future operating results and financial position. For more details, please refer to the company’s SEC filings.