Coinbase Global Inc. (COIN) reported first-quarter 2026 revenue of $2.41 billion after the close Thursday, beating the $2.18 billion analyst consensus by 10.6% and rising 38.4% year-on-year. Adjusted EBITDA reached $1.06 billion at a 44.0% margin, well above the $880 million estimate. The shares jumped 8.4% in after-hours trading to $264.20, taking the year-to-date gain to 21.6%.
Trading revenue contributed $1.42 billion (consumer $720m, institutional $700m), broadly in line with consensus, while the higher-margin Subscription and Services segment generated $806 million — crossing the $800 million per-quarter milestone for the first time and up 84% year-on-year. Subscription revenue is now annualizing $3.2 billion, providing a less-cyclical floor that addresses one of the longest-running bearish narratives on the COIN multiple.
Subscription Drivers
USDC stablecoin distribution revenue rose to $312 million, up 122% year-on-year, on a USDC market-cap of $73.8 billion at quarter-end (Coinbase shares 50% of net interest income with Circle). Custody revenue contributed $148 million on assets under custody of $362 billion — including $158 billion of U.S. spot Bitcoin ETF custody. Coinbase One subscription (consumer) reached 6.4 million members, up from 4.8 million at year-end, generating $214 million in recurring fees.
Institutional Volumes Reach Record
Institutional trading volume reached $364 billion in the quarter — a record, up 41% year-on-year — driven by the spot ETF authorization participant flow channel and the Coinbase Prime brokerage growth. Average institutional take-rate was 6.4 bps. Consumer trading volume was $94 billion at a 144 bps take-rate. Total platform assets reached $568 billion at quarter-end.
Capital and Outlook
Net cash and USDC holdings reached $7.4 billion. Coinbase repurchased $312 million of its 2030 senior notes during the quarter. CFO Alesia Haas guided second-quarter total revenue at $2.05-2.25 billion, modestly above the prior $1.95 billion consensus, and reaffirmed full-year EBITDA margin guidance of 38-43%. Capital allocation will prioritize 'bolt-on regulatory licensure expansion' (UK, Singapore, UAE) and a $250 million share-repurchase authorization announced in tandem.