Coinbase Global, Inc. reported a net revenue of $6.9 billion for the fiscal year 2025, compared to $6.3 billion in 2024. This revenue comprised $4.1 billion from transaction fees and $2.8 billion from subscription and services. The increase in subscription and services revenue was primarily driven by growth in stablecoin revenue and a higher number of Coinbase One subscribers. The company's net income for 2025 was $1.3 billion, while Adjusted EBITDA reached $2.8 billion. In comparison, the net income for 2024 was $2.6 billion, and Adjusted EBITDA was $3.3 billion.
A key strategic development in 2025 was the acquisition of Deribit, a crypto derivatives exchange, in August. This acquisition is expected to bolster Coinbase's position in the crypto derivatives market. The company also expanded its trading offerings to include U.S. perpetual-style futures. Operationally, Coinbase saw an increase in Monthly Transacting Users (MTUs) compared to the previous year, attributed to the growing adoption of rewards programs and staking services. Assets on Platform (AOP) decreased to $376.1 billion as of December 31, 2025, from $404.0 billion in the prior year, primarily due to a decline in crypto asset prices, partially offset by an increase in Bitcoin holdings.
Trading Volume for 2025 totaled $1.221 trillion, a 3% increase from $1.189 trillion in 2024. Consumer Trading Volume was $239 billion, while Institutional Trading Volume was $982 billion. Bitcoin accounted for 29% of the total Trading Volume, and Ethereum accounted for 16%. The company's employee headcount as of December 31, 2025, was 4,951. Coinbase generates revenue from sequencer fees paid each time a transaction is processed on the Base blockchain.
Looking ahead to 2026, Coinbase anticipates continued growth in assets on its platform and revenue, driven by increased product adoption. The company plans to dynamically manage its expense base in response to market conditions. In the first quarter of 2026, technology and development, and general and administrative expenses are expected to be in line with the fourth quarter of 2025. Sales and marketing expenses are projected to be roughly in line with or lower than the fourth quarter of 2025. However, the company acknowledges that declining interest rates could materially impact subscription and services revenue.
About Coinbase Global, Inc.
Coinbase Global, Inc. is a leading cryptocurrency platform providing trading, custody, and infrastructure services for consumers, institutions, and developers. It offers crypto buying, selling, staking, and self-custody wallets, supported by secure storage and compliance practices. Coinbase facilitates access to the onchain economy through its proprietary and third-party products, emphasizing trust, ease of use, and regulatory adherence in the evolving digital asset market.
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