COIN
Coinbase Global, Inc.252.61
+2.19+0.88%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
Q&A spotlights M&A, Base token exploration
Q&A largely reaffirmed Coinbase's strong Q3 results and Everything Exchange progress, but surfaced incremental details on accelerating M&A like Echo for on-chain capital formation and Deribit integration enabling cross-margining. Management is early in exploring a Base network token to grow its ecosystem, with monetization via sequencer fees and app features. They detailed payments traction, onboarding 1,000 businesses with another 1,000 on waitlist, and scaling back derivatives rebates for profitable growth. M&A picks up. Analysts probed competition and infrastructure; responses dismissed specific October pressures while touting platform resilience. Execution stays heads-down ahead of the December 17 product event—watch payments adoption and Base momentum.
Key Stats
Market Cap
68.12BP/E (TTM)
21.83Basic EPS (TTM)
11.57Dividend Yield
0%Recent Filings
8-K
Coinbase reincorporates in Texas
Coinbase Global reincorporated from Delaware to Texas on December 15, 2025, at 5:00 p.m. ET, filing certificates with both states. No changes to business, jobs, assets, or liabilities—beyond minor transaction costs—occurred; shares, warrants, and convertible notes like the 2026-2032 Notes seamlessly converted one-for-one. Shareholder rights shifted under Texas law. Trading continues uninterrupted on Nasdaq as COIN.
10-Q
Q3 FY2025 results
Coinbase's Q3 net revenue jumped 59% y/y to $1.8B, with transaction revenue up 83% y/y to $1.0B on 59% higher trading volume, while subscription and services grew 34% y/y to $747M led by 44% y/y stablecoin revenue gains. Operating income soared to $481M, up from $170M y/y, delivering diluted EPS of $1.50 versus $0.28; YTD net income hit $1.9B. Closed Deribit acquisition in August 2025 for $4.3B (cash/stock), recognizing $2.8B goodwill and $1.4B intangibles (13-year life). Cash equivalents stood at $8.7B with $7.3B long-term debt; operating cash flow swung negative on USDC buys. Crypto prices drive results.
8-K
Coinbase Q3 revenue up 25%
Coinbase reported Q3 revenue of $1.9B, up 25% quarter-over-quarter, with transaction revenue surging 37% to $1.0B on $295B trading volume and subscription/services at $747M fueled by USDC hitting $74B market cap. Operating expenses dropped 9% to $1.4B despite Deribit integration costs; net income landed at $433M. Deribit closed August 14.
8-K
Registers 11M shares for resale
Coinbase Global filed a prospectus supplement on August 15, 2025, registering up to 10,997,856 shares of Class A common stock for resale by selling stockholders under a May 8, 2025, Share Purchase Agreement with Sentillia B.V. and its shareholders. This fulfills registration rights tied to the prior transaction. Shares hit the market soon. The move eases liquidity for sellers but could pressure stock supply.
8-K
Coinbase raises $3B in convertibles
Coinbase Global completed a $3 billion private offering of 0% convertible senior notes due 2029 and 2032 on August 8, 2025, yielding net proceeds of $2.96 billion after costs. The company allocated $224.3 million to capped call transactions hedging dilution, with remaining funds earmarked for general corporate purposes like working capital and potential acquisitions. No interest accrues, but conversion hinges on stock price thresholds above $394.84-$454.44 per share. This bolsters liquidity amid crypto volatility, yet ties repayment to equity performance.
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