# Coinbase Global, Inc. Class A Common Stock (COIN) — Stock CV

Coinbase Global, Inc. is a $47.6B financial services company. Revenue shrank 10.4% over the last year, and it currently loses money.

> Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. The company intends to be the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy.

## Identity

- **Ticker**: COIN
- **Sector**: Financial Services
- **Industry**: Finance Services
- **Headquarters**: NEW YORK, NY
- **Employees**: 4 951
- **Website**: https://www.coinbase.com
- **Market cap**: $47.6B
- **Last price**: $180.36
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $6.28B
- **Net income**: -$988M
- **Free cash flow**: $2.66B
- **Net cash**: $5.21B
- **P/E**: 37.6
- **Revenue growth (YoY)**: -10.4%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 32 |
| Growth | 0 |
| Profitability | 24 |
| Health | 50 |
| Quality | 30 |
| Moat | 6 |

## Qualifications (beginner checklist) — 5 of 10 passed

- [ ] Revenue growing — -10.4% YoY
- [ ] Profitable — -$988M TTM
- [x] Profit growing — +22.1% YoY
- [x] Generates cash — $2.66B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $47.6B market cap
- [ ] Not printing shares — +30.6% shares over ~5y
- [ ] Proven track record — 4/5 profitable years
- [ ] Financially stable — health score 25/100
- [x] Valuation not extreme — P/E 37.6

## Experience (career milestones)

- **2025** — Coinbase said it was the largest node operator on the Ethereum network, controlling 11.42% of all…
- **May 8, 2025** — Coinbase announced the acquisition of Deribit, a Dubai-based cryptocurrency derivatives exchange,…
- **2024** — Coinbase has over 100 million users, and is the largest U.S. based cryptocurrency exchange as well as the world's…
- **2023** — Coinbase launched its own layer 2 blockchain on Ethereum, based on MIT-licensed OP Stack of…
- **FY2021** — First recorded profitable year: $3.62B net income
- **FY2021** — Revenue already above $1B: $7.84B in first reported year
- **FY2021** — Best year on record: $3.62B net income
- **2021** — With its final earnings release before its April 14 direct listing, Coinbase reported a nine-fold…
- **Apr 14, 2021** — Coinbase became a public company on the Nasdaq exchange via a direct stock listing
- **2016** — Coinbase rebranded the Coinbase Exchange, changing the name to Global Digital Asset Exchange (GDAX)
- **2014** — Coinbase grew to one million users, acquired the blockchain explorer service Blockr and the web bookmarking…
- **2012** — Coinbase was founded in June 2012 by Brian Armstrong, a former Airbnb engineer
- **2012** — The company launched the services to buy and sell bitcoins through bank transfers

## Strengths

- High gross margin (86.3%)
- Strong cash conversion — FCF is 42.3% of revenue
- Net cash position after subtracting debt from cash

## Watch-outs

- Revenue shrinking 10.4% year over year
- Not profitable — 15.7% net margin
- Thin interest coverage (-0.5×)
- Loss-making in 1 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $7.84B | $3.62B | $10.7B |
| FY2022 | $3.19B | -$2.62B | -$1.59B |
| FY2023 | $3.11B | $94.9M | $923M |
| FY2024 | $6.56B | $2.58B | $2.56B |
| FY2025 | $7.18B | $1.26B | $2.43B |

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Source: https://stockcv.com/COIN — derived from company filings; may be delayed or incomplete. Information, not investment advice.