Is Coinbase more worth buying than Bitcoin?

Recently, we’ve been talking about the energy sector in US stocks. A lot of friends say, “These energy companies haven’t been on-chain—can you say something about on-chain?”

Alright, our main focus is: we listen to good advice. So for this episode, we’re bringing you Coinbase—Coin is on-chain with US stocks. Let’s break down exactly how Coin is, and how much you can consider as a “buy-the-dip.”

Company overview

Coinbase Global (NASDAQ: COIN) is a cryptocurrency trading and financial services platform headquartered in the United States. Founded in 2012, the company has transformed from a purely retail crypto exchange into an “Everything Exchange” (one-stop exchange), with business covering crypto trading, institutional custody, stablecoins (USDC), staking, the Base chain ecosystem, derivatives, and emerging asset classes (such as explorations in stocks and tokenized commodities). As of the end of 2025, the platform’s assets under platform reach $376 billion, with about 4,951 employees.

Core advantages:

• The first US-regulated and compliant crypto exchange (high institutional custody market share; serving 90%+ of Bitcoin/Ethereum ETFs; and launching on-chain US stocks 24/5).

• Diversified revenue: trading fees’ share is declining, while subscription and services revenue (stablecoins, staking, Coinbase One) is growing rapidly.

• Total trading volume in 2025 reached $5.2 trillion (YoY +156%), doubling its crypto trading market share to 6.4%.

Business data

· Trading revenue: about $3.3 billion, roughly the same as 2024. Compared with 2021, it’s halved—after all, the market cycle in 2021 wasn’t the same as it is now.

· Stablecoin revenue: stablecoin revenue continues to increase, up 45% versus 2024.

· Subscription and services revenue: $550 million (YoY +95%, about 10x compared with the 2021 bull market), becoming the growth engine.

· Other: institutional custody, derivatives, and emerging products contribute significantly, with 12 products generating over $100 million in annualized revenue.

So in 2025 versus 2024, revenue still grew by $1.1 billion, mainly driven by stablecoin and subscription service growth.

Financial data

Total revenue in 2025 was $7.1 billion, compared with $6.5 billion in 2024, a growth of 9.2%.

Net revenue in 2025 was $1.26 billion, compared with $2.5 billion in 2024, down 100%. This was mainly due to unrealized losses from two investments.

One is Bitcoin and Ethereum they bought themselves. Their Base holdings include 15,389 BTC and 151,175 ETH, plus other crypto assets totaling $2.0 billion. Because Bitcoin’s price fell in Q4, these assets shrank by $823 million.

There’s also part of the strategic investment. Since Base is an early strategic investor in crcl, it holds a certain proportion of equity, and crcl’s Q4 share price also dropped sharply—so this portion resulted in losses of $395 million.

But this part is non-cash, non-operating losses, which didn’t affect its core business—trading, subscriptions, USDC interest-earning, and custody. It did not impact actual cash flow.

Currently, some Wall Street institutions have given a forecast of 20% compound annual revenue growth. They estimate Base’s 2026 revenue will reach $8.8 billion. Of the growth, these three areas will bring a lot of incremental upside: subscription services, stablecoin interest-earning, and derivatives trading. Both subscription services and stablecoin interest-earning are able to resist the cycle. If the crypto market in 2026 doesn’t go well, you can still maintain stable growth. (This is what Wall Street analysts said—for reference only!)

Currently, Base’s market cap is $46 billion, with a PE of 36x. US stock earnings are $5. At the current price of $175, it is down from the low point of the 25-year July high of 430—already down 60%. Right now, its gains and losses are somewhat tracking Bitcoin’s moves.

Now let’s look at the 22-year low. Base’s low in 2022 was a share price of 34, with a high of 460. The maximum increase was 13x—better than Bitcoin’s. And if you factor in stock dividends, then it’s definitely better than buying Bitcoin!

So once you look into it, you wouldn’t know—one glance and it’s shocking. Turns out the crypto sector’s leading exchange in US stocks had a stock price increase even stronger than Bitcoin. But right now, the PE is 36x, which is a bit high. I also checked: US brokerage PEs are generally around 20x. But many institutions view Base as a technology stock, and technology stocks are typically valued at 20–40x.

And if Bitcoin strengthens in the second half of 2026, then the Bitcoin and Ethereum it holds as an “investment for realized gains and losses” could generate substantial additional revenue, and crcl’s share price could also benefit. And the bull market would also bring more trading revenue!

The next time the 2026 Q1 financial results are released is in May. I expect the report will look even worse, because crypto Q1 is also a “snow avalanche.” By then, the stock price could be even lower—so that’s when it should offer a really good value-for-money entry point.

Right now, major exchanges have all launched on-chain US stocks. You can buy spot directly.

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Disclaimer: This report is based on analysis of publicly available data and public sources and does not constitute investment advice. The crypto market is highly volatile, and investing involves risk. Enter the market cautiously. Please make independent decisions based on your own risk tolerance and the latest financial reports.