Company profile
SEC EDGAR ↗- Industry
- Finance Services
- Listed
- Nasdaq: COIN
- Incorporated
- TX
- Headquarters
- New York, NY
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $7.18B
- Net income
- $1.26B
- Total assets
- $29.7B
Latest full fiscal year from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Money Machine · Business Model
Coinbase Sells Compliance as Its Moat. The Real Moat Is a Stablecoin Contract.
Coinbase tells the world its edge is regulatory virtue. But its single biggest non-trading line is $908M of USDC interest in 2024—and the SEC lawsuit it 'won' was dropped on politics, not merits.
8 min
The Crisis Response · Crisis & Reinvention
Coinbase Beat the SEC on Politics. The Case Was Dropped Without a Ruling on the Merits
Coinbase sold its SEC fight as a compliance-as-moat triumph. But a judge denied its motion to dismiss in March 2024, and the SEC dropped the case in 2025 'not based on any assessment of the merits.' It didn't win on law. It won on politics.
8 min
The Money Machine · Business Model
Coinbase Swapped Trading-Fee Dependence for USDC Yield — Rate-Sensitive and One Bill From Vanishing
Coinbase cut transaction fees from ~96% of revenue in 2020 to ~63% in 2024 and called it diversification. But the largest new leg is USDC reserve yield - rate-sensitive, owed to one counterparty, and one bill in Congress from disappearing.
8 min
The Crisis Response · Crisis & Reinvention
Bribed Contractors, 69,461 Customers: The Coinbase Breach That Followed Its SEC Win
Everyone remembers Coinbase beating the SEC in 2025. The breach that actually mattered came eleven weeks later: overseas contractors bribed to leak 69,461 customers' data — and Coinbase had already caught some of them months before.
8 min
The Moat Anatomy · Moat & Competition
Coinbase Earns 83% of Its Revenue Behind a Shield One Administration Can Refill
Coinbase makes 83% of its revenue in the U.S. and pitches itself as the compliant incumbent. But the SEC case that crowned it was dropped 'not on the merits' as a policy gesture — a moat the next administration can refill.
8 min
The Moat Anatomy · Moat & Competition
Coinbase's 80% Custody of Bitcoin ETF Assets Is Now the Complex's Single Point of Failure
Everyone calls Coinbase a marketplace with a network-effect moat. It isn't. Its brokerage rides liquidity it doesn't own, and its real protection is a regulatory licensing stack and custody of 80%+ of Bitcoin ETF assets - the same concentration that's now the whole ETF complex's single point of failure.
8 min