NEW YORK, September 3, 2026, 13:17 (EDT)
- Coinbase gained 10.5% to $193.36, with trading volume at 9.03 million shares as of 13:17 EDT.
- Bitcoin rose 4.9% while ether climbed 4.5% compared to their respective rolling Coinbase opens.
- Transaction revenue declined by 22% in the second quarter, with subscriptions and services contributing 48% to net revenue.
Shares in Coinbase Global, Inc. NASDAQ:COIN surged 10.5% to $193.36 on Thursday. The rally put the exchange’s market value at approximately $51.0 billion, or 11.0 times its annualized net revenue for the second quarter. This is an illustrative ratio and not a projection.
The stock is currently trading 2.4% under Nasdaq’s one-year target of $198. Nasdaq’s analyst consensus is still “Hold,” spanning 23 recommendations. With little room left, further gains depend on earnings delivery rather than just momentum.
Cryptocurrency values provided an initial boost. Bitcoin was last at $81,109.55, rising 4.9% compared to its rolling open. Ether increased 4.5% to $2,499.09, based on data from Coinbase’s Bitcoin market and ether market.
COIN accelerated after the opening bell
Nasdaq price, U.S. dollars; previous close $174.96
Source: Nasdaq. As of .
By 13:17 EDT, shares traded reached 9.03 million, topping the Nasdaq’s average of 8.38 million. Prices fluctuated widely between a session low of $181.00 and a high of $195.85.
According to the latest quarterly filing, leverage is detailed in Coinbase’s results. The company reported $599.2 million in transaction revenue for the June quarter, while subscriptions and services contributed $555.1 million, bringing total net revenue to approximately $1.15 billion.
Coinbase’s revenue engine is nearly balanced
Second quarter of 2026; share of $1.154 billion net revenue
Source: Coinbase Form 10-Q, quarter ended June 30, 2026. Adjusted EBITDA is non-GAAP.
The quarter recorded a net loss of $359.5 million. Adjusted EBITDA reached $207.8 million in positive territory. Revenue from consumer transactions declined 31% from a year earlier, while institutional revenue increased by 65%.
The breakdown was significant in Thursday’s rally. Overall transaction revenue dropped 22% compared to the same period last year. However, Coinbase achieved a record 10.3% share of crypto trading volume, an increase from 9.1% in the previous quarter.
Management maintains the business has evolved. Chief Executive Brian Armstrong stated Coinbase is “no longer a bet just on the price of Bitcoin.” The earnings announcement reported average USDC balance on Coinbase rose to $20 billion.
The rally nearly reached the analyst target
Price location within Nasdaq’s 52-week range
Sources: Nasdaq and Coinbase’s Form 10-Q. Annualized revenue multiplies one quarter by four and is not guidance.
The following test is set for September 9. Coinbase stated that President Emilie Choi and Chief Financial Officer Alesia Haas are slated to speak at 13:10 EDT. Their appearance at the Goldman Sachs conference will be broadcast live via webcast.
In the second quarter, Coinbase ceased designating spot trading volume as a primary metric, shifting its focus to users, assets, and profitability. The company reported 7.6 million monthly transacting users and $245.9 billion in assets on its platform.
Risks: A downturn in cryptocurrency markets could rapidly reduce trading volumes and asset valuations. Declining interest rates may impact stablecoin income streams. Material risks also include regulatory actions, issues with asset custody, and challenges in delivering new products.
Thursday’s surge brings back earlier price responsiveness. The September 9 meeting will need to address if emerging revenue lines can convert this volatility into consistent earnings.
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