NEW YORK, August 6, 2026, 15:09 EDT
Coinbase Global NASDAQ:COIN on Thursday made close to 4,000 U.S. stocks available for qualified users in the UK. At the same time, U.S. cash trading continued as usual. Shares of Coinbase last traded down 2.4% at $146.22. The primary question for investors is not related to stock trading fees, but if equities will help retain more USDC within the platform.
The query comes after a sluggish second quarter. Overall revenue declined by 14% from the previous quarter to $1.22 billion. Transaction revenue slid 21%. Subscriptions and services accounted for 48% of net revenue.
Stablecoin revenue totaled $292 million, representing 53% of subscription and services income, and accounting for approximately 24% of overall revenue. Average USDC holdings on Coinbase products hit an all-time high, as did paid subscriptions for Coinbase One.
Coinbase revenues, in millions of dollars
| Revenue measure | Q1 2026 | Q2 2026 | Quarter-on-quarter |
|---|---|---|---|
| Total revenue | 1,413 | 1,220 | -13.7% |
| Transaction revenue | 756 | 599 | -20.8% |
| Consumer transaction revenue | 567 | 452 | -20.3% |
| Subscription and services | 584 | 555 | -5.0% |
| Stablecoin revenue | 305 | 292 | -4.3% |
Stablecoin revenue dropped by 4.3%, compared to a 20.8% decline in transaction revenue. This difference highlights the strategic value. By offering stocks, UK users have additional motivation to keep USDC between trades.
The UK rollout aligns with that transition. Users are able to buy stocks using sterling or USDC. Coinbase One subscribers receive unlimited USDC rewards. There are zero commissions on stock trades.
However, zero commission does not eliminate all fees. Coinbase, for example, applies a 0.50% fee for currency conversion from sterling to dollars. In its example, a £10,000 transaction would incur a £50 charge.
UK regulations mostly restrict the U.S.-style payment-for-order-flow model. According to FCA guidance, firms accepting routing payments are unlikely to comply with best-execution and inducement obligations. The launch announcement did not specify a revenue target. As a result, investors need to monitor FX, balances, subscriptions, and cross-selling.
Coinbase has added extended-hours U.S. stock trading for UK clients, joining Robinhood Markets NASDAQ:HOOD and Trading 212 in providing this service.
U.S. stock trading available in UK
| Platform | U.S. stock access | 24/5 scope | Fractional access | Disclosed customer cost |
|---|---|---|---|---|
| Coinbase Global | About 4,000 selected stocks | Qualifying stocks | Starting at £1; limited to U.S. trading hours | No commission fee; 0.50% FX example when conversion needed |
| Robinhood Markets | U.S. stocks including a set 24-hour list | Popular and high-volume stocks | From $1 within regular market hours | No commission; 0.10% FX fee on weekdays, 0.30% FX fee on weekends and holidays |
| Trading 212 | Advertises access to over 5,600 stocks | Expanding overnight access, initially for most liquid shares | Fractional shares provided | No commission; additional charges may occur |
Coinbase’s selection is not the most extensive. Trading 212 promotes access to over 5,600 U.S. stocks. Coinbase stands out by providing a USDC funding option within a crypto account.
The offering involves standard shares rather than tokenized stock. All orders are routed from Coinbase Capital Markets to Apex Clearing, which oversees execution, settlement, and custody. Fractional trading is unavailable beyond standard U.S. trading hours.
Keith Grose, responsible for Coinbase operations in the UK and Europe, described the app as a “one-stop shop” covering stocks, stablecoins, and savings. He said additional products tailored for the UK and EU are planned. The Block
Analyst opinions continue to differ. Raymond James Financial NYSE:RJF described the climate for crypto trading as “challenging.” The firm reports little clarity regarding when trading volumes might rebound. Zacks strategist David Bartosiak commented that “the business mix keeps improving.” Reuters
Analyst rating trend
| Recommendation | Current | One month ago | Three months ago |
|---|---|---|---|
| Buy | 23 | 23 | 23 |
| Overweight | 1 | 1 | 1 |
| Hold | 11 | 11 | 10 |
| Underweight | 0 | 0 | 0 |
| Sell | 4 | 4 | 4 |
| Consensus | Overweight | Overweight | Overweight |
Analysts on average have a target price of $195.87, roughly 34% higher than Thursday’s intraday level. Estimates range widely from $85 to $330, highlighting a significant divide in outlooks on diversification.
Risks: The rollout might increase low-value accounts while leaving USDC balances unchanged. Overnight trading has lighter liquidity and spreads may grow wider. Sterling purchasers incur FX charges. Coinbase is still vulnerable to swings in crypto volumes and regulatory shifts.
Additional helpful details include UK activation, average USDC balances, and the number of paid subscribers. Coinbase did not provide a distinct outlook for the launch. In the absence of these data points, the stock offering remains a retention story rather than an earnings projection.
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