Leading U.S. Crypto Exchange Platform

Coinbase Global Inc., the largest publicly traded cryptocurrency exchange in the United States, remains a cornerstone of the digital asset ecosystem despite recent market headwinds. Founded in 2012, the company has grown from a simple Bitcoin wallet to a comprehensive platform offering trading, custody, staking, stablecoins and institutional services, while its Base layer-2 network continues to evolve.

As crypto markets face a February 2026 downturn — with Bitcoin down significantly from late-2025 highs — Coinbase reported a Q4 2025 earnings miss on Feb. 12 but highlighted resilience in subscription revenue and retail accumulation. CEO Brian Armstrong emphasized retail users “buying the dip” with “diamond hands,” and the company is pushing for favorable U.S. legislation on market infrastructure and stablecoins.

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Here are 10 key things to know about Coinbase as it positions for potential recovery in 2026.

1. Pioneering U.S. Crypto Platform Launched in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase quickly became the go-to exchange for retail investors entering crypto. It went public via direct listing in April 2021 on Nasdaq (ticker: COIN), marking a milestone for the industry.
2. Massive User Base Coinbase boasts approximately 120 million verified users worldwide, with about 8.7 million monthly transacting users as of recent estimates. This scale supports high trading volumes during bull markets and provides a steady foundation through diversified services.
3. Strong 2025 Performance Amid Volatility In 2025, Coinbase achieved all-time highs in total trading volume (up 156% year-over-year) and doubled its crypto trading market share to 6.4%. Subscription and services revenue reached $2.8 billion, with nearly 1 million paid Coinbase One subscribers — triple the count from three years prior.
4. Q4 2025 Earnings Miss The company reported a net loss of $667 million for Q4 2025, with revenue down 20% to $1.8 billion due to weaker trading amid a broad crypto selloff. Transaction revenue fell sharply, but the firm delivered on its financial outlook and noted early 2026 strength in certain volumes.
5. Base Network’s Major Tech Pivot On Feb. 18, 2026, Coinbase announced Base — its Ethereum layer-2 network launched in 2023 — is moving away from Optimism’s OP Stack to a “unified, Base-operated stack.” The shift aims to enhance control, innovation and scalability for one of the most active L2s.
6. USDC Stablecoin Leadership Coinbase co-founded USDC with Circle. Average USDC market cap hit $76.2 billion in 2025, with balances on Coinbase products at $17.8 billion. The stablecoin remains central to payments, remittances and DeFi, with Armstrong advocating for U.S. stablecoin rewards policy.
7. Regulatory Advocacy Armstrong has been vocal on Capitol Hill, discussing crypto regulation, stablecoin policy and infrastructure legislation with Sen. Bernie Moreno in February 2026 interviews. He predicts a “win-win” outcome for industry, banks and consumers, positioning America as the “crypto capital.”
8. Retail Resilience in Downturn Amid February 2026’s market correction, Armstrong noted retail users increasing native BTC and ETH holdings compared to December 2025 levels. He described them as having “diamond hands,” buying dips despite volatility.
9. Diversified Revenue and Outlook Beyond trading, Coinbase earns from staking, custody (via Coinbase Prime for institutions), subscriptions and international expansion. The company forecasts subscription/services growth in Q1 2026 ($550-630 million range) and remains optimistic for transformative crypto adoption.
10. Market Position and Stock Performance Coinbase’s market cap fluctuated around $44 billion in mid-February 2026, down from higher 2025 levels amid broader crypto declines. Shares rebounded modestly post-earnings despite the loss, with analysts eyeing long-term upside from regulatory clarity and institutional flows.

As Coinbase navigates cyclical challenges — including a negative Bitcoin premium on its platform for over a month — its focus on infrastructure, compliance and innovation positions it to benefit from clearer U.S. rules and renewed market momentum. Armstrong maintains the company is “in pole position” for 2026 and beyond. Join Coinbase