Coinbase Global Maps ‘Everything Exchange’ Push Beyond Crypto Trading

Coinbase Global NASDAQ: COIN executives outlined an expansion strategy centered on diversifying beyond spot cryptocurrency trading, adding new trading products, scaling stablecoin and tokenization offerings, and building infrastructure for on-chain transactions.

Speaking at a GS Research event, President and COO Emilie Choi and Chief Financial Officer Alesia Haas said the company’s business has changed substantially since its 2021 public listing, when it primarily served retail and institutional spot-trading customers.

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Haas said Bitcoin spot trading now represents “about 10%, just over, of our total revenue,” compared with more than 50% at the time of Coinbase’s public listing. Subscription and services revenue is now running at roughly $2.5 billion annually, she said, driven in part by stablecoin activity.

Coinbase holds roughly 12% of the world’s on-chain assets on its platform, according to Haas. She said the company is seeking to build durable infrastructure for consumers, institutions, fintechs, banks and corporations that want to offer crypto-related products.

Everything Exchange strategy

Choi described Coinbase’s “Everything Exchange” goal as creating a single platform where customers can trade “any asset, any time.” The company began with crypto spot trading but has since added derivatives, prediction markets and traditional equities.