Coinbase Q1 Financial Results Show Resilient Financial Performance Driven by New All-Time High Crypto Trading Volume Market Share

Coinbase Global (Nasdaq: COIN) reported first-quarter results for the period ended March 31, 2026, pointing to record crypto trading market share and expanding derivatives, stablecoin and onchain activity despite what CFO Alesia Haas described as a softer market environment. The company posted the results on its investor relations website and held a conference call at 2:30 p.m. PT.

Coinbase said its crypto trading volume market share reached 8.6%, an all-time high, and that it continues to hold more crypto than any other platform, securely storing 12% of global crypto assets. Derivatives trading volume on a trailing twelve-month basis rose 169% year over year, and retail derivatives surpassed $200 million in annualized revenue, also a record. The company's prediction-markets business reached $100 million in annualized revenue in March, its first two full months after the U.S. launch.

The company also highlighted momentum in stablecoins and payments. More than 25% of all USDC in circulation — roughly $19 billion on average — is held in Coinbase products. Its Base layer-2 blockchain handled 62% of global onchain stablecoin transaction volume, more than all other chains combined, and over 90% of onchain agentic stablecoin transaction volume. The x402 protocol has processed more than 100 million payments, with over 99% settled in USDC.

On the adoption side, decentralized exchange trading volume doubled quarter over quarter after native DEX integration in the Coinbase app, and Borrow/Lend balances grew by $1 billion year over year. CEO Brian Armstrong said the company executed well on what it controlled, citing derivatives growth, a record amount of USDC in Coinbase products and 10x year-over-year growth in stablecoin transactions on Base. He also pointed to the emerging agent economy, saying Coinbase is at the center of the rails needed for billions of future agents.

CFO Alesia Haas said underlying fundamentals remain strong, with 13 consecutive quarters of positive adjusted EBITDA and 12 consecutive quarters of native unit inflows. She said 12 product lines now generate at least $100 million in annualized revenue, with prediction markets on track to become the 13th. Adjusted EBITDA is a non-GAAP measure; Coinbase said the reconciliation to the nearest comparable GAAP metric is included in the appendix to its earnings release.