Coinbase Diversifies Revenue, Bitcoin Now Accounts for Just 12%

Coinbase Global's dependence on Bitcoin has dramatically decreased to just 12% of its total revenue, down from over half in previous years. This shift is largely attributed to the growth of subscription and services, as well as non-trading revenue streams.

The company's paid subscribers for Coinbase One reached an all-time high, with Chief Financial Officer Alesia Haas noting that these customers tend to be deeply engaged and generate higher unit economics. Revenue from stablecoins has also become a significant contributor, rivaling or exceeding consumer spot trading fees in some cases.

Coinbase's entry into the Open USD consortium, a competitor to USDC, was seen as a natural extension of its multi-stablecoin platform. Chief Executive Brian Armstrong emphasized that the company wants to strike economic deals with every major stablecoin out there.