Coinbase Expands into IPOs, Diversifies Revenue Streams Amid Transaction Revenue Decline

Coinbase is expanding its role beyond cryptocurrency trading by offering US retail traders access to initial public offerings (IPOs) through its platform. This move comes as the company faces pressure in its core transaction business, with a net loss of $359.47 million in Q2 2026, down 18.50% year over year.

The IPO initiative allows Coinbase to diversify its revenue streams, with subscription revenue representing 48.00% of net revenue in Q2 2026, and prediction-market revenue more than doubling quarter over quarter. This move is seen as a strategic effort to reduce dependence on transaction revenue tied to crypto activity.

Coinbase's stock price remains 52.91% below its 52-week high of $402.16, with a market capitalization of $49.9 billion. The stock price has been trading at $173.39, a 2.93% increase from the prior close, on October 2, 2026.