Coinbase Shifts Away From Bitcoin Trading Amid Revenue Decline

Coinbase Global's (COIN) stock has dropped 38% over the past year, which might be expected given its strong association with Bitcoin trading. However, a closer look at Coinbase's business reveals that only 12% of its revenue now comes from Bitcoin trading.

This figure was reported on Coinbase's second-quarter earnings call in July 2026, and represents a significant decline from the more than 50% of revenue that came from Bitcoin trading in the past. Management attributed this shift to the growing adoption of newer products such as prediction markets and perpetual futures, which are seeing good customer uptake.

Coinbase has also expanded its offerings by adding stock trading and its paid membership plan, Coinbase One, which reached a record number of subscribers in the second quarter of 2026. Additionally, some of the world's largest banks are building on Coinbase's infrastructure, with the company set to provide payment systems for Citi's corporate clients using stablecoins.

Coinbase's revenue did decline by 18.5% in its latest quarter compared to a year earlier, but management points out that Coinbase One members trade more and bring in more money per customer on average. The next quarterly report will be closely watched for signs of whether the new products are adding sales or just changing where they come from.