Coinbase Stock Trades at Premium Multiple Despite Declining Revenue

Coinbase Global's (COIN) stock has dropped by roughly 50% over the trailing twelve months, reaching $160 per share. Despite this decline, the company still trades at a premium multiple of about twice the S&P 500's sales multiple.

This premium is based on Coinbase's three-year growth average, which stands at 37.6% annual rate compared to the index's 5.9%. However, the most recent reported quarter saw revenue fall by 18.5% year over year to $1.2 billion in Q2 2026.

A analyst estimated that Bitcoin-related transactions account for about 12% of Coinbase's business, down from more than half previously. The company's management attributes this decline to the growth of other areas such as prediction markets and perpetual futures.