Coinbase held its first appearance at Citi’s 2026 Global TMT Conference on September 10, using the platform to showcase a strategy aimed at broadening revenue beyond its core crypto trading business.
Chief Financial Officer Alesia Haas described the company’s ambitions as building an "everything exchange" by unifying all tradable asset classes on a single technology stack, enabling cross-margin capabilities and greater trading efficiency.
"TAM will be bigger. Benefits of customers will be bigger. We will be the best place to trade, and that will then generate a lot of volume and market share," Haas said during the session moderated by Citi Research analyst Peter Christiansen.
Coinbase reported trailing twelve-month revenue of $6.04 billion, down 9.24% year-over-year, with a loss per share of $3.73 and a gross profit margin of 85.81%. Twelve product lines each generated more than $100 million in annual revenue, according to Haas.
Prediction markets emerged as a notable growth area. Launched roughly six months prior to the conference, the segment already reached a $100 million annualized run rate. Revenue from prediction markets grew 106% quarter-over-quarter in Q2, and daily active traders tripled and daily revenue quadrupled after the introduction of crypto binaries.
Coinbase One, the company’s subscription service, surpassed 1 million paying subscribers in Q2. On the custody side, Coinbase stores approximately 12% of all on-chain assets.
On Base, Coinbase’s Layer 2 network, more than 90% of on-chain agentic stablecoin volume flows through the platform. The X402 protocol, developed through collaboration with the Linux Foundation, has processed over $100 million in transactions.
Haas also addressed tokenized equities, which launched for non-U.S. customers on Base just weeks before the conference. She described the offering as a "security-plus" product.
"The product that we launched is a real equity on the blockchain. The equity is yours in bankruptcy. You are eligible for dividends," Haas said. She noted that voting rights would be added once the underlying technology advances, characterizing this as a roadmap item rather than a regulatory obstacle. The product would allow holders to retain assets in self-custody wallets and transfer them outside traditional intermediary systems.
Haas defended Coinbase’s permissionless architecture, calling permissioned systems "V2 of what we have today, which is cloud" and arguing that open architecture delivers materially greater security benefits and resiliency.
On cost discipline, Haas said every major expense line came in below the midpoint of guidance in Q2, with total expenses approximately $500 million below the fourth-quarter run rate. She projected that 2026 expenses should resemble 2025 levels, excluding impacts from USDC rewards.
Coinbase also announced a three-year renewal of its agreement with Circle on the same terms as the prior period.
The discussion took place days ahead of a September 15 clôture vote on the Digital Asset Market Clarity Act, a piece of legislation that could reshape the regulatory landscape for digital assets.
Derivatives currently represent more than 70% of the U.S. and global crypto market, underscoring the significance of Coinbase’s push into broader asset classes and alternative trading venues.
