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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“the Coinbase and Krakens of the world. We think they are drawing in new investors. We think that expands the market.”
Broadridge frames Coinbase as a new tokenized-trading intermediary that is expanding the equity investor base rather than displacing Broadridge, implying growth for crypto-native trading platforms.
“we have an agreement with Coinbase, and it's gonna know, be possible to buy crypto up in the in the CCB ecosystem too.”
JPMorgan cites an agreement with Coinbase enabling crypto purchases within its consumer banking ecosystem, a distribution/partnership read-through for Coinbase.
“Dabbled a little bit in terms of partnerships with Coinbase.”
An analyst notes PNC's crypto partnership with Coinbase while probing stablecoin/deposit risk, a partnership read-through for Coinbase.
“Just imagine if you're a distributor, you've got your clients who are holding their crypto assets, some portion of them, probably the younger ones, are holding their assets over at Coinbase.”
Franklin cites Coinbase as where younger clients currently hold crypto assets, framing its own tokenized-wallet infrastructure as a way for distributors to bring that exposure onto their own platforms.
“aggressive pricing below the level of competitors like Coinbase and Robinhood, a factor that you're using to drive crypto clients to Schwab?”
Schwab's planned first-half-2026 spot crypto launch is positioned as price-competitive against crypto-native players like Coinbase, with management noting the enormous spreads those digital-native firms earn, implying pricing pressure on Coinbase.
“let's say they wanted to come to us from Coinbase or from Robinhood or wherever, if they already have cryptocurrency positions with embedded tax gains, unrealized tax gains, the only way for them to come to us now would be to sell their investments and realize those gains.”
IBKR positions itself as cheaper than crypto incumbents like Coinbase but notes tax-gain lock-in currently limits client switching; planned crypto asset transfers could pressure Coinbase's retention.
“the partnerships that we're doing with Coinbase around X402, with Visa, Mastercard, American Express, around how you can create agent-to-agent payments”
Cloudflare names Coinbase (via the X402 protocol) as a partner for building agent-to-agent payment rails, a read-through for Coinbase's role in agentic commerce infrastructure.
“ICE was an early investor in the crypto space, having been an early-stage funder of Bakkt and Coinbase.”
ICE cites its early-stage funding of Coinbase as part of its long crypto-investment track record informing the Polymarket move.
“And I think the partnership that we have with Coinbase does two things. Number one, it does provide that off ramp, but number two, what they've decided to do from a rewards perspective is allow you to earn digital currency. And, obviously, they're one of the largest keepers of digital currencies.”
American Express described its stablecoin partnership with Coinbase, which provides an off-ramp for digital currency and lets cardholders earn crypto rewards, calling Coinbase one of the largest custodians of digital currencies.
“Yesterday, we announced Pay with Crypto powered by PayPal, which will enable instant crypto to stablecoin or fiat conversion. It will support transactions across more than 100 cryptocurrencies and wallets such as Coinbase and MetaMask, and tap into a global base of more than 650 million crypto users.”
PayPal's newly announced Pay with Crypto feature will support Coinbase as one of the compatible external wallets, tapping into its crypto user base.
“We are collaborating across the ecosystem to expand PYUSD's prominence as a commerce-first stablecoin with a network of exchanges, custodians and other payments partners, including Coinbase, Fiserv and Mastercard.”
Coinbase is named as one of PayPal's ecosystem partners expanding PYUSD stablecoin adoption.
“raising additional funds via a $200 million Bitcoin collateralized financing facility with Coinbase, allowing us to reduce issuance of stock through our ATM and fund our multiple growth opportunities, driving long-term shareholder value creation.”
Riot uses a $200 million Bitcoin-collateralized financing facility with Coinbase to fund growth without diluting shareholders via its ATM program.
“In Q4, we even acquired Echo to enable more efficient onchain capital formation.”
Coinbase acquired Echo in Q4 to enable onchain capital formation and offer private-market investment products on its Everything Exchange.
“We have momentum coming from the integration of options into our platform from the Deribit acquisition that we did in late 2025.”
Coinbase's late-2025 acquisition of Deribit brought crypto options onto its derivatives platform, a growth driver into 2026.
“We launched it with our partnership with Kalshi, and they've been a great partner.”
Coinbase's prediction-markets rollout is powered by a non-exclusive partnership with Kalshi.
“We partner with Circle on overall items, but we also compete with them.”
Coinbase partners with Circle on USDC but increasingly competes with it as Coinbase builds out its own USDC payments vertical on Base.
“We don't see any way that this market structure legislation would change our economic relationship with Circle.”
Coinbase says pending crypto market-structure legislation would not alter its reserve-fee economic relationship with Circle, the USDC stablecoin issuer.
“in Shopify's case, they're giving 1% back to the people who pay with USDC, but the merchant also saves money.”
Coinbase powers USDC checkout for Shopify merchants, who save on card fees and give 1% back to consumers paying with USDC.
“Coinbase is well positioned to be the partner of choice for companies and financial institutions, including Citi, which we just announced last week, who are looking to come on chain.”
Coinbase announced a partnership with Citi to help the bank move on-chain, a positive read-through for Citi's digital-asset ambitions.
“unrealized losses related to our investment in Circle as their stock price was lower as of the end of third quarter as it compared to the end of second quarter.”
Coinbase recorded an unrealized loss on its equity investment in Circle (USDC issuer) as Circle's stock price declined during the quarter.
“Echo was a really innovative, I think, in a company that we decided to go acquire to get a foothold here.”
Coinbase acquired Echo to establish a capital-formation/token-issuance foothold, feeding new tokens toward its exchange.
“We closed the Deribit acquisition, bringing the #1 crypto options venue into Coinbase and Deribit plus Coinbase saw over $840 billion in total derivatives volume in Q3, driven by stronger participation from institutions and advanced traders.”
Coinbase closed its acquisition of Deribit, the leading crypto options venue, materially expanding its derivatives volume and options market share.
“We now have over 240 businesses using our Crypto-as-a-Service capabilities to power their custody, trading and payments needs, including BlackRock, PNC, Stripe and PayPal.”
PayPal is named among Coinbase's 240+ Crypto-as-a-Service institutional clients using its custody, trading and payments infrastructure.
“We now have over 240 businesses using our Crypto-as-a-Service capabilities to power their custody, trading and payments needs, including BlackRock, PNC, Stripe and PayPal.”
BlackRock is named among Coinbase's 240+ Crypto-as-a-Service institutional clients using its custody, trading and payments infrastructure.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Alex Markgraff | KeyBanc Capital Markets | 7 (0%) |
| Bo Pei | U.S. Tiger Securities | 6 (0%) |
| Owen Lau | Clear Street | 6 (0%) |
| Peter Christiansen | Citigroup | 6 (0%) |
| Devin Ryan | Citizens JMP Securities | 6 (17%) |
| Ken Worthington | JPMorgan | 6 (17%) |
| Patrick Moley | Piper Sandler | 6 (0%) |
| Ben Budish | Barclays | 5 (0%) |
| Jim Yaro | Goldman Sachs | 5 (0%) |
| John Todaro | Needham | 4 (25%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| KeyBanc Capital Markets | 1 | 7 (0%) |
| Piper Sandler | 1 | 6 (0%) |
| JPMorgan | 1 | 6 (17%) |
| Citizens JMP Securities |
| 1 |
| 6 (17%) |
| Clear Street | 1 | 6 (0%) |
| U.S. Tiger Securities | 1 | 6 (0%) |
| Citigroup | 1 | 6 (0%) |
| Barclays | 1 | 5 (0%) |
Coinbase reported Q4 revenue of $1.8 billion, down 21% year-over-year, with a GAAP net loss of $667 million driven by $718 million in crypto portfolio unrealized losses and $395 million in Circle investment losses below the operating line. The company launched the "Everything Exchange" with equities and prediction markets, and completed $1.7 billion in share repurchases to fully offset 2025 dilution. Adjusted EBITDA remained positive at $566 million, but subscription and services guidance for Q1 2026 was sharply lower at $550-630 million.
Revenue Growth | Product Launch | Competitive Dynamics | Regulation Policy | Demand | M&A | Innovation & R&D | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 2 | 3 | 4 | 2 | 2 | 2 | 2 | |
| 2025Q1 | 6 | 2 | 4 | 2 | 3 | 1 | ||
| 2025Q2 | 7 | 4 | 2 | 2 | 1 | 1 | ||
| 2025Q3 | 5 | 5 | 3 | 1 | 1 | 4 | 2 | |
| 2025Q4 | 5 | 4 | 3 | 1 | 4 | 2 | 1 | 1 |
| 2026Q1 | 3 | 2 | 3 | 4 | 4 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 2 | 6 | 7 | 5 | 5 | 3 |
| Product Launch | 3 | 2 | 4 | 5 | 4 | 2 |
| Competitive Dynamics | 4 | 4 | 2 | 3 | 3 | 3 |
| Regulation Policy | 2 | 2 | 2 | 1 | 1 | 4 |
| Demand | 2 | 1 | 4 | 4 | ||
| M&A | 3 | 4 | 2 | |||
| Innovation & R&D | 2 | 1 | 1 | 1 | 1 | |
| Pricing | 2 | 1 | 2 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
COIN Coinbase Global | 1 | -30.5% | |
| CBOE Cboe Global Markets | 10 | +6.5% | |
| CME CME Group | 7 | +14.5% | |
| FDS FactSet | 5 | +6.4% | |
| ICE Intercontinental Exchange | 9 | +13.5% | |
| MCO Moody's Corporation | 7 | +8.1% | |
| MSCI MSCI | 8 | +14.1% | |
| NDAQ Nasdaq, Inc. | 8 | +2.3% | |
| SPGI S&P Global | 8 | +10.4% |