COIN
Coinbase Global, Inc.Evidence as of 2026-09-04The desk's Snapshot
3 of 15 open to everyone · members see allRead the full desk report on COIN
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Overview · Coinbase Global, Inc.
Coinbase Global, Inc. provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. It offers the primary financial account in the cryptoeconomy for consumers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets…
Management team
- Mr. Manish Gupta · Executive Vice President of EngineeringFind on LinkedIn
- Mr. Anil K. Gupta · Vice President of Investor RelationsFind on LinkedIn
- Mr. Paul Grewal · Chief Legal Officer & Corporate SecretaryFind on LinkedIn
- Ms. Emilie M. Choi · President & COOFind on LinkedIn
Start your 7-day free trial to see the full management team.
Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it — not a rating or a recommendation.
−0.8 on a −2 to +2 scale.
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled — the rest of the page is the evidence behind it.
What the evidence shows
The evidence balance is cautious ( -0.8 of a possible +2; was -0.8 before debate) · confidence high. Revenues declined from $ 1,412,982,000 in Q1 2026 (fiscal quarter ended 2026-03-31) to $ 1,220,068,000 in Q2 2026 (fiscal quarter ended 2026-06-30), while net loss narrowed from $( 394,117,000 ) to $( 359,468,000 ) over the same comparatives. Operating income, however, moved the other way: an operating loss of $( 21,421,000 ) in Q1 2026 became a larger operating loss of $( 113,488,000 ) in Q2 2026. The balance sheet shows cash and cash equivalents fell from $ 10,205,022,000 as of 2026-03-31 to $ 8,614,065,000 as of 2026-06-30, long-term debt declined from $ 7,200,000,000 to $ 5,900,000,000, and total assets and liabilities both decreased (assets from $ 28,848,792,000 to $ 26,460,286,000; liabilities from $ 15,368,219,000 to $ 13,380,621,000).
What the debate changed
The desk did not drop or weaken any surviving claims; nothing was removed during the debate. That unanimity left the original read intact: the analysts argued over emphasis but agreed on the core facts — revenue and cash declined, net loss modestly narrowed, operating loss widened, and leverage metrics show a simple net-cash position given $ 8,614,065,000 of cash vs. $ 5,900,000,000 of long-term debt. The debate clarified how much weight to give market signals — elevated volatility (30‑day annualized + 80.3%), weak 12‑month momentum ( -52.9% ), and heavy institutional outflows in the 13F period (aggregate reported holdings $ 37.95B, -27.3% QoQ) — but did not change the surviving numeric claims.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else — no outside knowledge, no browsing — so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC — revenue, margins, income, debt and share count, quarter by quarter — and reports which way the trend is running.
Revenues were $1,412,982,000 for fiscal Q1 2026 (2026-01-01 to 2026-03-31, 3mo) and fell to $1,220,068,000 for fiscal Q2 2026 (2026-04-01 to 2026-06-30, 3mo).
XBRL companyfacts · 0001679788-26-000054Net loss narrowed from $(394,117,000) in fiscal Q1 2026 (2026-01-01 to 2026-03-31, 3mo) to $(359,468,000) in fiscal Q2 2026 (2026-04-01 to 2026-06-30, 3mo).
XBRL companyfacts · 0001679788-26-000054Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full — its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet — its risk analysis fills in once that lands.
In the 10-K filed 12 February 2026, the company added risk language stating that its operating results have and will continue to fluctuate significantly from quarter to quarter due to the highly volatile nature of crypto asset prices and other unpredictable factors, making short-term forecasting difficult.
Item 1A risk-factor diff · 0001679788-26-000015 vs 0001679788-25-000022The 10-K filed 12 February 2026 discloses concentration risk: a meaningful portion of transaction and subscription-and-services revenue is tied to transactions in Bitcoin and Ethereum and to stablecoin-related revenue, and a decline in those areas could adversely affect results.
Item 1A risk-factor diff · 0001679788-26-000015 vs 0001679788-25-000022Reads the signal panel above — momentum, volatility, drawdown, relative strength and beta — and ranks each against the whole research universe rather than judging it in isolation.
As of 2026-09-03, COIN's beta vs SPY is 2.91 and its correlation vs SPY is 0.53.
Moneyta signal set · 2026-09-03Price volatility is elevated: 30-day annualized volatility is +80.3% and 90-day annualized volatility is +71.2%, with the 90-day volatility at the 87th percentile of a 547-stock research universe.
Moneyta signal set · 2026-09-03Reads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
As of the 13F reporting period ended 2026-03-31, aggregate reported institutional holdings value is "$37.95B" with 1,189 institutional holders and a quarter-over-quarter reported value change of -27.3%.
13F holdings · 1189 filers · as of 2026-03-31Top reported institutional holders in the 2026-03-31 13F include SUSQUEHANNA INTERNATIONAL GROUP, LLP at "$3.22B", BlackRock, Inc. at "$2.92B", and JANE STREET GROUP, LLC at "$2.75B", each showing quarter-over-quarter position value declines (e.g., SUSQUEHANNA -26.7%, BlackRock -24.3%, JANE STREET -22.3%).
13F holdings · 1189 filers · as of 2026-03-31Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Multiple outlets report that Coinbase filed Form 1-N and Form BD-N with the SEC on September 1, 2026 to bring 24/7 single-stock perpetual futures (stock perps) to U.S. traders, noting further regulatory approval is needed.
News · news.bitcoin.com · 2026-09-04Coverage highlights legal and regulatory risk around that product launch, noting a CME Group challenge in federal court that argues perpetuals are swaps under Dodd-Frank and could imperil U.S. launches.
News · techtimes.com · 2026-09-04Reads parsed Forms 3/4/5 — who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
Jennifer N. Jones (Chief Accounting Officer) reported a sale of "$389k" for "2062" shares on 2026-08-24 executed under a 10b5-1 plan (stated on the filing).
Form 4 · Jones Jennifer N. (Chief Accounting Officer) · $389k sold · 2026-08-24Frederick R. Wilson (Director) reported three 10b5-1 plan sales on 2026-08-03 totaling "$157k" across "646", "354", and "100" shares (values "$92k", "$51k", "$14k" respectively) as stated on the filing.
Form 4 · WILSON FREDERICK R (Director) · $92k sold · 2026-08-03Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The model reports an implied free-cash-flow growth rate of 16.1% that today's price would justify under the stated discount and terminal assumptions.
Valuation inputs · SEC XBRL + stored EOD closeFree cash flow for the trailing twelve months is $1,906,341,000 and free cash flow per share is $7.2371 (shares diluted wavg 263,412,000 as of 2026-06-30).
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score — the argument is shown, not hidden, so you can judge the reasoning yourself.
Several items in the record jointly support a constructive read: free cash flow for the trailing twelve months is strong (valuation-1) and the balance sheet shows a simple net cash position after accounting for cash and long-term debt (valuation-2). Operational metrics in the most recent quarters show narrowing net loss (fundamentals-1) and improved diluted EPS (fundamentals-3) while share count ticked down (fundamentals-4) and the company previously executed sizable buybacks (fundamentals-8), which together can signal management focus on shareholder returns and per-share recovery. Debt reduction (fundamentals-6) improves leverage dynamics, and ETF/institutional placements and recent buy-side coverage (ownership-2; third-party street consensus) provide demand-context that can support relative price resilience despite broader market volatility. These points rebut the bear case that focuses on short-term revenue swings and headline risk by emphasizing cash generation, balance-sheet repair, and structural ownership support.
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.36
40 surviving claims rest on 17 distinct sources; the heaviest analyst carries 22% of them, and 99% of what the desk raised survived the debate.
The evidence package rests on a moderate breadth of sources but a meaningful portion of surviving claims is concentrated under a single analyst and most proposed challenges survived the review — this implies the read is relatively persistent but not immune to single-actor bias. Source diversity (17 sources) supports credibility, yet the analyst dependence and high survival rate indicate limited independent pushback, so treat the bundle as informative but somewhat brittle to new, contradicting filings or clear market reversals.
Peer context · computed, not argued
12-1 momentum ranks 7th of 7 in Financial Data & Stock Exchanges (as of 2026-09-03).
6-month relative strength ranks 6th of 7 in Financial Data & Stock Exchanges (as of 2026-09-03).
90-day volatility ranks 1st of 7 in Financial Data & Stock Exchanges (as of 2026-09-03).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment — when the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here — no outside knowledge, no browsing — and each card shows who read it and what it contributed to the score.
8 filings· 2 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data — not retyped or estimated.
Read by Mercer+0.2 to the score
12 documents· 1 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes−0.8 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash−1.1 to the score
3 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis−0.4 to the score
6 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
7 filings· 2 cited
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state — stated and inferred flags kept apart.
Read by Talbot−0.6 to the score
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only — it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal — the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
The full terminal on COIN Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
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Educational analysis of published data. Moneyta does not give investment advice or make recommendations.