COIN · Forward model · Corporate interest and other income · Bull case
What has to happen in Corporate interest and other income
Model as of
This page changes Corporate interest and other income inside the complete COIN model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.
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Corporate interest and other income
Basis quarter$66M
Final quarter$91M
Implied CAGR+7%
Final revenue mix4%
Interest on Coinbase own treasury: money market funds, short-duration Treasuries, bank cash and its own USDC balances. It sits outside net revenue in Coinbase presentation but inside total revenue, so the model must carry it. The base is the corporate cash balance and the price is the yield on it.
Last four quarters
2025 Q3
$106M
Estimated
2025 Q4
$104M
Estimated
2026 Q1
$74M
Estimated
2026 Q2
$66M
Estimated
Interest on corporate cash and TreasuriesReserve income on corporate USDC balances
Subscribers
8.6M
77.6% of a 11.1M addressable base
$8.61B of cash and cash equivalents at 30 June 2026, counted in thousands of dollars.
Addressable subscribers
11.1M
the S-curve ceiling
The $11.1B of available resources the deck names: cash, marketable, crypto and strategic investments.
Net adds
0/qtr
ramping toward 0/qtr, throttled as the base approaches the TAM
Net-add ceiling
0/qtr
what supply can deliver at full rate
ARPU
$2.54/mo
drifting −1.0% per quarter, floor $2.17
Monthly interest per $1,000 of corporate cash: the derived 3.05% annualised yield.
Non-subscriber revenue
$0/qtr
growing 0.0% per quarter
Zero: there is nothing in this line but interest on the treasury.
Corporate interest and other income
Latest: $91M (2031Q2E)
| Period | Value |
|---|---|
| 2025Q1 | $97M |
| 2025Q2 | $101M |
| 2025Q3 | $106M |
| 2025Q4 | $104M |
| 2026Q1 | $74M |
| 2026Q2 | $66M |
| 2026Q3E | $65M |
| 2026Q4E | $65M |
| 2027Q1E | $66M |
| 2027Q2E | $66M |
| 2027Q3E | $67M |
| 2027Q4E | $68M |
| 2028Q1E | $69M |
| 2028Q2E | $70M |
| 2028Q3E | $71M |
| 2028Q4E | $73M |
| 2029Q1E | $74M |
| 2029Q2E | $75M |
| 2029Q3E | $77M |
| 2029Q4E | $78M |
| 2030Q1E | $80M |
| 2030Q2E | $81M |
| 2030Q3E | $84M |
| 2030Q4E | $86M |
| 2031Q1E | $89M |
| 2031Q2E | $91M |
Assumptions & reasoning
- A subscriber here is $1,000 of corporate cash and ARPU is the monthly interest it earns: 8,614,065 of them at $2.54 a month is the filed $8,614,065K balance at a derived 3.05% annualised yield.
- The addressable base is the $11.1B of available resources the deck describes: cash and equivalents plus $174,778K of marketable investments, $1,468,395K of crypto assets held for investment and $840,287K of strategic investments. Treasury is 77.6% of it today and glides toward 70% as buybacks and debt repayment draw it down.
- Every quarter of this line is derived as total revenue less transaction revenue less subscription and services revenue on the current basis, because revenue on Coinbase own USDC balances was reclassified into it from stablecoin revenue beginning with the Q1 2026 10-Q. That reclassification is the single largest basis trap in this ticker history.
- This is a treasury outcome rather than an operating result and should not be read as business quality: it falls with rates and with any large buyback or debt repayment.