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COIN · Forward model · Corporate interest and other income · Everything Exchange 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.

COIN forward model
Horizon
Consolidated fair value $196.72 all other verticals held in this portfolio case
Final-quarter revenue $101M 4% of company revenue
Explicit segment contribution $1.29B EBITDA less segment capex, before corporate items

Coinbase stops being a crypto exchange and becomes a multi-asset one. Equity and pre-IPO perpetuals are live for non-US traders, US access to global perpetuals is routed through a CFTC-regulated pathway, and Deribit unifies US and international liquidity. This is the only case in which the take rate rises on a growing volume base rather than a shrinking one, and at $196.72 it is also the only case that clears the $181.78 tape: it is what you have to believe to own the stock here. It does not assume any of those products is monetised today, because none of them is.

Corporate interest and other income

Basis quarter$66M
Final quarter$101M
Implied CAGR+9%
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: $101M (2031Q2E)

Period Value
2025Q1 $97M
2025Q2 $101M
2025Q3 $106M
2025Q4 $104M
2026Q1 $74M
2026Q2 $66M
2026Q3E $66M
2026Q4E $66M
2027Q1E $67M
2027Q2E $68M
2027Q3E $69M
2027Q4E $70M
2028Q1E $71M
2028Q2E $73M
2028Q3E $75M
2028Q4E $76M
2029Q1E $78M
2029Q2E $80M
2029Q3E $82M
2029Q4E $84M
2030Q1E $86M
2030Q2E $88M
2030Q3E $91M
2030Q4E $94M
2031Q1E $97M
2031Q2E $101M

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.
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