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COIN · Forward model · Interest and finance fee income · Everything Exchange case

What has to happen in Interest and finance fee income

Model as of

This page changes Interest and finance fee 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 $131M 5% of company revenue
Explicit segment contribution $1.25B 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.

Interest and finance fee income

Basis quarter$66M
Final quarter$131M
Implied CAGR+15%
Final revenue mix5%

Interest and financing fees on customer credit: the Borrow and Lend products, margin and Prime financing. Coinbase discloses one balance metric that plainly covers only part of the earning base, so this line is modelled as sequential growth with that balance as context.

Last four quarters
2025 Q3 $65M Reported
2025 Q4 $60M Estimated
2026 Q1 $68M Reported
2026 Q2 $66M Reported
Borrow and Lend product interestMargin and Prime financing feesCustomer fiat interest
Sequential growth −2.0%/qtr decaying toward +2.0% Balances at an all-time high but rates falling; Q2 fell 2% on exactly those two forces.
Interest and finance fee income

Latest: $131M (2031Q2E)

Period Value
2025Q1 $63M
2025Q2 $59M
2025Q3 $65M
2025Q4 $60M
2026Q1 $68M
2026Q2 $66M
2026Q3E $67M
2026Q4E $68M
2027Q1E $69M
2027Q2E $71M
2027Q3E $72M
2027Q4E $74M
2028Q1E $77M
2028Q2E $79M
2028Q3E $82M
2028Q4E $85M
2029Q1E $89M
2029Q2E $92M
2029Q3E $96M
2029Q4E $100M
2030Q1E $105M
2030Q2E $109M
2030Q3E $114M
2030Q4E $119M
2031Q1E $125M
2031Q2E $131M

Assumptions & reasoning

  • Average borrow/lend balances reached an all-time high $1,491M in 2026 Q2, up from $199M a year earlier, and this line still fell 2%. The implied 17.7% annualised yield on that balance is the evidence that borrow/lend is only part of the base.
  • Loan receivables of $1,572,354K at 30 June 2026 against $1,354,692K at 31 December 2025 are the closest filed proxy for the earning base, and credit losses on the Borrow book are not separately disclosed.
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