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COIN · Forward model · Other subscription and services · Everything Exchange case

What has to happen in Other subscription and services

Model as of

This page changes Other subscription and services 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 $322M 13% of company revenue
Explicit segment contribution $2.75B 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.

Other subscription and services

Basis quarter$114M
Final quarter$322M
Implied CAGR+23%
Final revenue mix13%

Coinbase One membership fees, custody fees, Coinbase One Card interchange and other services. Coinbase says paid Coinbase One subscribers hit an all-time high but publishes no count, no ARPU and no custody fee schedule, so a genuine subscription driver cannot be built and sequential growth is the honest choice.

Last four quarters
2025 Q3 $143M Reported
2025 Q4 $152M Estimated
2026 Q1 $109M Reported
2026 Q2 $114M Reported
Coinbase One subscription feesCustody fees, including spot bitcoin ETF custodyCoinbase One Card and other services
Sequential growth +2.0%/qtr decaying toward +2.5% Rose 4% in Q2 against a falling tape; Q3 loses the performance earn-outs the deck flags.
Other subscription and services

Latest: $322M (2031Q2E)

Period Value
2025Q1 $141M
2025Q2 $119M
2025Q3 $143M
2025Q4 $152M
2026Q1 $109M
2026Q2 $114M
2026Q3E $119M
2026Q4E $125M
2027Q1E $132M
2027Q2E $139M
2027Q3E $146M
2027Q4E $154M
2028Q1E $162M
2028Q2E $170M
2028Q3E $180M
2028Q4E $189M
2029Q1E $199M
2029Q2E $210M
2029Q3E $222M
2029Q4E $234M
2030Q1E $246M
2030Q2E $260M
2030Q3E $274M
2030Q4E $289M
2031Q1E $305M
2031Q2E $322M

Assumptions & reasoning

  • This was the only line in the business that grew sequentially in 2026 Q2, and it is the line on which the diversification claim ultimately rests. It is also the least disclosed one.
  • A subscriber count would promote this vertical to a subscription driver. The widely quoted 1 million-plus Coinbase One figure appears in no filing and no deck, so it is deliberately absent from every input here.
  • Custody fees move with ETF assets, which fell in 2026 Q2 on ETF outflows, and the Q3 outlook flags the roll-off of Q2 performance earn-outs as a headwind.
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