COIN · Forward model · Interest and finance fee income
What has to happen in Interest and finance fee income
Model as of
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Interest and finance fee income
Basis quarter$66M
Final quarter$72M
Implied CAGR+2%
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: $72M (2031Q2E)
| Period | Value |
|---|---|
| 2025Q1 | $63M |
| 2025Q2 | $59M |
| 2025Q3 | $65M |
| 2025Q4 | $60M |
| 2026Q1 | $68M |
| 2026Q2 | $66M |
| 2026Q3E | $65M |
| 2026Q4E | $64M |
| 2027Q1E | $63M |
| 2027Q2E | $63M |
| 2027Q3E | $62M |
| 2027Q4E | $62M |
| 2028Q1E | $62M |
| 2028Q2E | $63M |
| 2028Q3E | $63M |
| 2028Q4E | $63M |
| 2029Q1E | $64M |
| 2029Q2E | $65M |
| 2029Q3E | $65M |
| 2029Q4E | $66M |
| 2030Q1E | $67M |
| 2030Q2E | $68M |
| 2030Q3E | $69M |
| 2030Q4E | $70M |
| 2031Q1E | $71M |
| 2031Q2E | $72M |
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.