COIN · Forward model · Other subscription and services
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.
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Other subscription and services
Basis quarter$114M
Final quarter$178M
Implied CAGR+9%
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: $178M (2031Q2E)
| Period | Value |
|---|---|
| 2025Q1 | $141M |
| 2025Q2 | $119M |
| 2025Q3 | $143M |
| 2025Q4 | $152M |
| 2026Q1 | $109M |
| 2026Q2 | $114M |
| 2026Q3E | $116M |
| 2026Q4E | $118M |
| 2027Q1E | $121M |
| 2027Q2E | $123M |
| 2027Q3E | $126M |
| 2027Q4E | $129M |
| 2028Q1E | $132M |
| 2028Q2E | $135M |
| 2028Q3E | $138M |
| 2028Q4E | $141M |
| 2029Q1E | $144M |
| 2029Q2E | $147M |
| 2029Q3E | $151M |
| 2029Q4E | $154M |
| 2030Q1E | $158M |
| 2030Q2E | $162M |
| 2030Q3E | $166M |
| 2030Q4E | $170M |
| 2031Q1E | $174M |
| 2031Q2E | $178M |
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.