Coinbase hits 8.6% trading share; derivatives revenue $200M

Coinbase reported on May 7 that it reached an all-time high 8.6% share of global crypto trading volume in the first quarter of 2026, and that retail derivatives annualized revenue exceeded $200 million.

The exchange posted $202 billion in quarterly trading volume and held $294 billion in assets on its platform. It employed more than 4,900 people at the end of the period.

Trailing-12-month derivatives volume rose 169% year over year, the company reported. Retail derivatives became a larger component of trading activity, and prediction markets reached an annualized revenue run rate above $100 million less than two months after launch.

Activity across other Coinbase products increased during the quarter. The firm said it now safeguards about 12% of global crypto assets. Decentralized exchange trading volume doubled from the prior quarter after Coinbase added native DEX access within its app. Borrow and lend balances grew by roughly $1 billion year over year.

Stablecoin and on-chain activity also expanded. Average USDC held across Coinbase products reached about $19 billion, roughly one-quarter of circulating USDC. Coinbase reported that its Base layer-2 network accounted for 62% of global on-chain stablecoin transaction volume and more than 90% of on-chain agentic stablecoin transaction volume.

Coinbase said its x402 payments protocol processed more than 100 million payments in the period, with USDC used in over 99% of those transactions.

On the financial side, Coinbase reported Adjusted EBITDA of $303.3 million for the quarter and a net loss of $394.1 million. Management noted the company has recorded positive Adjusted EBITDA for 13 consecutive quarters and native unit inflows for 12 straight quarters.

Alesia Haas, Coinbase’s chief financial officer, commented: “We’re growing new revenue streams, with 12 product lines each generating over $100 million annualized, and prediction markets on their way to becoming the 13th.”

Coinbase described the quarter as part of efforts to expand access to crypto products, settlement infrastructure and global digital payments, citing derivatives, stablecoins and on-chain services as areas of increased activity.