Financials • Digital Asset Exchange, Institutional Custody & Stablecoin Rails • SIC 6199
$143.54 ▼ -17.05
(-10.62%)
MKT CAP: $37.87B • VOL: 20.78M
52W L $137 52W H $368
COIN // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>)
SOURCE: Form 10-K (FY2025) // Item 1 Transaction, Custody & USDC Ecosystem
01 // UPSTREAM SUPPLIERS & FOUNDRIES
AMZN <GO>
CRITICAL
Amazon Web Services (AWS)
FOUNDRY / INFRA • Cloud Matching Engine Hosting & Multi-Party Computation Custody Vaults
EST. COGS / CAPEX SHARE 65%
EVIDENCE: 10-K Technology & Development Cloud Hosting Commitments
JPM <GO>
CRITICAL
JPMorgan Chase & Fedwire/ACH Fiat Settlement Banks
FOUNDRY / INFRA • USD Fiat On-Ramp/Off-Ramp Clearing & Custodial Omnibus Accounts
EST. COGS / CAPEX SHARE 50%
EVIDENCE: 10-K Item 1A Banking & Payment Rail Partner Concentration
CORE VALUE-CHAIN HUB NASDAQ
COIN // Coinbase Global, Inc.
GROSS MARGIN
—
OP MARGIN
3.6%
ROIC %
1.4%
MKT CAP
$37.87B
UPSTREAM INPUTS ──► COIN OPERATING ENGINE ──► CUSTOMER REVENUE
03 // DOWNSTREAM REVENUE CUSTOMERS
BLK REV SHARE: ~18%
BlackRock (IBIT / ETHA) & Spot Crypto ETF Issuers
CUSTOMER • Institutional Prime Execution & Qualified Cold-Storage ETF Custody
EVIDENCE: 10-K Custodial Fee & Institutional Transaction Revenue
CRCL REV SHARE: ~28%
Circle Internet Financial (USDC Reserve Yield Share)
CUSTOMER • ~50%+ Platform Revenue Share on Short-Term Treasury Backing USDC
EVIDENCE: 10-K Stablecoin Revenue (Subscription & Services Segment)
DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX
LIVE DB CROSS-COMPARISON
| TICKER | COMPANY | LAST | MKT CAP | GROSS MGN | OP MGN | ROIC % | EV/EBITDA | REV YOY | HEAD-TO-HEAD |
|---|---|---|---|---|---|---|---|---|---|
| COIN ★ | Coinbase Global, Inc. | $143.54 | $37.87B | — | 3.6% | 1.4% | 121.1x | -26.6% | SUBJECT ISSUER |
| BRK-B | Berkshire Hathaway Inc. | $542.49 | $1.16T | — | 27.8% | 11.5% | 9.7x | +3.9% | COIN VS BRK-B <GO> |
| JPM | JPMorgan Chase & Co. | $337.04 | $900.38B | — | 42.1% | 17.4% | 9.7x | +13.5% | COIN VS JPM <GO> |
| GS | The Goldman Sachs Group, Inc. | $894.55 | $260.83B | — | 39.7% | 17.1% | 9.2x | +17.8% | COIN VS GS <GO> |