Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>The latest discussion from Coinbase Global, Inc. highlights both ongoing developments and challenges shaping its business.</li><li>Management noted optimism regarding the potential passage of the CLARITY Act, which would establish clearer regulatory frameworks for digital assets.</li><li>Although the act’s Senate floor vote is anticipated soon, there remains uncertainty with roughly a 30% chance of passing.</li></ul>

The latest discussion from Coinbase Global, Inc. highlights both ongoing developments and challenges shaping its business.Management noted optimism regarding the potential passage of the CLARITY Act, which would establish clearer regulatory frameworks for digital assets.Although the act’s Senate floor vote is anticipated soon, there remains uncertainty with roughly a 30% chance of passing.

Coinbase Global’s One Million Subscriber Milestone — Is A New Revenue Engine Emerging?

<ul><li>Coinbase Global, Inc. reported its first-quarter 2026 results amid challenging macroeconomic and crypto market conditions, with total revenue of $1.4 billion, a net loss of $394 million, and adjusted EBITDA of $303 million.</li><li>The company continues to face a softer trading environment as the overall crypto market cap and trading volumes declined by over 20% quarter-over-quarter, while volatility in less liquid assets remained historically low.</li><li>Despite these headwinds, Coinbase demonstrated resilience by achieving its 12th consecutive quarter of net native unit inflows and setting a new all-time high in crypto trading market share globally.</li></ul>

Coinbase Global, Inc. reported its first-quarter 2026 results amid challenging macroeconomic and crypto market conditions, with total revenue of $1.4 billion, a net loss of $394 million, and adjusted EBITDA of $303 million.The company continues to face a softer trading environment as the overall crypto market cap and trading volumes declined by over 20% quarter-over-quarter, while volatility in less liquid assets remained historically low.Despite these headwinds, Coinbase demonstrated resilience by achieving its 12th consecutive quarter of net native unit inflows and setting a new all-time high in crypto trading market share globally.

Coinbase’s $1.4 Billion Quarter: Is Diversification Offsetting Crypto Weakness?

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Coinbase reported 1Q26 results: total revenue declined by 31% YoY and 21% QoQ to US$1.41bn amid soft market sentiment, in line with Bloomberg consensus estimate; adjusted EBITDA was down by 67% YoY and 46% QoQ to US$303mn, below the consensus estimate of US$408mn.</li><li>Despite market headwinds, Coinbase continued to gain crypto trading market share and new initiatives (e.g. derivatives and prediction market) also gained solid traction.</li><li>For 2Q26E, management guided for: 1) subscription and services revenue of US$565-645mn (-3%-+11% QoQ), primarily driven by increases in USDC market cap but offset by declines in crypto asset prices; 2) transaction revenue of c.US$215mn QTD (1 Apr-5 May).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Coinbase reported 1Q26 results: total revenue declined by 31% YoY and 21% QoQ to US$1.41bn amid soft market sentiment, in line with Bloomberg consensus estimate; adjusted EBITDA was down by 67% YoY and 46% QoQ to US$303mn, below the consensus estimate of US$408mn.Despite market headwinds, Coinbase continued to gain crypto trading market share and new initiatives (e.g. derivatives and prediction market) also gained solid traction.For 2Q26E, management guided for: 1) subscription and services revenue of US$565-645mn (-3%-+11% QoQ), primarily driven by increases in USDC market cap but offset by declines in crypto asset prices; 2) transaction revenue of c.US$215mn QTD (1 Apr-5 May).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coinbase (COIN US) - 1Q26 Review: Resilient Business Execution Despite Persistent Market Headwinds

<ul><li>Coinbase Global has turned a standard layoff story into something much bigger: a direct challenge to the traditional corporate management model.</li><li>The crypto exchange is cutting roughly 700 employees, or about 14% of its workforce, while also eliminating what CEO Brian Armstrong described as “pure managers.” The company’s new structure is expected to have no more than five layers below the C-suite, with managers handling as many as 15 or more direct reports and contributing directly alongside their teams.</li><li>This is not just a crypto downturn reaction.</li></ul>

Coinbase Global has turned a standard layoff story into something much bigger: a direct challenge to the traditional corporate management model.The crypto exchange is cutting roughly 700 employees, or about 14% of its workforce, while also eliminating what CEO Brian Armstrong described as “pure managers.” The company’s new structure is expected to have no more than five layers below the C-suite, with managers handling as many as 15 or more direct reports and contributing directly alongside their teams.This is not just a crypto downturn reaction.

Coinbase Global: 700 Job Cuts Target Pure Managers Not Just Headcount In A Weak Market

<ul><li>Coinbase Global has spent the past several years aggressively transforming itself from a transaction-driven crypto exchange into a multi-product financial platform spanning trading, custody, payments, and blockchain infrastructure.</li><li>Management now speaks less about trading volumes and more about stablecoins, onchain ecosystems, and a long-term vision of rebuilding the global financial system.</li><li>Yet despite this evolution, the company’s stock continues to behave like a high-beta proxy for Bitcoin, rising and falling in near lockstep with crypto prices.</li></ul>

Coinbase Global has spent the past several years aggressively transforming itself from a transaction-driven crypto exchange into a multi-product financial platform spanning trading, custody, payments, and blockchain infrastructure.Management now speaks less about trading volumes and more about stablecoins, onchain ecosystems, and a long-term vision of rebuilding the global financial system.Yet despite this evolution, the company’s stock continues to behave like a high-beta proxy for Bitcoin, rising and falling in near lockstep with crypto prices.

Coinbase Is Winning Beyond Crypto—But Bitcoin Still Controls The Narrative!

United States

Coinbase Global, Inc. provides financial solutions. The Company offers platform to buy and sell cryptocurrencies. Coinbase Global serves clients worldwide.

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Coinbase Global (COIN US)

Coinbase Global’s One Million Subscriber Milestone — Is A New Revenue Engine Emerging?

The latest discussion from Coinbase Global, Inc. highlights both ongoing developments and challenges shaping its business. Management noted...

Baptista Research

Coinbase’s $1.4 Billion Quarter: Is Diversification Offsetting Crypto Weakness?

Coinbase Global, Inc. reported its first-quarter 2026 results amid challenging macroeconomic and crypto market conditions, with total revenue of...

Baptista Research

Coinbase (COIN US) - 1Q26 Review: Resilient Business Execution Despite Persistent Market Headwinds

Coinbase reported 1Q26 results: total revenue declined by 31% YoY and 21% QoQ to US$1.41bn amid soft market sentiment, in line with Bloomberg...

CMB International

Coinbase Global: 700 Job Cuts Target Pure Managers Not Just Headcount In A Weak Market

Coinbase Global has turned a standard layoff story into something much bigger: a direct challenge to the traditional corporate management...

Baptista Research

Coinbase Is Winning Beyond Crypto—But Bitcoin Still Controls The Narrative!

Coinbase Global has spent the past several years aggressively transforming itself from a transaction-driven crypto exchange into a multi-product...

Baptista Research

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