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>Coinbase, a prominent player in the cryptocurrency exchange market, recently reported its financial results for 2025.</li><li>The company has demonstrated substantial operational and financial progress, marked by a 9% year-over-year increase in total revenue to $7.2 billion.</li><li>This growth was driven by a surge in subscription and services revenue, which reached $2.8 billion, a significant increase from prior years.</li></ul>

Coinbase, a prominent player in the cryptocurrency exchange market, recently reported its financial results for 2025.The company has demonstrated substantial operational and financial progress, marked by a 9% year-over-year increase in total revenue to $7.2 billion.This growth was driven by a surge in subscription and services revenue, which reached $2.8 billion, a significant increase from prior years.

Coinbase Global: Building the “Everything Exchange” for a 24/7 Global Capital Market!

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 4Q25 results: total revenue was down by 22% YoY and 5% QoQ to US$1.78bn, largely in line with Bloomberg consensus estimate.</li><li>Adjusted EBITDA declined by 56% YoY and 29% QoQ to US$566mn, below consensus estimate of US$655mn.</li><li>1Q26E guidance is also softer than expectation amid recent crypto market corrections: 1) Subscription and Services revenue of US$550-630mn (down by 10-21% YoY) in 1Q26E, mainly due to lower interest rates and crypto asset prices; and 2) transaction revenue of US$420mn from year start to Feb 10. In view of the soft market sentiment and lower interest rate environment, we trim FY26-27E total revenue forecast by 5- 12%.</li></ul>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 reported 4Q25 results: total revenue was down by 22% YoY and 5% QoQ to US$1.78bn, largely in line with Bloomberg consensus estimate.Adjusted EBITDA declined by 56% YoY and 29% QoQ to US$566mn, below consensus estimate of US$655mn.1Q26E guidance is also softer than expectation amid recent crypto market corrections: 1) Subscription and Services revenue of US$550-630mn (down by 10-21% YoY) in 1Q26E, mainly due to lower interest rates and crypto asset prices; and 2) transaction revenue of US$420mn from year start to Feb 10. In view of the soft market sentiment and lower interest rate environment, we trim FY26-27E total revenue forecast by 5- 12%.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) - 4Q25 Results: Navigate Short-Term Headwinds Amid Soft Crypto Market Sentiment

<ul><li>Coinbase Global Inc.'s Q3 2025 earnings reveal a mixed but strategically progressive narrative for the company.</li><li>With total revenue reaching $1.9 billion and adjusted EBITDA at $801 million, Coinbase demonstrates strong financial momentum, underpinned by the expansion of its "Everything Exchange" as announced in the previous quarter.</li><li>This initiative underscores Coinbase's ambition to offer a single platform for trading diverse asset classes, beyond its traditional scope of cryptocurrencies.</li></ul>

Coinbase Global Inc.'s Q3 2025 earnings reveal a mixed but strategically progressive narrative for the company.With total revenue reaching $1.9 billion and adjusted EBITDA at $801 million, Coinbase demonstrates strong financial momentum, underpinned by the expansion of its "Everything Exchange" as announced in the previous quarter.This initiative underscores Coinbase's ambition to offer a single platform for trading diverse asset classes, beyond its traditional scope of cryptocurrencies.

Coinbase Is Quietly Building a Payments Powerhouse — The Untold Story Behind Its Expansion!

<ul><li>Coinbase announced 3Q25 results: net revenue grew by 59% YoY and 26% QoQ to US$1.79bn, 3% ahead of consensus estimate.</li><li>During the period, adjusted EBITDA was US$801mn, up from US$512mn/449mn in 2Q25/3Q24 and beating consensus estimate of US$704mn, mainly thanks to the outperformance of topline.</li><li>Looking into 4Q25, management guided 1) Subscription and Services revenue of US$710-790mn (-5%-+6% QoQ) in 4Q25, mainly driven by the growth in USDC mkt cap, but partially offset by the decline in interest rate; 2) transaction revenue of US$385mn in October, maintaining a solid trend. </li></ul>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 announced 3Q25 results: net revenue grew by 59% YoY and 26% QoQ to US$1.79bn, 3% ahead of consensus estimate.During the period, adjusted EBITDA was US$801mn, up from US$512mn/449mn in 2Q25/3Q24 and beating consensus estimate of US$704mn, mainly thanks to the outperformance of topline.Looking into 4Q25, management guided 1) Subscription and Services revenue of US$710-790mn (-5%-+6% QoQ) in 4Q25, mainly driven by the growth in USDC mkt cap, but partially offset by the decline in interest rate; 2) transaction revenue of US$385mn in October, maintaining a solid trend. 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) - 3Q25 Results Beat on Solid Transaction Business

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Coinbase is a leading, US-based cryptocurrency exchange that has established a strong brand reputation for security and regulatory compliance in a volatile and often risky industry.</li>
 <li>The company's financial performance is intrinsically linked to the cyclical and volatile nature of the cryptocurrency market, with revenues heavily dependent on transaction volumes and crypto asset prices.</li>
 <li>Future growth is contingent on diversifying revenue streams beyond transaction fees, with strategic initiatives focused on institutional services, the stablecoin (USDC) ecosystem, derivatives, and international expansion.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Coinbase is a leading, US-based cryptocurrency exchange that has established a strong brand reputation for security and regulatory compliance in a volatile and often risky industry.
  The company's financial performance is intrinsically linked to the cyclical and volatile nature of the cryptocurrency market, with revenues heavily dependent on transaction volumes and crypto asset prices.
  Future growth is contingent on diversifying revenue streams beyond transaction fees, with strategic initiatives focused on institutional services, the stablecoin (USDC) ecosystem, derivatives, and international expansion.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Coinbase Global  (COIN US) - Nov 2025

United States

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Coinbase Global (COIN US)

Coinbase Global: Building the “Everything Exchange” for a 24/7 Global Capital Market!

Coinbase, a prominent player in the cryptocurrency exchange market, recently reported its financial results for 2025. The company has demonstrated...

Baptista Research

Coinbase (COIN US) - 4Q25 Results: Navigate Short-Term Headwinds Amid Soft Crypto Market Sentiment

Coinbase reported 4Q25 results: total revenue was down by 22% YoY and 5% QoQ to US$1.78bn, largely in line with Bloomberg consensus estimate.

CMB International

Coinbase Is Quietly Building a Payments Powerhouse — The Untold Story Behind Its Expansion!

Coinbase Global Inc.'s Q3 2025 earnings reveal a mixed but strategically progressive narrative for the company. With total revenue reaching $1.9...

Baptista Research

Coinbase (COIN US) - 3Q25 Results Beat on Solid Transaction Business

During the period, adjusted EBITDA was US$801mn, up from US$512mn/449mn in 2Q25/3Q24 and beating consensus estimate of US$704mn

CMB International

Primer: Coinbase Global (COIN US) - Nov 2025

Coinbase is a leading, US-based cryptocurrency exchange that has established a strong brand reputation for security and regulatory compliance in...

αSK Primers

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)