1:1 Tokenized Stocks Highlights COIN's System Update Event. The Everything Exchange Continues to Come Together.

Research evidence excerpt

1:1 Tokenized Stocks Highlights COIN's System Update Event. The Everything Exchange Continues to Come Together.

Broadening the Addressable Market for Trading. In addition to the tokenized FY26E EBITDA 1,721.46 1,721.46

stocks announcement, COIN highlighted options for crypto and stocks, real world FY27E EBITDA 3,362.06 3,362.06

asset perpetual futures, pre-IPO perps, and prediction market updates such as Revenue (M)

crypto binaries. Additionally, COIN announced in the coming months it is bringing FY Dec 2025A 2026E 2027E

together its U.S. spot exchange, international derivatives exchanges, and Deribit

Q1 2,034.30 1,412.98A 1,881.24 into a unified, regulated global liquidity pool to maximize liquidity for customers in

spot, perpetuals, and options markets. Q2 1,497.21 1,291.97 2,057.10

Q3 1,869.00 1,484.17 2,254.33

■ AI Capabilities. Coinbase Advisor was announced which is an AI-powered, SEC-

Q4 1,781.00 1,732.23 2,473.77 registered in-app investment advisor made available to Coinbase One members

in the U.S. Coinbase Advisor capabilities include tax-loss harvesting advice, news- FY REV 7,181.39 5,920.83 8,666.45

driven trade recommendations, and 24/7 availability. Additionally, Coinbase for EBITDA (Adjusted)

Agents was announced, which enables AI agents to execute trading strategies FY Dec 2025A 2026E 2027E

autonomously based on user-defined parameters. To drive user confidence in Q1 929.87 303.28A 693.81

agentic trading, agents can be confined to a sub-account and given precise limits

Q2 512.07 323.84 782.48 around capital allocation, asset permissions, and trade sizes.

Q3 800.66 457.12 884.78

■ Financial Services Expansion Continues. A travel platform was introduced as Q4 565.90 637.23 1,000.99

part of the Coinbase One Card, which gives users 5% BTC back on bookings.