The Milk Road Show The Real Bull Case: Why Coinbase Could Explode When Crypto Recovers
Feb 18, 2026
They dig into why reported net losses at Coinbase may be misleading and how adjusted earnings tell a different story. The conversation highlights rising subscription and services revenue across many product lines. They cover platform balances, assets under management, and why infrastructure advantages could pay off. They also discuss product expansion like stocks and the key metrics to watch for future growth.
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Growing Product Lines Reduce Fee Reliance
- Coinbase now has 12 product lines each exceeding $100M ARR, reducing reliance on trading fees.
- Subscription and services revenue is growing into a more durable, recurring revenue base.
Transaction Share Is Shrinking Over Time
- Transaction revenue still makes up ~40% of Coinbase's revenue but its share is shrinking.
- The company is intentionally shifting toward subscription and services to stabilize earnings across cycles.
AUM Growth Trumps Price Volatility
- Assets on platform grew nine straight quarters in unit terms, showing user trust independent of price moves.
- More assets on platform create monetization opportunities beyond trading fees.