Share 
Bonus TL;DR
- Coinbase’s prediction markets business has surpassed $100 million in annualized revenue just months after launch, aided by a significant surge in daily active traders following the rollout of crypto binaries.
- The company is actively positioning itself as a comprehensive trading platform built around four main pillars—spot crypto, derivatives, tokenized equities, and prediction markets—while also launching direct retail access to initial public offerings.
Coinbase said its prediction markets business has surpassed $100 million in annualized revenue within months of launch, as the crypto company broadens beyond spot trading into derivatives, tokenized stocks and retail IPO access.
The update matters because Coinbase is positioning itself less as a pure crypto exchange and more as a broader trading platform, with prediction markets now one of four trading pillars alongside spot crypto, derivatives and tokenized equities. For U.S. market watchers, the shift also comes with a changed regulatory backdrop that executives say is moving away from what they previously described as “regulation by enforcement.”
Prediction markets become a meaningful Coinbase business line
According to the company, prediction markets grew another 106% sequentially in Q2 2026 after crossing the $100 million annualized revenue mark. Coinbase also said that after rolling out crypto binaries, daily active traders tripled and daily revenue quadrupled in that category.
CFO Alesia Haas said Bitcoin spot trading now accounts for just over 10% of total revenue, underscoring how much the business mix has changed. She said subscription and services revenue, driven largely by stablecoins, has grown to about $2.5 billion annualized.
Coinbase said it now operates four trading pillars: spot crypto, derivatives, tokenized equities and prediction markets. Haas added that the company is running 12 product lines, each generating more than $100 million annually.
Citi analyst Peter Christiansen called that “a remarkable amount of simultaneous scaling.”
Coinbase widens its financial markets push
President and COO Emilie Choi said the company’s goal is to create “one place where customers can trade any asset at any time.” In recent moves tied to that strategy, Coinbase launched one-for-one backed tokenized stocks on its Base network for non-U.S. customers and said U.S. retail traders can directly buy shares in initial public offerings.
The IPO rollout began with Oura’s IPO. Coinbase said customers can request shares at the actual offer price before public trading begins. The company’s broker-dealer arm, Coinbase Capital Markets, is registered with FINRA and participates in IPOs as a best-efforts selling group member, rather than underwriting deals or taking the other side of trades.
Choi said the regulatory environment has shifted toward active rulemaking from the SEC and CFTC. Haas separately said Coinbase cut headcount by 14% earlier this year and still expects full-year 2026 expenses to be roughly flat with 2025, excluding stablecoin reward costs.
Coinbase’s stock has risen 23% over the last three months, though it remains down more than 40% from its 52-week highs. The company’s market capitalization was cited at $53 billion. Of 36 analysts covering the stock, 20 rate it Strong Buy, while the average price target of $199 sits slightly below the $201 share price referenced in the report.
Source: As reported by barchart.com.
