---
title: "Coinbase: Business Model"
description: "Coinbase revenue by product line and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/coinbase/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Coinbase: Business Model & Revenue Engine



## Direct Answer

Coinbase reports revenue across 2 product and service lines in its fiscal 2025 Form 10-K. Bank Servicing and Subscription and Circulation is the largest, with $6.9 billion of revenue (96% of the total), followed by Other Revenue at $298 million (4%). 84% of revenue came from the United States.

## How Does Coinbase Make Money?

Bank Servicing and Subscription and Circulation supplies 96% of revenue, so Coinbase's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Other Revenue grew fastest (+10.0%) and Bank Servicing and Subscription and Circulation slowest (+9.4%), so the revenue mix tilts toward Other Revenue while that gap lasts.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Bank Servicing and Subscription and Circulation | $6.9 billion | $6.3 billion | 95.9% | 9.4% |
| Other Revenue | $298 million | $271 million | 4.1% | 10.0% |

![Bar chart of Coinbase revenue by product line for fiscal 2025: Bank Servicing and Subscription and Circulation 95.9%, Other Revenue 4.1%.](https://www.getswoopr.com/images/charts/coinbase-business-model-segment-mix.webp)
*Coinbase revenue by product line as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Where Does Coinbase's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $6.0 billion | $5.5 billion | 83.7% | 10.1% |
| Outside the United States | $1.2 billion | $1.1 billion | 16.3% | 6.1% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of Coinbase's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Coinbase reported in the segment note and revenue disclosures of its Form 10-K filed February 12, 2026 (accession 0001679788-26-000015), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Coinbase's main products and services?

In its fiscal 2025 Form 10-K, Coinbase reports revenue for Bank Servicing and Subscription and Circulation and Other Revenue.

### Which part of Coinbase brings in the most revenue?

Bank Servicing and Subscription and Circulation, with $6.9 billion of revenue in fiscal 2025, or 96% of the total.

### How much of Coinbase's revenue comes from outside the United States?

16% in fiscal 2025, by the geographic breakdown Coinbase reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: Coinbase Global, Inc. Form 10-K filed February 12, 2026](https://www.sec.gov/Archives/edgar/data/1679788/000167978826000015/coin-20251231.htm)
- [SEC EDGAR: Coinbase Global, Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1679788&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Coinbase company dossier](https://www.getswoopr.com/stocks/companies/coinbase/)
- [Coinbase financial metrics](https://www.getswoopr.com/stocks/companies/coinbase/metrics/)
- [Coinbase financial risk indicators](https://www.getswoopr.com/stocks/companies/coinbase/risks/)
- [Coinbase peer comparison](https://www.getswoopr.com/stocks/companies/coinbase/competitors/)
- [Coinbase business model and revenue mix](https://www.getswoopr.com/stocks/companies/coinbase/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)





**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**



Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).