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Coinbase Execs Face Lawsuit From Shareholder

Coinbase Execs Face Lawsuit From Shareholder

Shutterstock cover by askarim

The derivative suit could see Coinbase personnel pay damages to Coinbase itself.

by Mike Dalton

2 min read

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Coinbase Global, Inc. (COIN) price

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Market cap
$42.8B (shares as of 2026-06-30)
P/E (trailing)
Not meaningful: trailing loss. Diluted EPS −3.79 for 2025-07-01 to 2026-06-30, rolled from reported annual and year-to-date EPS (approximate) SEC filing
Annual revenue
$7.2B USD (FY ended 2025-12-31) 10-K
Annual revenue growth
+9.4% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income
1,260,327,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin
20.0% (FY ended 2025-12-31)
Forward P/E
Unavailable: no dated forecast source

Gloria daily close for session Oct 28, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Coinbase Global, Inc. and its peers

Company PriceMarket capP/E (trailing)Forward P/EAnnual revenue (USD)Annual revenue growthAnnual net income (USD)Operating margin
Coinbase Global, Inc. COIN · Price dated Oct 28, 2026 · tokenized COINx $162$42.8BNot meaningfulLoss, diluted EPS −3.79
to 2026-06-30 · SEC filing		Unavailable$7.2BFY ended 2025-12-31 · 10-K+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Oct 28, 2026 · tokenized MSTRx $145UnavailableNot meaningfulLoss, diluted EPS −96.98
to 2026-06-30 · SEC filing		Unavailable$477.2MFY ended 2025-12-31 · 10-K+3.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K−3,848,152,000FY ended 2025-12-31, attributable to the company · 10-K−1,140.8%FY ended 2025-12-31
Circle Internet Group, Inc. CRCL · Price dated Oct 28, 2026 · tokenized CRCLx $82Unavailable16.4Unavailable$2.7BFY ended 2025-12-31 · 10-K+63.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K−69,508,000FY ended 2025-12-31, attributable to the company · 10-K−3.5%FY ended 2025-12-31
Bitmine Immersion Technologies, Inc. BMNR · Price dated Oct 28, 2026 · tokenized BMNRx $22$13.3BNot meaningfulLoss, diluted EPS −4.50
to 2026-05-31 · SEC filing		Unavailable$6.1MFY ended 2025-08-31 · 10-K+84.1%FY ended 2025-08-31 vs 2024-08-31 · 10-K348,577,000FY ended 2025-08-31, attributable to the company · 10-K7,288.1%FY ended 2025-08-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 28, 2026, 4:41 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Crypto exchange Coinbase is facing a derivative lawsuit from a dissatisfied shareholder over its 2021 stock listing.

Coinbase Faces Derivative Suit

A Coinbase shareholder has filed a suit against the company.

The filing alleges that Coinbase misrepresented various facts and engaged in gross mismanagement before it obtained a direct listing on the stock market in April 2021. Specifically, the filing complains that Coinbase “generated a massive influx” on its exchange through an extensive advertising campaign prior to its listing. This caused an “unprecedented spike” in activity and led to service disruptions.

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This sudden growth, in turn, broke the company’s “flywheel” growth strategy to the detriment of its investors. According to the filing, Coinbase’s efforts to increase its user count “backfired, leaving [the company] and its newfound investors damaged and vulnerable to the competition.”

In addition to those complaints, the lawsuit also alleges that Coinbase’s public listing violated securities regulations. It alludes to related securities action from the U.S. Securities and Exchange Commission, which aims to determine whether customers were allowed to trade unregistered securities.

Today’s filing targets CEO Brian Armstrong, CFO Alesia Haas, and Chief Account Officer Jennifer Jones. Additionally, directors Fred Ehrsam, Marc Andreesen, and Kathryn Haun, Gokul Rajaram, and Fred Wilson are listed as defendants.

The lawsuit was advanced by shareholder and plaintiff Donald Kocher. Though Kocher’s relationship with Coinbase is unclear, the lawsuit is a derivative suit, meaning that it seeks to have the executives pay damages to Coinbase itself.

The filing was submitted to the U.S. District Court for the District of Delaware. Various other lawsuits have been filed against Coinbase regarding its IPO over the past year, including one in New Jersey and one in the Northern District of California.

General dissatisfaction among investors may be due to the falling value of the company’s stock. COIN was priced at $342 when it was listed in April 2021; it is now valued at $87.68.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.

Disclosure: This article was edited by Mike Dalton. For more information on how we create and review content, see our Editorial Policy.

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