Coinbase Exchange schedules system upgrade for May 23

Trading will continue during the maintenance window, but users may see delayed order status updates.

By Editorial Team

Edited by Vivian

Tue 19 May 2026 · 00:29 EDT 3 min read

In Technology

Coinbase Global, Inc. (COIN) price

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Last close: $162
Close-to-close change: +0.8%
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	Price	Market cap	P/E (trailing)	Forward P/E	Annual revenue (USD)	Annual revenue growth	Annual net income (USD)	Operating margin
Coinbase Global, Inc. COIN · Price dated Oct 28, 2026 · tokenized COINx	$162	$42.8B	Not 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-K	1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K	20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Oct 28, 2026 · tokenized MSTRx	$145	Unavailable	Not 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	$82	Unavailable	16.4	Unavailable	$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	$13.3B	Not 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-K	348,577,000FY ended 2025-08-31, attributable to the company · 10-K	7,288.1%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.

Coinbase is planning a system upgrade for both Coinbase Exchange and Coinbase International Exchange on May 23 at approximately 3 pm ET. The good news: trading won’t stop. The less good news: your order status updates might take their sweet time refreshing.

The upgrade falls into the category of routine infrastructure maintenance rather than anything that should prompt panic-selling or frantic withdrawals. Core trading services are expected to remain fully operational throughout the window, though account information refreshes could also lag temporarily.

What’s actually happening

During the upgrade window, users placing trades should still be able to execute orders normally. The catch is that confirmation messages and order status indicators may not update in real time. In English: you might buy some Bitcoin and then stare at a pending status longer than usual before seeing it reflected in your account.

The maintenance applies to both the domestic Coinbase Exchange and its international counterpart, meaning users across geographies should plan accordingly.

Part of a bigger infrastructure push

Coinbase has been rolling out a series of infrastructure enhancements throughout 2025 as part of what the company frames as a broader “System Update” initiative. The ambition behind that initiative is significant: Coinbase wants to transform itself into what it calls an “Everything Exchange.”

Rather than limiting the platform to a curated list of tokens, Coinbase aims to integrate decentralized trading features that would give users access to millions of assets.

On the institutional side, Coinbase’s developer changelog points to new FIX 5.0 Drop Copy connectivity being added for institutional clients. FIX protocol is the standard communication language that banks and trading firms use to execute orders across financial markets. Drop Copy functionality specifically gives institutions a real-time mirror of their trade activity for compliance and risk management purposes.

An earlier system upgrade that had been announced for August 2, 2025 was postponed, suggesting Coinbase is being deliberate rather than reckless with its maintenance schedule.

What this means for traders and investors

For most retail users, the practical impact of this upgrade is close to zero. If you’re holding crypto on Coinbase and not actively trading at 3 pm ET on May 23, you probably won’t notice anything at all.

Active traders, especially those running algorithmic strategies or using API connections, should pay closer attention. Delayed order status updates can create problems for automated systems that rely on real-time confirmation to trigger subsequent trades. A bot that doesn’t know its last order filled might double up on a position or miss a planned exit.

Institutional clients connected via FIX protocol should check Coinbase’s developer changelog for any specific guidance related to their connectivity. Maintenance windows on exchange infrastructure can occasionally cause session disconnects that require manual reconnection, even when trading itself continues uninterrupted.

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

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