Coinbase plans to offer tokenized equities to rival Robinhood, Charles Schwab

Photo: Ted Hsu

Kraken, another major crypto exchange, just launched tokenized shares of major US stocks for global investors last month.

by Vivian Nguyen

Tue 17 Jun 2025 · 11:12 EDT 2 min read

In Regulation, Stocks

Coinbase Global, Inc. (COIN) price

Full chart and stats

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Last close: $161
Close-to-close change: +0.9%
Market cap: $42.5B (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 27, 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 27, 2026 · tokenized COINx	$161	$42.5B	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 27, 2026 · tokenized MSTRx	$141	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 27, 2026 · tokenized CRCLx	$82	Unavailable	16.3	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 27, 2026 · tokenized BMNRx	$22	$13.0B	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 27, 2026, 8:36 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 plans to launch tokenized stock trading for its users, a step that could bring the exchange into direct competition with major retail brokers such as Robinhood and Charles Schwab, Coinbase’s legal chief, Paul Grewal, told Reuters in a recent interview.

Following its milestone entry into the S&P 500, the leading crypto platform is now pursuing regulatory approval to launch blockchain-based equity trading, a top strategic goal according to Grewal.

To offer tokenized equities in the US without exposing themselves to enforcement risks, companies often seek a no-action letter from SEC staff. A no-action letter is a formal assurance that the SEC will not recommend enforcement action if the company proceeds with a particular activity.

Companies may also request an exemption from certain regulatory requirements in order to legally offer tokenized securities.

A no-action letter will give Coinbase a certain level of “comfort” and “confidence” that the SEC views their specific plan for offering tokenized equities as compliant with current securities laws, Coinbase CLO noted.

“It’s that confidence that has been lacking so far, and I think really held back a lot of the institutional adoption” of crypto and blockchain technology, he added.

Coinbase has revisited its initiative to tokenize its own $COIN stock, part of a strategy to advance the use of security tokens in the US market amid regulatory developments. Tokenized equities, however, remain unavailable for trading within the country.

Grewal did not specify whether Coinbase has submitted a formal request to the SEC or provided any timeline for a potential product launch.

Coinbase’s plan comes after Kraken announced in May the upcoming release of xStocks, tokenized versions of 50 US stocks and ETFs such as Apple, Tesla, Nvidia, and SPDR S&P 500 ETF for non-US investors through the Solana blockchain.

Kraken co-CEO Arjun Sethi has projected that tokenized equities could eventually surpass stablecoins in market size due to their potential to enhance transparency, efficiency, and global accessibility in capital markets.

Traded on-chain

Explore tokenized products tracking Coinbase Global, Inc. Open a product to see its price, network and observed pools. Access depends on the venue and where you live.

COINxBacked · Solana$159.29

Token price: $159.29
Issuer: Backed
Network: Solana

Price from the pool with the highest reported reserves below. Token units may differ from one share.

Where to trade COINx

Pool liquidity

Source: GeckoTerminal. Retrieved Oct 28, 2026 10:15 UTC. Source and pools · Verify token contract Top three active pools by reported total reserves from the provider’s first 20 results. Each list covers this issuer, network and contract only. Products may have different share multipliers and rights. Pool reserves are not executable depth or guaranteed execution quality. Not a recommendation.

COINonOndo · BNB Chain$159.46

Token price: $159.46
Issuer: Ondo
Network: BNB Chain

Price from the pool with the highest reported reserves below. Token units may differ from one share.

Where to trade COINon

Pool liquidity

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

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