Coinbase tokenized stocks on Base cross $4 billion in DEX volume

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Cumulative decentralized exchange trading in Coinbase-issued equity tokens has climbed past $4 billion since the August launch

by Vivian Nguyen

Thu 29 Oct 2026 · 12:47 EDT 2 min read

In Stocks

Coinbase Global, Inc. (COIN) price

Full chart and stats

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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 29, 2026, 12:47 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-issued tokenized stocks on Base have now passed $4 billion in cumulative trading volume on decentralized exchanges. That milestone arrives only weeks after the products went live.

From tens of millions to billions

Coinbase launched tokenized versions of major US equities on August 24, 2026. They run on Base, the company’s layer-2 network, and use the B20 token standard.

Each token is backed 1:1 by real shares held in regulated custody. Put simply, every token on-chain is meant to correspond to an actual share sitting in a vault somewhere.

The early numbers were modest. Shortly after launch, cumulative DEX volume sat in the tens of millions of dollars.

Then the curve bent sharply upward. Volume topped $1 billion by mid-September and reached $2.26 billion by October 11.

By October 19, the running total had pushed past $3 billion. That works out to roughly three-quarters of a billion dollars in about eight days.

Now the figure has cleared $4 billion.

Where the trading actually happens

Most of that activity has flowed through one venue. Aerodrome captured between 76% and 98% of trading volume during key periods.

The tokens are not just being swapped back and forth, either. More than $260 million worth has been deposited into DeFi protocols such as Aave.

The fine print: who can play

There is a significant catch. Issuance of the tokenized stocks is restricted to non-US persons.

The custody arrangement sits under Abu Dhabi regulations. In other words, the plumbing for these US equity tokens is regulated outside the US.

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$160.23

Token price: $160.23
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 29, 2026 16:50 UTC · Delayed. 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$158.28

Token price: $158.28
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

PancakeSwap V3 比特币 / COINon 0.25% · 24h volume $119 $4K

Source: GeckoTerminal. Retrieved Oct 29, 2026 13:15 UTC · Delayed. 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.

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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