Institutional trading (Coinbase Prime and institutional trading)
Largest share of trading volume. Institutional transaction revenue was $100 million in Q2 2026, down from $136 million in Q1 2026 and $185 million in Q4 2025.
The numbers
What it is
Trading, execution and prime brokerage for hedge funds, asset managers, market makers and corporates, including derivatives sold through the institutional channel. Coinbase reports institutional trading volume separately from consumer volume.
Why it matters to the stock. Institutional volume and derivatives revenue show whether professional traders are using Coinbase for size. Institutional transaction revenue was helped in late 2025 by strong derivatives performance led by Deribit.
News
Coinbase says Pro returns inside a Global Exchange by end-2026 as Deribit integration completes
At Token2049 Singapore, Coinbase said its Pro trading platform will return inside a new Coinbase Global Exchange, targeted to launch by the end of 2026, with a waitlist already open.