Coinbase shifts to infrastructure model to decouple revenue from retail trading

Subscription and services revenue now accounts for 45% of total revenue at Coinbase. The company has pivoted from a high-commission retail broker to a diversified infrastructure provider, expanding its revenue streams to include stablecoin interest, blockchain rewards, custodial fees, and সেগুলো Base sequencer fees. Transaction fees, which once accounted for over 90% of the revenue, now represent approximately 55% of total revenue. This shift has provided the company with a more stable, recurring income profile.