Will Coinbase compete with the likes of Schwab and Fidelity in the future? Coinbase was at the forefront of the crypto industry in 2025, hitting milestones few could have predicted for a crypto exchange company. In May 2025, Coinbase Global Inc. (NASDAQ: COIN) achieved a historic milestone by becoming the first cryptocurrency-native company to join the S&P 500, the benchmark U.S. equity index. This inclusion marked a very important moment: Coinbase, the largest U.S. crypto exchange, now sits alongside traditional giants like Apple and JPMorgan Chase in the benchmark tracking America’s top 500 public companies. Coinbase (COIN) Stock Movement in 2025 Source: Yahoo Finafnce Outvaluing Charles Schwab? Not yet, but predictions loom In a 2024 predictions report for 2025, crypto asset manager Bitwise forecasted Coinbase stock reaching over $700 per share in 2025, which would elevate its market cap above Charles Schwab (NYSE: SCHW), making it the world’s most valuable brokerage. However, as of December 2025: Coinbase’s market capitalization stands at approximately $66 billion. Charles Schwab’s market cap is significantly higher, around $160-174 billion. Charles Schwab (SCHW) Stock in 2025 Source: Yahoo Finance Coinbase has not surpassed Schwab in market value. COIN shares are trading around $240-270 recently (down from a 2025 peak near $445 in July). Revenue is up 58.87% year-over-year, with trading volume up even more. That said, Coinbase’s growth trajectory, built on the massive development it has in 2025 and fueled by diversified revenue (beyond trading fees) and regulatory tailwinds under the pro-crypto Trump administration, keeps such predictions alive. Competition is intensifying, with Schwab itself planning to launch direct crypto trading in early 2026, potentially challenging Coinbase’s dominance. Why 2025 may be the most important year in Coinbase’s history Coinbase opened 2025 with momentum from a recovering crypto market and rising institutional participation. The launch of U.S. spot Bitcoin ETFs in January drove higher trading activity across the sector, with Coinbase serving as custodian for several of the largest ETF issuers. The company holds over 80% of U.S. BTC and ETH ETF custodial assets, according to Q2 2025 financial disclosures. In its May 8, 2025, first-quarter earnings call, Coinbase reported rising revenues compared with 2024. The company disclosed total revenue of approximately $2.0 billion, with subscription and services revenue around $698 million. Coinbase’s stock performance tracked those gains. After news of its S&P 500 inclusion, shares jumped as much as 24 % in mid‑May 2025, climbing toward the high‑$250s and outpacing several traditional brokerage firms, helping restore credibility on Wall Street after the volatility of 2022 and 2023. May 12-May 28 Coinbase stock price movements. Source: Yahoo Finance Beyond the market, Coinbase invested heavily in infrastructure. Base, its Ethereum layer‑two network, gained traction with developers, while institutional clients increased use of custody, staking, and settlement services. Other notable milestones in 2025 included: Rebranded Coinbase Wallet as the Base App Rolling out Coinbase Business for U.S. and Singapore companies Introducing Coinbase Advisor, an AI-powered portfolio guidance tool Launches US Bitcoin Yield Fund to Boost Crypto Returns Coinbase pushes beyond crypto Recently, on December 17, Coinbase introduced stock trading and prediction markets in the U.S., letting users trade major stocks and ETFs commission-free during standard market hours. The company plans to expand listings and introduce tokenized stocks for 24/7 on-chain trading. CEO Brian Armstrong emphasized these moves aim to make Coinbase the place to trade every asset.
2025 Rewind: Coinbase Makes S&P 500 Debut as Crypto Goes Mainstream
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