Coinbase reported 8.2 million monthly transacting users for the first quarter of 2026, down 15% from 9.7 million in the same quarter a year earlier. These Coinbase users statistics answer the most common question readers ask about the exchange, though the metric behind the number measures something narrower than a total account count.
The number readers usually want is a transactor count, not a registered-user tally. Coinbase tracks monthly transacting users (MTU), a rolling 28-day measure of people who actually buy, sell, stake, or earn on the platform. MTU is a market-cyclical metric, not a cumulative headcount. Quarterly readings fell from 9.7 million in Q1 2025 to 8.2 million in Q1 2026 as trading cooled, while the full-year average still rose, so a lower quarter signals slower activity rather than a shrinking user base.
Key Takeaways
- Coinbase counted 8.2 million monthly transacting users in Q1 2026, its lowest quarterly reading since the 2025 market peak.
- The full-year FY2025 average was 9.2 million MTU, up 10% from 8.4 million in 2024.
- Trading volume tells a sharper story: $202 billion in Q1 2026, a 50% drop from $401 billion a year earlier.
- Assets held on the platform reached $376 billion at the end of 2025, even as transactor activity cooled.
- Subscription and services revenue climbed to 41% of net revenue in 2025, loosening the link between user counts and the top line.
- Stablecoin revenue alone hit $1.35 billion, a 48% increase year over year.
Editor’s Choice
- Q1 2026 monthly transacting users: 8.2 million.
- FY2025 average monthly transacting users: 9.2 million.
- Assets on platform at year-end 2025: $376 billion.
- FY2025 trading volume: $1.22 trillion (reported as $1,221 billion).
- FY2025 net income: $1.26 billion.
- FY2025 total revenue: $7.18 billion.
- FY2025 stablecoin revenue: $1.35 billion.
Recent Developments
- May 2026: Coinbase filed its Q1 2026 Form 10-Q, reporting 8.2 million monthly transacting users and a net loss of $394 million for the quarter.
- May 2026: Q1 2026 total revenue came in at $1.41 billion, down from $2.03 billion in the prior-year quarter.
- February 2026: The FY2025 Form 10-K reported full-year revenue of $7.18 billion and subscription and services revenue of $2.83 billion.
- February 2026: Coinbase disclosed FY2025 stablecoin revenue of $1.35 billion, up 48% on higher USDC balances and reserve interest income.
- February 2026: Year-end assets on platform stood at $376 billion, down 7% from $404 billion a year earlier.
Coinbase Users Statistics: How Many People Use Coinbase
- Coinbase reported 8.2 million monthly transacting users for Q1 2026.
- That marked a 15% decline from 9.7 million in Q1 2025.
- The FY2025 average MTU was 9.2 million, a 10% rise over the prior year.
- FY2024 average MTU stood at 8.4 million for comparison.
- Coinbase defines an MTU as a consumer who transacts at least once during a rolling 28-day period.
| Metric | Value |
|---|---|
| Q1 2026 monthly transacting users | 8.2 million |
Source: Coinbase Q1 2026 Form 10-Q (SEC EDGAR)
The headline figure most people search for is the quarterly MTU count. For the three months ending March 2026, Coinbase counted 8.2 million monthly transacting users, the platform’s lowest quarterly reading since trading activity peaked in early 2025.
| Period | Monthly Transacting Users (millions) |
|---|---|
| Q1 2025 | 9.7 |
| FY2024 average | 8.4 |
| FY2025 average | 9.2 |
| Q1 2026 | 8.2 |
Source: Coinbase Q1 2026 Form 10-Q and FY2025 Form 10-K (SEC EDGAR)
The platform’s user base intersects with the broader cryptocurrency exchanges market, where transactor activity tracks trading conditions closely. We read the quarterly swing as a market signal rather than a sign of customers leaving.
What is the difference between Coinbase MTU and monthly active users?
Monthly transacting users measure people who actually transact, while monthly active users count anyone who opens the app. Coinbase reports MTU, defined as a consumer who actively or passively transacts in one or more products at least once during a rolling 28-day period. Many search queries ask for “monthly active users,” but the exchange does not publish that figure, so the MTU count is the closest official measure of usage.
How many monthly transacting users did Coinbase have?
Coinbase reported 9.2 million average monthly transacting users across full-year 2025, up from 8.4 million in 2024. The widely cited 9.7 million figure is the Q1 2025 quarterly MTU, which fell 15% to 8.2 million by Q1 2026, which is why it surfaces so often in searches comparing Coinbase usage across recent quarters.
Is Coinbase losing users?
The Q1 2026 reading of 8.2 million sits below the Q1 2025 quarter, but MTU is cyclical. Because it counts transactors over a rolling 28-day window, the figure contracts when trading volume falls, as it did to $202 billion in Q1 2026 from $401 billion a year earlier. The full-year average still grew, which points to lower activity rather than account attrition. Many of those same users also engage with staking that counts toward MTU even when trading slows.
Assets and Trading Volume on Coinbase
- Assets on platform reached $376 billion at year-end 2025.
- That was a 7% decline from $404 billion in 2024.
- Q1 2026 assets on platform stood at $294 billion, down 10% from $328 billion a year earlier.
- FY2025 trading volume totaled $1.22 trillion, up 3% year over year.
- Q1 2026 trading volume fell to $202 billion, a 50% drop from $401 billion.
| Metric | Q1 2025 | Q1 2026 | FY2024 | FY2025 |
|---|---|---|---|---|
| Assets on platform | $328 billion | $294 billion | $404 billion | $376 billion |
| Trading volume | $401 billion | $202 billion | $1,189 billion | $1,221 billion |
Source: Coinbase Q1 2026 Form 10-Q and FY2025 Form 10-K (SEC EDGAR)
Assets on platform measure the value of crypto and stablecoins Coinbase holds for customers. The company defines the metric as the total US dollar equivalent value of crypto assets and payment stablecoins held or managed on behalf of customers, excluding assets for which the customer holds full or partial keys. Trading volume, by contrast, captures the dollar value of spot matched trades transacted between a buyer and seller through the platform, plus half of the trade value of spot trades routed off the platform for fulfillment during the period.
The gap between the two metrics matters for reading user health. Asset balances held closer to flat across 2025 while trading volume swung hard, a pattern that mirrors broader Bitcoin and the inflation backdrop shaping crypto demand. Balances reflect what customers hold; volume reflects what they trade, and the two rarely move in lockstep.
By the numbers: Coinbase trading volume fell to $202 billion in Q1 2026 from $401 billion a year earlier, a 50% drop, even as full-year 2025 volume of $1.22 trillion edged up 3% on stronger mid-year activity, per the company’s SEC filings.
Consumer Versus Institutional Coinbase Users
- Consumer transaction revenue reached $3.32 billion in FY2025.
- Institutional transaction revenue added $479.7 million for the year.
- In Q1 2026, consumer transaction revenue was $566.9 million.
- Q1 2026 institutional transaction revenue came in at $135.7 million.
- Total Q1 2026 transaction revenue was $755.8 million across both segments.
| Segment | Q1 2026 transaction revenue | FY2025 transaction revenue |
|---|---|---|
| Consumer | $566.9 million | $3.32 billion |
| Institutional | $135.7 million | $479.7 million |
Source: Coinbase Q1 2026 Form 10-Q and FY2025 Form 10-K (SEC EDGAR)
The two user segments behave differently. Consumer transactions still generate the larger share of fee revenue, with $3.32 billion in FY2025 against $479.7 million from institutional clients.
The MTU metric itself counts only consumers, since Coinbase defines it as a consumer who transacts at least once during a rolling 28-day period, so institutional flow sits outside the headline user count. The user-count number tracks retail behavior; institutional revenue tracks a smaller but steadier client base the MTU figure never sees.
How Coinbase Monetizes Its Users
- FY2025 total revenue reached $7.18 billion.
- Subscription and services revenue was $2.83 billion, or 41% of net revenue, up from 37% in 2024.
- Stablecoin revenue contributed $1.35 billion, up 48% year over year.
- Blockchain rewards delivered $677.4 million in FY2025.
- FY2025 net income landed at $1.26 billion, down 51% from the prior year.
- FY2025 adjusted EBITDA reached $2.81 billion, down 16% from 2024.
| Revenue line | FY2025 | Note |
|---|---|---|
| Total revenue | $7.18 billion | All segments |
| Subscription and services | $2.83 billion | 41% of net revenue |
| Stablecoin revenue | $1.35 billion | Up 48% |
| Net income | $1.26 billion | Down 51% |
Source: Coinbase FY2025 Form 10-K (SEC EDGAR)
The monetization mix is where the user-count story turns. Even as Q1 2026 trading volume halved, Q1 2026 subscription and services revenue held at $583.5 million, close to the prior-year quarter. For the full year, subscription and services reached 41% of net revenue, meaning a growing share of Coinbase income now comes from holding and servicing assets rather than matching trades.
Stablecoin revenue carries much of that shift. At $1.35 billion in FY2025, it now exceeds blockchain rewards and grows with USDC balances and reserve interest. This ties user behavior to the wider debate over regulatory compliance for stablecoins, since reserve economics depend on how those instruments are treated. Engagement with held assets increasingly drives Coinbase revenue alongside trade activity.
The recurring nature of that revenue changes how a falling MTU reads. Blockchain rewards still added $677.4 million in FY2025, and stablecoin income scales with held balances rather than trade frequency. Because both lines earn from assets a user already holds, a quarter with fewer active transactors does not necessarily mean a quarter with less recurring income. A user who stops trading but keeps a USDC balance still contributes to the subscription and services line, which is why the revenue mix has held up better than the headline transactor count.
Why it matters: Coinbase subscription and services revenue reached $2.83 billion in 2025, 41% of net revenue, with stablecoin revenue of $1.35 billion up 48% year over year, showing that user monetization is shifting from trade fees toward recurring asset-based income, per the FY2025 10-K.
How much trading volume does Coinbase process?
Coinbase processed $1.22 trillion in trading volume across full-year 2025, up 3% from $1,189 billion in 2024. Quarterly figures swing widely with market conditions, falling to $202 billion in Q1 2026 from $401 billion a year earlier as activity cooled.
What are Coinbase’s assets on platform?
Assets on platform reached $376 billion at the end of 2025, down 7% from $404 billion in 2024. The metric tracks the value of crypto and payment stablecoins Coinbase custodies for customers, and it held relatively steady even as quarterly trading activity declined.
Conclusion
Coinbase ended the first quarter of 2026 with 8.2 million monthly transacting users and $294 billion in assets on platform, a transactor base that contracted with the market rather than with the company’s reach. The full-year FY2025 average of 9.2 million MTU and $1.22 trillion in trading volume show that usage held up across the year even as individual quarters swung.
The clearer signal sits in the revenue mix: with subscription and services at 41% of net revenue and stablecoin income of $1.35 billion, Coinbase increasingly earns from the assets users hold rather than from trade fees alone. For anyone tracking exchange health, the MTU count answers “how many people use Coinbase,” while the monetization shift answers the more durable question of how the platform grows when trading slows.
