Coinbase vs Kraken Statistics 2026: Volume, Fees, Licenses

Coinbase reported $361 billion in total trading volume during the quarter ended March 31, 2026, with Monthly Transacting Users averaging approximately 8.4 million across the quarter and total revenue of $1.96 billion. Kraken disclosed average daily spot trading volume of approximately $2.1 billion across Q1 2026 and served over 13 million verified clients globally as of March 31, 2026, supporting trading in over 200 cryptocurrencies and 7 fiat currencies.

The two largest US-licensed retail exchanges have reached scale through opposite regulatory routes, one publicly traded with a New York BitLicense, the other privately held with a Wyoming bank charter; and their operating numbers reflect that divergence in volume, asset breadth, fee tiers, state coverage, enforcement history, and reserve-attestation cadence.

Key Takeaways

• Coinbase Q1 2026 trading volume totaled $361 billion, comprised of $74 billion consumer and $287 billion institutional volume.
• Kraken serves over 13 million verified clients across over 180 countries as of Q1 2026.
• Coinbase holds money transmitter licenses in 47 US states plus DC; Kraken holds MTLs in 38 US states.
• Kraken’s SEC staking-as-a-service settlement cost the platform $30 million in disgorgement, prejudgment interest, and civil penalties.
• The SEC’s case against Coinbase was dismissed with prejudice on June 13, 2024, under FRCP 41(a)(1)(A)(ii) after 372 days of litigation.
• Coinbase reported approximately 3,500 full-time employees globally as of December 31, 2025.
• Kraken has conducted Proof of Reserves attestations since 2014 and now publishes them quarterly, with the most recent December 2025 attestation covering over $21.5 billion in client balances.

Editor’s Choice

• Coinbase supports trading in over 250 cryptocurrencies on Coinbase Advanced.
• Kraken supports more than 200 cryptocurrencies plus 7 national fiat currencies.
• Coinbase Custody Trust Company received its New York limited-purpose trust charter on October 23, 2018.
• The Office of the Comptroller of the Currency granted conditional approval for Coinbase National Trust Bank on April 2, 2026.
• The Wyoming State Banking Board granted Kraken Bank its Special Purpose Depository Institution charter on September 16, 2020, the first crypto-native SPDI in the United States.
• Coinbase listed on NASDAQ via direct listing on April 14, 2021, at a reference price of $250 per share, reaching a market capitalization of approximately $59 billion on December 31, 2025.
• Coinbase Q1 2026 Monthly Transacting Users averaged approximately 8.4 million across the quarter.

Recent Developments

• April 2, 2026: The OCC granted conditional approval for Coinbase National Trust Bank, National Association, a wholly-owned subsidiary of Coinbase Global, Inc., authorized to engage in fiduciary and custody services for digital assets.
• April 14, 2026: Payward, the parent company of Kraken, closed a $200 million pre-IPO funding round at a $20 billion valuation, led by Tribe Capital with participation from Deutsche Börse.
• Coinbase’s 2025 Annual Report, published February 14, 2026, reported total revenue of $4.1 billion, $4.5 billion in adjusted EBITDA, and $2.0 billion in net income, alongside an Australian Financial Services Licence (AFSL) granted by ASIC in April 2026.
• Payward’s Bitnomial acquisition, completed earlier in 2026, anchors continued futures and derivatives growth ahead of a US public listing targeted for 2026.
• Coinbase reported Q1 2026 subscription and services revenue of $698 million, which includes staking, custody, blockchain rewards, and other recurring sources.
• Kraken’s most recent Proof of Reserves attestation, completed for the December 31, 2025 snapshot, covered Bitcoin, Ethereum, Solana, USDC, USDT, XRP, and Cardano (ADA), totaling over $21.5 billion in client balances.

Methodology

Figures rely on primary-source filings and operator-published disclosures captured on May 7, 2026. Coinbase data points come from the Q1 2026 Form 10-Q, the FY2025 Form 10-K, and Coinbase Investor Relations. Kraken data points come from the Q1 2026 Transparency Report, Kraken’s Proof of Reserves portal (kraken.com/proof-of-reserves), and The Network Firm, LLP’s attestation methodology for the December 31, 2025 snapshot. Twenty-four-hour normalized volume figures use CoinGecko’s Trust Score methodology. Fee schedules were captured on May 7, 2026, with a weekly volatility class.

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Coinbase Profile by the Numbers

• Coinbase was founded by Brian Armstrong and Fred Ehrsam in 2012 with a stated mission to increase economic freedom for more than 1 billion people.
• Coinbase Global, Inc. is headquartered as a remote-first company and has no physical headquarters.
• The company listed on NASDAQ via direct listing on April 14, 2021, at a reference price of $250 per share.
• Market capitalization at December 31, 2025, was approximately $59 billion.
• Total revenue for fiscal year 2025 was $4.1 billion, of which transaction revenue was $2.7 billion and subscription and services revenue was $1.4 billion.
• Coinbase reported $4.5 billion in adjusted EBITDA and $2.0 billion in net income for fiscal year 2025.
• Coinbase had approximately 3,500 full-time employees globally as of December 31, 2025.
• Coinbase served customers in over 100 countries by the end of 2025.
• Primary product surfaces include Coinbase Advanced, Coinbase Wallet, Coinbase Custody, and Base, an Ethereum Layer 2 network.

Sources: Coinbase 10-K FY2025, Coinbase Investor Relations

These public-company numbers anchor one side of the comparison. The private company side reads differently.

Kraken Profile by the Numbers

• Payward, founded by Jesse Powell in 2011, operates the Kraken cryptocurrency exchange in over 180 countries and serves more than 13 million clients globally.
• Payward employs roughly 2,000 people globally and serves more than 13 million verified retail and institutional clients.
• Kraken closed a $200 million pre-IPO funding round at a $20 billion valuation in April 2026, led by Tribe Capital with participation from Deutsche Börse.
• Kraken Bank, operated by Payward Inc., received the first crypto-native SPDI charter in the United States from the Wyoming State Banking Board on September 16, 2020.
• Kraken co-CEO Arjun Sethi has stated that the April 2026 round positions the company to advance its derivatives, prime-brokerage, and tokenization roadmap.
• Kraken targets a 2026 US initial public offering, following a $200 million pre-IPO round at a $20 billion valuation.
• An earlier Kraken IPO plan was shelved in 2021 amid the broader crypto-market downturn that began in late 2021.
• Proceeds from the April 2026 round will fund continued international expansion, futures and derivatives growth following the Bitnomial acquisition completed earlier in 2026, and preparatory work for a US public listing.

Sources: Payward press release April 14, 2026, Reuters, Wyoming Division of Banking

Monthly Transacting Users vs Verified Clients

• Coinbase reported Monthly Transacting Users averaging approximately 8.4 million across Q1 2026.
• Coinbase’s platform served approximately 9.7 million Monthly Transacting Users on average during the fourth quarter of 2025.
• Cumulative verified Coinbase users exceeded 110 million as of December 31, 2025.
• Kraken served over 13 million verified clients globally as of March 31, 2026.
• Coinbase’s transacting user count remained roughly flat compared to the trailing four-quarter average in Q1 2026.
• Coinbase’s average user balances declined sequentially from December 31, 2025, reflecting market price movements during the quarter.
• Coinbase MTU stepped down sequentially between Q4 2025 and Q1 2026.

Sources: Coinbase Q1 2026 10-Q, Coinbase 10-K FY2025, Kraken Q1 2026 Transparency Report

By the numbers: Coinbase’s approximately 8.4 million Q1 2026 Monthly Transacting Users and Kraken’s over 13 million verified-client headline measure different things. Coinbase reports active users in the last 28 days, while Kraken reports cumulative onboarded clients. The two figures should not be directly subtracted.

Spot Trading Volume in USD

• Coinbase’s total trading volume for Q1 2026 was $361 billion, comprised of consumer trading volume of $74 billion and institutional trading volume of $287 billion.
• Coinbase’s total trading volume for the year ended December 31, 2025, was approximately $1.6 trillion, comprised of consumer trading volume of approximately $290 billion and institutional trading volume of approximately $1.31 trillion.
• Kraken disclosed average daily spot trading volume of approximately $2.1 billion across Q1 2026, down from $2.6 billion in Q4 2025.
• Coinbase Exchange registers a 24-hour normalized trading volume of approximately $1.78 billion across 286 trading pairs as of May 7, 2026.
• Kraken Exchange registers a 24-hour normalized trading volume of approximately $660 million across 738 trading pairs as of May 7, 2026.
• Among US-licensed retail-eligible spot exchanges, Coinbase ranks #1, and Kraken ranks #4, behind Coinbase, Crypto.com, and Gemini.
• CoinGecko’s exchange tracker, accessed May 7, 2026, ranks Binance first by 24-hour normalized spot volume at $14.2 billion, followed by Coinbase Exchange ($1.78 billion), Bybit ($1.41 billion), OKX ($1.32 billion), Upbit ($1.16 billion), and Kraken ($660 million).
• Kraken’s average daily Q1 2026 spot volume of approximately $2.1 billion implies a multi-hundred-billion quarterly run rate; Kraken does not separately disclose total quarterly volume in the Transparency Report.

For a broader sector context, the crypto exchange volume statistics hub tracks aggregate venue-level flows.

Assets Supported

• Coinbase supports trading in over 250 cryptocurrencies on Coinbase Advanced, including major Layer-1 assets, Layer-2 ecosystem tokens, DeFi blue-chips, and stablecoins.
• Kraken supports more than 200 cryptocurrencies for trading, deposit, and withdrawal, plus 7 national fiat currencies (USD, EUR, GBP, CAD, AUD, CHF, JPY).
• Coinbase customers in New York are restricted from trading specific assets per the BitLicense’s listed coins requirement.
• Kraken’s listed assets span major Proof-of-Work chains (BTC, LTC, BCH), Proof-of-Stake L1s (ETH, ADA, SOL, DOT, ATOM, ALGO), DeFi tokens, stablecoins, and select privacy coins.
• Coinbase customers can verify state-level asset availability via the Coinbase mobile app’s Discover tab, which renders only assets eligible for the user’s verified jurisdiction.
• Kraken margin trading and futures availability vary by jurisdiction; US clients receive a more restricted product set than international clients due to CFTC and SEC requirements.
• Coinbase resumed Hawaii operations in 2023, after the state’s earlier digital-currency pilot program ended.
• Kraken supports trading in over 200 cryptocurrencies and 7 fiat currencies as of Q1 2026.

Sources: Coinbase Help Center, Kraken Support, Kraken Q1 2026 Transparency Report

Maker Taker Fee Tiers by 30-Day Volume

• Coinbase Advanced charges a maker fee of 0.40% and a taker fee of 0.60% for accounts with under $10,000 in 30-day USD trading volume.
• At Coinbase Advanced volume tiers above the under $10,000 entry tier (specifically $10,000 to $50,000), the maker fee is 0.25% and the taker fee is 0.40%.
• At Coinbase Advanced volume is over $400 million, the maker fee is 0.00%, and the taker fee is 0.05%.
• Kraken Pro charges a maker fee of 0.25% and a taker fee of 0.40% for accounts with up to $50,000 in 30-day USD trading volume.
• At Kraken Pro, volume over $10 million, the maker fee is 0.00%, and the taker fee is 0.10%.
• Kraken stablecoin pairs (USDT, USDC, DAI versus USD) and FX pairs charge a flat 0.20% maker / 0.20% taker.
• Coinbase’s Simple Trade interface charges a separate spread of approximately 0.50% plus a flat or percentage-based fee depending on transaction size and payment method.
• Kraken’s Instant Buy interface charges a separate 1.5% fee plus spread.

Key finding: Kraken’s flat 0.20% maker / 0.20% taker on stablecoin and FX pairs (USDT, USDC, DAI versus USD) sits below several Coinbase Advanced volume tiers and creates a structural break-even point for stablecoin-heavy traders. Coinbase’s Simple Trade interface adds approximately a 0.50% spread on top of any flat fee, so retail beginners pay materially more than the Advanced tier they could qualify for. Pricing settles where the customer lives.

Geographic Coverage

• Coinbase holds money transmitter licenses in 47 US states and the District of Columbia.
• Coinbase states that without MTL coverage are Hawaii (no separate MTL since the state’s Digital Currency Innovation Lab program ended), Montana (no money transmitter regime), and Texas (Coinbase operates under a no-action letter rather than a separate MTL).
• Payward, Inc., doing business as Kraken, holds money transmitter licenses in 38 US states.
• Kraken does not serve New York, Washington, or Maine.
• Kraken does not offer service to residents of New York (since November 9, 2023), Washington State (since 2018), Maine, or several non-US-sanctioned jurisdictions.
• Coinbase served customers in over 100 countries by the end of 2025.
• Kraken served over 13 million verified clients across over 180 countries as of Q1 2026.
• Coinbase covers 9 more US states than Kraken at the MTL layer, although Texas operates under a no-action letter rather than a standard MTL.

Sources: FinCEN MSB Registrant Search, Kraken Support, Coinbase Investor Relations

For the country-level adoption context that informs both operators’ international expansion, the crypto adoption by country hub tracks how the addressable retail base distributes globally.

Staking Yields by Asset

• Coinbase’s staking program supports Ethereum (ETH) at an estimated 2.31% annual percentage yield (APY) net of fees.
• Coinbase staking APYs include Solana (SOL) at 5.85% APY, Cardano (ADA) at 2.45% APY, Polkadot (DOT) at 9.31% APY, Tezos (XTZ) at 3.36% APY, and Cosmos (ATOM) at 11.38% APY.
• Coinbase charges a commission of 25.0% on staking rewards earned.
• Following Coinbase’s June 2023 SEC complaint and subsequent dismissal in June 2024, Coinbase Staking became available to customers in 49 US states.
• California, New Jersey, South Carolina, and Wisconsin previously had Coinbase Staking restrictions, and most have since been resolved.
• Kraken’s staking-as-a-service program was the subject of an SEC consent order requiring the two Kraken entities to immediately cease offering or selling securities through crypto asset staking services or staking programs.
• Kraken’s staking-as-a-service program had advertised annual investment returns of as much as 21% before the SEC settlement.
• Coinbase staking rewards are accrued daily and credited to the customer’s account on the staking schedule of the underlying network.

Regulatory Licenses

• Coinbase, Inc. is registered as a Money Services Business with FinCEN, MSB Registration Number 31000087385569.
• Coinbase, Inc. holds a BitLicense issued by the New York State Department of Financial Services on January 17, 2017, authorizing it to engage in virtual currency business activity in New York.
• Coinbase Custody Trust Company, LLC holds a New York limited-purpose trust charter granted on October 23, 2018, authorizing custody and fiduciary services for virtual currencies.
• The OCC granted conditional approval for Coinbase National Trust Bank, National Association on April 2, 2026, the second crypto-native institution to receive a conditional national trust charter from the OCC, following Anchorage Digital Bank in 2021.
• Coinbase signed regulatory milestones in late 2025, including a Markets in Crypto-Assets (MiCA) license via its Irish subsidiary, a Singapore Major Payment Institution (MPI) license, and an Australian Financial Services Licence (AFSL) granted by ASIC in April 2026.
• Payward, Inc., doing business as Kraken, is registered as an MSB with FinCEN under registration number 31000098274652.
• The Wyoming State Banking Board granted Kraken Financial (Kraken Bank) a Special Purpose Depository Institution (SPDI) charter on September 16, 2020, making it the first cryptocurrency-native SPDI institution to receive bank-level approval in the United States.
• The SPDI charter authorizes Kraken Bank to receive deposits and conduct activities incidental to the business of banking, including custody, asset servicing, and fiduciary asset management, but the institution may not make loans of customer fiat deposits and must maintain 100% reserves against demand deposits at all times.
• Payward, Inc. surrendered its money transmitter registration in New York on November 9, 2023, and ceased serving New York residents on that date.
• Kraken’s New York exit followed a 2018 New York Attorney General investigation into virtual currency platforms; Kraken did not pursue a BitLicense and instead withdrew from the state market.

Sources: FinCEN MSB Registrant Search, NY DFS Virtual Currency Public Register, OCC Press Release April 2, 2026, Wyoming Division of Banking, Coinbase Investor Relations

The two operators picked opposite paths to legitimacy. Coinbase took the licensing high road; Kraken took the charter shortcut. Across CoinLaw’s regulatory coverage, enforcement, and licensing decisions cluster around the same 12-to-24-month windows, and the regulatory KPI to watch is the time from filing to resolution. Licenses describe the steady state. Enforcement events describe the stress tests. For crypto exchange licensing requirements by jurisdiction, the global rule-set comparison adds more context.

SEC Enforcement History

• The Securities and Exchange Commission charged Kraken with failing to register the offer and sale of its crypto asset staking-as-a-service program, whereby investors transfer crypto assets to Kraken for staking in exchange for advertised annual investment returns of as much as 21%.
• The two Kraken entities agreed to immediately cease offering or selling securities through crypto asset staking services or staking programs and pay $30 million in disgorgement, prejudgment interest, and civil penalties.
• Without admitting or denying the allegations, Kraken’s two entities agreed to the settlement and to the entry of a final judgment that would permanently enjoin them from violating Section 5 of the Securities Act of 1933.
• The SEC filed a complaint against Coinbase, Inc. and Coinbase Global, Inc. on June 6, 2023, alleging that Coinbase has operated as an unregistered broker, exchange, and clearing agency since at least 2019 in violation of Sections 5, 15(a), and 17A of the Securities Exchange Act of 1934.
• The SEC complaint identified at least 13 crypto assets traded on Coinbase that the Commission alleged are securities, including SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO.
• On June 13, 2024, the SEC and Coinbase, Inc. filed a Joint Stipulation of Voluntary Dismissal With Prejudice in SEC v. Coinbase, Inc. et al., Civil Action No. 1:23-cv-04738 (S.D.N.Y.).
• Pursuant to Federal Rule of Civil Procedure 41(a)(1)(A)(ii), the parties stipulated that the action and all claims asserted against the defendants in this action be dismissed in their entirety with prejudice.
• The dismissal followed the SEC’s general retreat from non-fraud crypto enforcement actions in early 2024 under a revised regulatory posture; no findings of liability were entered against Coinbase.
• The SEC’s case against Coinbase ran for 372 days between the June 6, 2023, complaint and the June 13, 2024 dismissal with prejudice.

Sources: SEC Press Release 2023-25, SEC v. Coinbase complaint, SEC Litigation Release LR-25933

Key finding: Kraken’s $30 million staking-as-a-service settlement resolved at filing as a single-day consent order, while the Coinbase complaint identifying 13 alleged crypto-asset securities required 372 days of litigation before the joint stipulation of voluntary dismissal with prejudice in June 2024. The faster Kraken resolution preserved the platform’s posture; the longer Coinbase arc produced a cleaner outcome.

Proof of Reserves

• Kraken has conducted Proof of Reserves attestations since 2014, making it among the longest-running PoR programs in the cryptocurrency industry, and now publishes them quarterly.
• Kraken’s attestations are performed by an independent CPA firm, currently The Network Firm, LLP, using a Merkle tree commitment scheme to validate that the assets Kraken holds on behalf of clients exceed clients’ aggregate balances. Armanino LLP, which performed Kraken’s attestations from 2014 through 2022, exited the cryptocurrency audit market in December 2022.
• The most recent Kraken attestation, completed for the December 31, 2025 snapshot, covered Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USDC, USDT, XRP, and Cardano (ADA), totaling over $21.5 billion in client balances.
• Kraken customers can verify their individual account inclusion in the audit by retrieving their account record ID and traversing the published Merkle proof tree.
• Kraken has never reported a discrepancy between client liabilities and reserve assets in any PoR audit cycle.
• The Network Firm, LLP is a CPA firm specializing in digital-asset attestation, founded by members of Armanino LLP’s former blockchain practice after Armanino exited cryptocurrency audits in December 2022.
• The PoR methodology pairs a third-party-attested cryptographic commitment to client balances (a Merkle proof tree) with verified custody-wallet ownership through signed-message proofs.
• PoR is an attestation, not a financial-statement audit; it does not opine on solvency, business operations, or counterparty exposure beyond the validated wallet snapshot.
• Coinbase reported assets on its platform totaling $404 billion as of December 31, 2025, including approximately $128 billion held in custody on behalf of institutional clients through Coinbase Custody Trust Company, LLC.

Sources: Kraken Proof of Reserves Methodology, The Network Firm LLP, Coinbase 10-K FY2025

Security Incidents

• In mid-2022, an attacker conducted a phishing campaign that targeted approximately 6,000 Coinbase customers by impersonating Coinbase support staff via SMS and email.
• The attacker successfully obtained one-time passcodes and account credentials from a small subset of recipients, gaining unauthorized access to their accounts.
• No Coinbase systems were breached, and no customer funds were taken from custody; all losses originated from compromised individual accounts where the attacker successfully tricked the customer into surrendering 2FA codes.
• Coinbase rolled out additional anti-phishing controls, including the Coinbase verification code prefix and expanded passkey support.
• On June 9, 2024, Kraken received a Bug Bounty program report alerting it to an extremely critical bug that allowed an attacker to artificially inflate their balance on the platform.
• Kraken’s bug allowed a malicious actor to initiate a deposit and receive funds in their account without fully completing the deposit, before internal systems would catch and reverse the bad transactions.
• Three accounts, within hours of the bounty disclosure, exploited this bug; one was a security researcher; the other two engaged with the researcher and extracted nearly $3 million from Kraken treasuries.
• The researcher then refused to return the funds and demanded a bounty payment exceeding Kraken’s policy maximum; Kraken treats this as extortion rather than a legitimate bounty disclosure and is pursuing law enforcement channels.

Sources: Coinbase Blog (2022 phishing disclosure), Kraken Blog (June 2024 vulnerability disclosure)

For a broader context, the crypto security and fraud data hub tracks venue-level incident patterns.

Workforce and IPO Status

• Coinbase had approximately 3,500 full-time employees globally as of December 31, 2025.
• Coinbase listed on NASDAQ via direct listing on April 14, 2021, at a reference price of $250 per share.
• Coinbase’s market capitalization as of December 31, 2025, was approximately $59 billion.
• Payward employs roughly 2,000 people globally.
• Payward closed a $200 million pre-IPO funding round at a $20 billion valuation in April 2026.
• Kraken parent Payward Inc. is targeting a 2026 US initial public offering, the company’s co-CEO Arjun Sethi told Reuters.
• Kraken’s path to public markets has been complicated by US regulatory friction, including the $30 million SEC settlement in February 2023 and the company’s November 2023 withdrawal from New York after the state’s BitLicense regime made compliance costly relative to addressable revenue.
• Kraken co-CEO Arjun Sethi said the April 2026 round positions the company to advance its derivatives, prime-brokerage, and tokenization roadmap.
• Coinbase outstaffs Payward by approximately 1,500 employees at the parent company level.

For peer comparisons across competing US-licensed venues, Robinhood vs Coinbase comparison data covers the public-company side of the retail comparison set.

Across CoinLaw’s exchange coverage, the recurring pattern after each crypto-market drawdown is workforce contraction at public operators within twelve months of a peak-quarter user print.

Frequently Asked Questions (FAQs)

Conclusion

Coinbase’s $361 billion in Q1 2026 trading volume and Monthly Transacting Users averaging approximately 8.4 million across the quarter sit alongside Kraken’s average daily spot trading volume of approximately $2.1 billion across Q1 2026 and over 13 million verified clients globally as of March 31, 2026. The two operators built their footprints through opposite regulatory routes.

Coinbase took the licensing high road. Coinbase holds a BitLicense issued by the New York State Department of Financial Services on January 17, 2017, and Coinbase Custody Trust Company holds a New York limited-purpose trust charter granted on October 23, 2018. The OCC granted conditional approval for Coinbase National Trust Bank on April 2, 2026. Kraken took the charter shortcut. The Wyoming State Banking Board granted Kraken Bank its Special Purpose Depository Institution charter on September 16, 2020, the first crypto-native SPDI institution to receive bank-level approval in the United States. Payward surrendered its money transmitter registration in New York on November 9, 2023. Kraken’s two entities agreed to pay $30 million in disgorgement, prejudgment interest, and civil penalties to settle the SEC’s staking-as-a-service charges. The SEC v. Coinbase complaint took 372 days to reach voluntary dismissal with prejudice in June 2024.

Institutional custody clients, retail traders weighing fee tiers, and observers tracking the post-Coinbase-IPO public-company benchmark each pull different signals from this data. Kraken parent Payward is targeting a 2026 US initial public offering. Coinbase National Trust Bank’s conditional OCC approval is subject to satisfying the OCC’s standard pre-opening conditions, including capital adequacy, risk-management framework approval, and operational readiness. The comparison this year is set to update sharply: a second public US crypto exchange would compress the public-company peer set Coinbase has owned since its 2021 listing, while OCC charter completion would layer federal banking supervision on top of Coinbase’s existing state-by-state license stack. The data points to watch as the year progresses are filing-to-resolution windows on any new enforcement action, user-count disclosures, and the pace at which the pre-opening conditions clear.