Binance vs Coinbase: Revenue, Profit and Business Model
Binance reported $16B of revenue in FY2025 and — of net income. Coinbase reported $7.2B of revenue in FY2025 and $1.3B of net income.
Latest financial snapshot
Financial summary
Binance
Binance does not publish audited accounts, so every revenue figure is an outside estimate. Fortune put 2022 revenue at about $12 billion. Bloomberg's billionaires index estimated $9.8 billion for the 12 months to March 2024, using tracked trading volume and published fee rates. In March 2026 Forbes quoted an Artemis analyst estimating $16 billion to $17 billion a year in 2024 and 2025, about two and a half times Coinbase's $6.6 billion. Forbes valued Binance at about $100 billion and estimated CZ's stake at roughly 90%. The only disclosed outside equity investment is MGX's $2 billion minority stake from March 2025, settled in the USD1 stablecoin. The largest known cost was the roughly $4.3 billion US penalty agreed in November 2023.
Coinbase
Coinbase's results track the crypto cycle. Total revenue went from $1.28 billion in 2020 to $7.84 billion in 2021, fell to about $3.1 billion in both 2022 and 2023, then rebounded to $6.56 billion in 2024 and $7.18 billion in 2025, when net income was $1.26 billion. The 2026 downturn reversed that: Q1 revenue was $1.41 billion with a $394 million net loss, and Q2 revenue was $1.22 billion with a $360 million net loss. The cushion is the subscription and services line (USDC income, staking, custody, interest), which was $2.8 billion in 2025 and a record 48% of net revenue in Q2 2026, plus more than $10 billion of cash reported at the end of Q1 2026.
Revenue and profit by year
Binance
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $16B | — | 0.0% | +0.0% | Source |
| FY2024 | $16B | — | 0.0% | +63.3% | Source |
| FY2023 | $9.8B | — | 0.0% | -18.3% | Source |
| FY2022 | $12B | — | 0.0% | — | Source |
Coinbase
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $7.2B | $1.3B | 17.6% | +9.4% | Source |
| FY2024 | $6.6B | — | 0.0% | +111.2% | Source |
| FY2023 | $3.1B | — | 0.0% | -2.7% | Source |
| FY2022 | $3.2B | — | 0.0% | -59.3% | Source |
| FY2021 | $7.8B | — | 0.0% | +513.7% | Source |
| FY2020 | $1.3B | — | 0.0% | — | Source |
Where the revenue comes from
Binance
No segment breakdown is published.
Coinbase
- Transaction Revenue
Majority of FY2025
Fees and spreads from consumer and institutional crypto trading, the most cyclical part of the model.
- Subscription and Services
~39% of FY2025
About $2.8 billion in FY2025: USDC stablecoin income, staking, custody, interest, Coinbase One and other services. Reached 48% of net revenue in Q2 2026.
- Institutional Custody and Prime
Included in services and transaction mix
Custody, execution, financing, and institutional platform services for asset managers, ETF sponsors, hedge funds, and corporate clients.
- Onchain and Developer InfrastructureEmerging
Products tied to Base, Coinbase Cloud, wallets, developer tools, and onchain application infrastructure.
Business model and strategy
Binance
How it makes money
Binance earns most of its money from trading fees. Regular spot traders pay 0.1% per trade, or 25% less when they pay in BNB, and futures fees start at 0.02% for makers and 0.05% for takers, falling for high-volume VIP tiers. Derivatives carry most of the volume, so they carry most of the fee income.
Growth strategy
Under Richard Teng, and since December 2025 co-CEO Yi He, Binance has swapped its old borderless model for licences and a single home regulator. The ADGM authorisation, effective January 5, 2026, puts the main platform under Abu Dhabi's FSRA.
Competitive advantage
Liquidity is the moat. Binance has the most traders, so its order books are the deepest and its spreads the tightest, which draws more traders and market makers. Forbes put its share of global crypto trading at about 38% in early 2026.
Coinbase
How it makes money
Coinbase has two revenue lines. Transaction revenue comes from fees and spreads on consumer and institutional crypto trades and is the most cyclical part of the business. Subscription and services revenue includes stablecoin income from its USDC arrangement with Circle, staking rewards it shares with users, custody fees (including for most U.S.
Growth strategy
Coinbase's growth plan is to become an 'everything exchange' and onchain infrastructure provider. Pillars include derivatives (Deribit, acquired in 2025 for about $2.9 billion, plus U.S. futures), USDC stablecoin distribution and payments, institutional custody and prime brokerage, Base as a low-cost Ethereum layer-2 network, and newer products such as prediction markets and tokenized equities.
Competitive advantage
Coinbase's edge is regulated trust at scale. It is a U.S.-listed, audited company in the S&P 500, holds licenses across U.S. states including New York's BitLicense, and was chosen as custodian by most U.S. spot Bitcoin ETF issuers, including BlackRock. That standing matters most to institutions, which need a compliant counterparty, and to retail users who remember the 2022 FTX collapse.
Questions about Binance vs Coinbase
Which company has higher revenue — Binance or Coinbase Global?
Binance reported $16.0B (FY2025), while Coinbase Global reported $7.2B (FY2025). By last reported revenue, Binance is the larger business, with Coinbase Global reporting a smaller revenue base.
What is the market cap of Binance vs Coinbase Global?
Coinbase Global has a market capitalisation of $52.6B. A public market cap figure for Binance was not available (it may be privately held).
Which is more financially efficient — Binance or Coinbase Global?
Binance generates $3.20M / employee in revenue per employee, while Coinbase Global generates $1.45M / employee. Binance shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Binance and Coinbase Global make money?
Binance and Coinbase Global generate revenue in fundamentally different ways. Binance: Binance earns most of its money from trading fees. Coinbase Global: Coinbase has two revenue lines.
Is Binance bigger than Coinbase Global?
By last reported revenue, Binance ($16.0B (FY2025)) is the larger company compared to Coinbase Global ($7.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Binance vs Coinbase overview