Bitstamp vs Coinbase: Revenue, Profit and Business Model
Bitstamp reported $100M 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
Bitstamp
Bitstamp's published accounts show how tightly its income follows the market. Bitstamp Ltd, the UK-registered parent, reported revenue of ~$123 million (€109 million) and a ~$41.8 million (€37 million) profit in 2021, then ~$32.8 million (€29 million) of revenue and a ~$7.91 million (€7 million) loss in 2022, and just under $9.04 million (€8 million) of revenue with a ~$22.3 million (€19.7 million) loss in 2023. Part of that drop came from moving business into Luxembourg, BVI and other subsidiaries, so the UK figures understate the group. Robinhood paid about $200 million in cash, well below the roughly $400 million price rumored when NXMH bought control in 2018. Inside Robinhood, Bitstamp handled $40 billion of notional volume in Q3 2025, $48 billion in Q4 2025, $42 billion in Q1 2026 and $22 billion in Q2 2026.
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
Bitstamp
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $100M | — | 0.0% | — | Source |
| FY2023 | ~$9M | ~-$22.3M | -246.3% | -72.4% | Source |
| FY2022 | ~$32.8M | ~-$7.9M | -24.1% | -73.4% | Source |
| FY2021 | ~$123.2M | ~$41.8M | 33.9% | — | 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
Bitstamp
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
Bitstamp
How it makes money
Bitstamp earns most of its money from trading fees. On the exchange, maker and taker fees start at 0.30% and 0.40% at the entry tier and fall as a client's 30-day volume rises; the simpler mobile app builds a spread into the quoted price instead. Institutional clients connect through APIs and supply much of the volume at thin margins, so revenue moves closely with crypto market activity.
Growth strategy
Growth now comes from three directions: selling Bitstamp's institutional products (API trading, lending, staking and white-label crypto-as-a-service) alongside Robinhood's own business lines; using the MiCA passport to sign EU banks and brokers that need a licensed crypto partner; and adding derivatives, which earn more per trade than spot, first in the EU and then in the US.
Competitive advantage
Bitstamp's edge is regulatory depth and an unbroken operating record. It holds more than 50 licenses and registrations, including a 2016 Luxembourg payment institution license, a 2019 New York BitLicense, a Singapore major payment institution license and a 2025 MiCA authorization that lets it serve the whole European Economic Area from Luxembourg.
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 Bitstamp vs Coinbase
Which company has higher revenue — Bitstamp or Coinbase Global?
Bitstamp reported $100.0M (FY2025), while Coinbase Global reported $7.2B (FY2025). By last reported revenue, Coinbase Global is the larger business, with Bitstamp reporting a smaller revenue base.
What is the market cap of Bitstamp vs Coinbase Global?
Coinbase Global has a market capitalisation of $52.6B. A public market cap figure for Bitstamp was not available (it may be privately held).
Which is more financially efficient — Bitstamp or Coinbase Global?
Bitstamp generates $154k / employee in revenue per employee, while Coinbase Global generates $1.45M / employee. Coinbase Global 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 Bitstamp and Coinbase Global make money?
Bitstamp and Coinbase Global generate revenue in fundamentally different ways. Bitstamp: Bitstamp earns most of its money from trading fees. Coinbase Global: Coinbase has two revenue lines.
Is Bitstamp bigger than Coinbase Global?
By last reported revenue, Coinbase Global ($7.2B (FY2025)) is the larger company compared to Bitstamp ($100.0M (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 Bitstamp vs Coinbase overview