Coinbase vs KuCoin: Revenue, Profit and Business Model
Coinbase reported $7.2B of revenue in FY2025 and $1.3B of net income. KuCoin does not publish annual revenue.
Latest financial snapshot
Financial summary
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.
KuCoin
KuCoin is private and does not publish revenue, profit or audited accounts, so this profile does not list a revenue figure. Known numbers come from funding and legal records: roughly 5,500 BTC (about $27.5 million at the time) raised in its 2017 token sale, a $20 million Series A in November 2018, and a $150 million Series B at a $10 billion valuation in May 2022. Its US resolution in January 2025 cost about $297 million ($112.9 million criminal fine plus $184.5 million forfeiture), and Canada's FINTRAC assessed ~$14 million (C$19.5 million) in September 2025, which KuCoin appealed. In February 2026 KuCoin said it would commit $2 billion to a trust and security programme.
Revenue and profit by year
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 |
KuCoin
KuCoin does not publish annual revenue. What is known about its finances is in the summary above.
Full KuCoin financialsWhere the revenue comes from
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.
KuCoin
No segment breakdown is published.
Business model and strategy
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.
KuCoin
How it makes money
KuCoin makes money mainly from transaction fees. Spot trades start at 0.1% maker/taker for standard pairs, with discounts for high-volume VIP tiers and for paying fees in KCS. Perpetual and delivery futures charge lower per-trade rates but carry far higher volume, so derivatives are a major fee source.
Growth strategy
Under BC Wong, a lawyer and former chief legal officer, KuCoin has made licensing the centre of its strategy. Moves since 2025 include KuCoin Thailand with SEC-supervised ERX (April 2025), AUSTRAC registration and an Australian derivatives arrangement (November 2025), a MiCA CASP licence for KuCoin EU Exchange GmbH in Austria (November 2025), a $2 billion trust programme announced at Consensus Hong Kong 2026, and adm…
Competitive advantage
KuCoin's edge is breadth: it lists many smaller tokens early, bundles free grid, DCA and futures bots into its app, and keeps loyal holders through KCS fee discounts and bonuses. That mix suits active retail traders who want access to new altcoins. The same fast-listing, light-touch history is also what drew enforcement action, so the advantage is narrowing as KuCoin adopts mandatory KYC and regional licensing.
Questions about Coinbase vs KuCoin
Which company has higher revenue — Coinbase Global or KuCoin?
Coinbase Global reported $7.2B (FY2025). A verified revenue figure for KuCoin was not available at the time of this comparison.
What is the market cap of Coinbase Global vs KuCoin?
Coinbase Global has a market capitalisation of $52.6B. A public market cap figure for KuCoin was not available (it may be privately held).
Which is more financially efficient — Coinbase Global or KuCoin?
Coinbase Global generates $1.45M / employee in revenue per employee. A comparable figure for KuCoin requires matching employee and revenue data from the same reporting period.
How do Coinbase Global and KuCoin make money?
Coinbase Global and KuCoin generate revenue in fundamentally different ways. Coinbase Global: Coinbase has two revenue lines. KuCoin: KuCoin makes money mainly from transaction fees.
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 Coinbase vs KuCoin overview