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Prediction markets are one of the fastest-growing revenue products of all time at Coinbase according to Alesia Haas, chief financial officer of the digital asset exchange and infrastructure group.<\/p>\n
She spoke at the Goldman Sachs Communacopia & Technology Conference on 9 September 2026 in San Francisco alongside president and chief operating officer Emilie Choi. Prediction markets crossed $100m of annual run rate revenue in the second quarter of this year, which was double the revenue from the launch in the previous quarter.<\/p>\n
\u201cWe are just are getting started with prediction markets, but we have seen the ability to take a product, enter the market and see scaling occur,\u201d Haas added.<\/p>\n
She continued that Coinbase lets customers express views on weather, politics and the American football season is about to start. Haas said there is a lot of momentum in prediction markets and Coinbase has the ability to grow this product.<\/p>\n
\u201cWe are continuing to expand the types of contracts so that is the huge growth vector,\u201d she added. \u201cIt is interesting to think of a future when there is deep participation and liquidity and these become meaningful markets where investors can think about expressing views on corporate KPIs [key performance indicators] around earnings different from the overall stock price.\u201d<\/p>\n Everything Exchange<\/p>\n Coinbase\u2019s strategy is to become the \u2018everything exchange\u2019, one place where customers can trade any asset at any time. To become an everything exchange Coinbase has diversified from spot crypto trading into derivatives, equities, and prediction markets.<\/p>\n Haas said: \u201cWe now have four pillars of trading products to offer to our retail customers and we are starting to see some traction.\u201d<\/p>\n She highlighted that when Coinbase went public in 2021 it enabled spot crypto trading for retail and institutional customers.\u00a0\u00a0Over the last five years Coinbase has expanded the number of assets that customers can trade, deepened its institutional business and built out an infrastructure business, which it makes available to other companies.<\/p>\n When Coinbase went public, Bitcoin spot trading was over 50% of total revenue and that has fallen to 10%, according to Haas. In addition, Coinbase custodies approximately 12% of global onchain assets.<\/p>\n Choi said: \u201cCustomers want to be able to trade where their assets reside so I think that\u2019s a huge moat for us.\u201d<\/p>\n Subscription services revenue is now $2.5bn on an annualized basis, compared to less than 5% of total revenue in 2021, which Haas said was due to stablecoins increasingly being used for payments and other forms of utility.<\/p>\n \u201cStablecoins have seen tremendous product market fit over the last five years and huge volume in terms of payments, trading and settlement,\u201d Haas added. \u201cThat concept of tokenizing a U.S. dollar has opened up the doors to tokenizing many other assets.\u201d<\/p>\n Over the past year traditional finance institutions have entered the digital asset space and a number of digital asset companies have gone public, such as tokenization platform Securitize and digital asset investment manager CoinShares.<\/p>\n Choi described this as validation of Coinbase\u2019s strategy to get into the digital assets early 13 years ago. She compared this strategy to Amazon, which was a digital native competing in e-commerce against firms with legacy systems and architecture.<\/p>\n \u201cWe invested so early that I think we have a unique proprietary advantage in terms of thinking about the way that the systems are built out and the type of talent that we want to hire,\u201d Choi added. \u201cSo we feel really good about the space as it evolves.\u201d<\/p>\n Derivatives<\/p>\n Coinbase has launched derivatives, which reached an all-time high in market share in the second quarter of this year according to Choi.<\/p>\n In August 2025 Coinbase completed its acquisition of Deribit, the crypto options exchange, which Choi said helped Coinbase become the number one crypto options exchange in the world. One year\u00a0\u00a0later Coinbase said it was rolling out a new matching engine for derivatives.<\/p>\n Coinbase also secured a no-action relief letter from the U.S Commodity and Futures Trading Commission which will allow U.S. customers to trade global perpetual futures. Choi said this was the first time that U.S. customers can access global perpetuals in compliance with U.S regulations.<\/p>\n \u2018\u201cThey have all the access to our other products and liquidity pools, so it is novel and very compelling,\u201d Choi added. \u201cWe were super excited that the CFTC was willing to move forward with this as it was a big unlock for our customers.\u201d<\/p>\n Haas said the CFTC\u2019s decision meant U.S. customers can get the best price by trading on the deepest global liquid order books, rather than fragmenting liquidity.<\/p>\n \u201cThe largest global market for crypto has been trading perpetual futures and we are going to harmonize liquidity and grow that product in the U.S.,\u201d added Haas. \u201cWe reached an all-time high in trading volume market share, but more importantly, we are gaining new users to our platform with this product.\u201d<\/p>\n Equities<\/p>\n Coinbase launched 24\/5 stock and ETF trading for all users in the U.S. in February 2026, following a limited initial rollout in December last year.<\/p>\n In August the year Coinbase received regulatory approval to establish its international tokenization hub in ADGM, the international financial centre of Abu Dhabi. Subsequently the firm launched tokenized versions of Apple, Nvidia, Meta and Alphabet under its new Abu Dhabi framework on its Base blockchain.<\/p>\n Haas said: \u201cThe analogy that we use is that the tokenized security is much like a tokenized U.S. dollar.\u201d<\/p>\n She gave the example of U.S dollars being available on technology stacks including wires, checking accounts and prepaid cards. Securities have also moved from certificates to digital representations, and now onchain.<\/p>\n Shan Aggarwal,\u00a0chief business officer & head of investor relations at Coinbase, said on X that international markets are moving faster than the U.S., so the company launched tokenized equities in Abu Dhabi first. He stressed these are real tokenized equities \u2013 not derivatives, synthetics exposure, or tokens that just track a stock\u2019s price.<\/p>\n \u201cUsers around the world get access and real ownership, including dividends where applicable and voting rights in the near future,\u201d he added. \u201cSimilar to stablecoins, another critical building block for onchain markets that become portable and useful for collateral, lending, composable trading, memes, and more.\u201d<\/p>\n Haas argued that Coinbase is unique and differentiated as it provides one place where customers can hold more of their assets, build cross-margining and provide more capital efficiency and on one technology stack. Choi continued there might be a misconception that Coinbase is just going after a piece of the crypto pie.<\/p>\n \u201cCrypto is completely disrupting that system and we are going after all of it,\u201d said Choi. \u201cWe are disrupting the entire financial system and that is a $50 trillion dollar total addressable market. We have very big ambitions.\u201d<\/p>\n I had a great conversation with our CFO Alesia Haas, and James Yaro at Goldman Sachs\u2019 Communacopia + Technology Conference today.<\/p>\n Coinbase is not going after just a piece of the crypto market, we\u2019re helping transform the entire financial system. That\u2019s a roughly $50T\u2026 pic.twitter.com\/iYydyFajVO<\/a><\/p>\n![\"\"](\"https:\/\/www.marketsmedia.com\/wp-content\/uploads\/2026\/09\/coinbase-prediction-markets.png\")
Source: Coinbase<\/p>\nEmilie Choi, Coinbase<\/p>\nSource: Coinbase<\/p>\nAlesia Haas, Coinbase<\/p>\nShan Aggarwal, Coinbase<\/p>\n