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COIN vs. ICE: Which Financial Markets Stock is the Better Buy Now?
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Key Takeaways
Coinbase is expanding into payments, prediction markets and tokenized assets to diversify revenues.
The Base network and stablecoins are central to COIN's push for real-world crypto adoption and lower costs.
COIN's 10 acquisitions in 2026, including The Clearing Company, aim to boost its reach in prediction markets.
Increased volatility, supportive U.S. economic policies under President Donald Trump, higher acceptance of digital assets, continued efforts of the exchange players to go beyond only trading activity and increased retail trading are factors that will shape the future of exchanges. In this evolving landscape, let’s find out which company is better positioned for long-term growth — Coinbase Global Inc. (COIN - Free Report) or Intercontinental Exchange (ICE - Free Report) ?
Coinbase, the largest regulated cryptocurrency exchange in the United States, is well-positioned to capitalize on increased market volatility and rising digital asset valuations.
On the other hand, Intercontinental Exchange is a leading global operator of regulated exchanges. It is set to grow on a solid portfolio, a wide range of risk management services, cost synergies and a solid capital position.
The Case for COIN
Coinbase appears well-positioned to benefit from President Trump’s pro-crypto stance and his push for clearer regulatory frameworks governing digital assets. CEO Brian Armstrong’s long-term strategy envisions transforming Coinbase into an “everything exchange” that delivers a broad spectrum of financial services built on crypto-native infrastructure.
To advance this vision, Coinbase has steadily expanded its product ecosystem. The company has enabled Solana (“SOL”) on its Base network, opened decentralized exchange (DEX) trading to improve access to Solana-based assets, and simplified cross-asset transfers. It has also launched Shiba Inu–linked futures on its U.S.-regulated derivatives platform, broadened its alternative cryptocurrency offerings and introduced new products such as prediction markets and tokenized equities. Collectively, these initiatives are designed to reduce reliance on traditional spot trading and attract a wider user base.
Coinbase’s growth strategy increasingly extends beyond trading. A central component is Base, its low-cost Layer 2 blockchain aimed at supporting scalable, real-world on-chain applications and accelerating mainstream crypto adoption. Stablecoins are another strategic focus, with Coinbase positioning them as core financial infrastructure. Through Coinbase Payments, the company seeks to lower merchant dependence on legacy card networks by enabling faster and more cost-efficient online payments via stablecoins. Its partnership with Kalshi to enter prediction markets further highlights efforts to diversify revenues and capitalize on event-driven trading.
Mergers and acquisitions remain integral to Coinbase’s expansion, including its pending acquisition of The Clearing Company to strengthen its footprint in prediction markets—its tenth acquisition this year. Coinbase has also deepened ties with traditional financial institutions, partnering with JPMorgan, Citi and PNC, and engaging in discussions with major U.S. banks on stablecoins, custody and crypto trading initiatives.
Despite these positives, Coinbase faces margin pressure from elevated operating and transaction costs, and earnings remain sensitive to crypto market volatility. Nevertheless, its expanding ecosystem, strategic acquisitions and improving regulatory backdrop support a compelling long-term growth outlook.
The Case for ICE
Intercontinental Exchange offers a comprehensive suite of products and risk-management services, including trade execution, market data, clearing and pre- and post-trade processing through an integrated platform. Its diverse offerings, supported by well-executed strategic acquisitions, have helped strengthen and diversify revenue streams. With more than 5,000 indices covering more than $1 trillion in benchmark assets under management, ICE stands as the world’s second-largest fixed-income index provider.
The company is well-positioned to benefit from the rapid digitization of the U.S. residential mortgage market, which aims to address inefficiencies across the mortgage origination process. Already operating the largest mortgage network in the country, ICE is expected to further expand its mortgage business through the integration of Ellie Mae into ICE Mortgage Technology.
ICE also maintains a strong global data services platform. Higher market activity driven by ongoing interest-rate volatility, solid performance in its index business, continued growth in pricing and reference data, expansion of the ICE Global Network and strength in desktop, feeds and derivatives analytics are expected to support data revenue growth going forward.
The company has a solid track record of acquisitions that have contributed to growth while delivering expense synergies. These acquisitions have enhanced ICE’s product offerings, supported earnings growth and aligned with its long-term shareholder value creation strategy. A strong balance sheet with limited risk exposure provides financial stability and supports continued strategic investments.
However, operating expenses have trended higher in recent years, limiting margin expansion. Ongoing investments in product development and technology upgrades are likely to keep expenses elevated in the near term. Although the company has reduced its debt levels, leverage and interest coverage metrics remain weaker compared with industry averages.
Estimates for COIN and ICE
The Zacks Consensus Estimate for COIN’s 2026 revenues implies a 11.6% year-over-year increase, while that for EPS implies a 27.3% year-over-year increase. EPS estimates have moved 1% south over the past seven days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for ICE’s 2026 revenues implies a 6.1% increase, while that for EPS indicates a 9.4% year-over-year increase. Estimates witnessed a one-cent upward movement over the past seven days.
Image Source: Zacks Investment Research
Price Performance of COIN and CME
COIN shares have lost 42.1% in the past six months, while ICE shares have rallied 19.7% in the same time.
Image Source: Zacks Investment Research
Are COIN and CME Shares Expensive?
Coinbase is trading at a forward 12-month price-to-earnings multiple of 34.4, lower than its median of 46.1 over the past three years. ICE’s forward 12-month price-to-earnings multiple sits at 23.5, higher than its median of 22 over the past three years.
Image Source: Zacks Investment Research
Conclusion
Coinbase benefits from a well-diversified revenue base that includes trading fees, staking, custodial services and derivatives, all bolstered by growing institutional demand. This crypto leader is leaving no stone unturned to be a one-stop destination for trading of any digital assets or providing financial services related to crypto or digital assets.
ICE is poised for growth, banking on the strength of its compelling portfolio and expansive risk-management services, which also ensure revenue flow, as well as strategic buyouts, a solid balance sheet and effective capital deployment. Its dividend history is impressive. It has more than doubled its dividends in the last six years.
COIN carries a Zacks Rank #4 (Sell) presently, while ICE carries a Zacks Rank #3 (Hold). Thus, ICE is placed ahead of COIN.
Image: Bigstock
COIN vs. ICE: Which Financial Markets Stock is the Better Buy Now?
Key Takeaways
Increased volatility, supportive U.S. economic policies under President Donald Trump, higher acceptance of digital assets, continued efforts of the exchange players to go beyond only trading activity and increased retail trading are factors that will shape the future of exchanges. In this evolving landscape, let’s find out which company is better positioned for long-term growth — Coinbase Global Inc. (COIN - Free Report) or Intercontinental Exchange (ICE - Free Report) ?
Coinbase, the largest regulated cryptocurrency exchange in the United States, is well-positioned to capitalize on increased market volatility and rising digital asset valuations.
On the other hand, Intercontinental Exchange is a leading global operator of regulated exchanges. It is set to grow on a solid portfolio, a wide range of risk management services, cost synergies and a solid capital position.
The Case for COIN
Coinbase appears well-positioned to benefit from President Trump’s pro-crypto stance and his push for clearer regulatory frameworks governing digital assets. CEO Brian Armstrong’s long-term strategy envisions transforming Coinbase into an “everything exchange” that delivers a broad spectrum of financial services built on crypto-native infrastructure.
To advance this vision, Coinbase has steadily expanded its product ecosystem. The company has enabled Solana (“SOL”) on its Base network, opened decentralized exchange (DEX) trading to improve access to Solana-based assets, and simplified cross-asset transfers. It has also launched Shiba Inu–linked futures on its U.S.-regulated derivatives platform, broadened its alternative cryptocurrency offerings and introduced new products such as prediction markets and tokenized equities. Collectively, these initiatives are designed to reduce reliance on traditional spot trading and attract a wider user base.
Coinbase’s growth strategy increasingly extends beyond trading. A central component is Base, its low-cost Layer 2 blockchain aimed at supporting scalable, real-world on-chain applications and accelerating mainstream crypto adoption. Stablecoins are another strategic focus, with Coinbase positioning them as core financial infrastructure. Through Coinbase Payments, the company seeks to lower merchant dependence on legacy card networks by enabling faster and more cost-efficient online payments via stablecoins. Its partnership with Kalshi to enter prediction markets further highlights efforts to diversify revenues and capitalize on event-driven trading.
Mergers and acquisitions remain integral to Coinbase’s expansion, including its pending acquisition of The Clearing Company to strengthen its footprint in prediction markets—its tenth acquisition this year. Coinbase has also deepened ties with traditional financial institutions, partnering with JPMorgan, Citi and PNC, and engaging in discussions with major U.S. banks on stablecoins, custody and crypto trading initiatives.
Despite these positives, Coinbase faces margin pressure from elevated operating and transaction costs, and earnings remain sensitive to crypto market volatility. Nevertheless, its expanding ecosystem, strategic acquisitions and improving regulatory backdrop support a compelling long-term growth outlook.
The Case for ICE
Intercontinental Exchange offers a comprehensive suite of products and risk-management services, including trade execution, market data, clearing and pre- and post-trade processing through an integrated platform. Its diverse offerings, supported by well-executed strategic acquisitions, have helped strengthen and diversify revenue streams. With more than 5,000 indices covering more than $1 trillion in benchmark assets under management, ICE stands as the world’s second-largest fixed-income index provider.
The company is well-positioned to benefit from the rapid digitization of the U.S. residential mortgage market, which aims to address inefficiencies across the mortgage origination process. Already operating the largest mortgage network in the country, ICE is expected to further expand its mortgage business through the integration of Ellie Mae into ICE Mortgage Technology.
ICE also maintains a strong global data services platform. Higher market activity driven by ongoing interest-rate volatility, solid performance in its index business, continued growth in pricing and reference data, expansion of the ICE Global Network and strength in desktop, feeds and derivatives analytics are expected to support data revenue growth going forward.
The company has a solid track record of acquisitions that have contributed to growth while delivering expense synergies. These acquisitions have enhanced ICE’s product offerings, supported earnings growth and aligned with its long-term shareholder value creation strategy. A strong balance sheet with limited risk exposure provides financial stability and supports continued strategic investments.
However, operating expenses have trended higher in recent years, limiting margin expansion. Ongoing investments in product development and technology upgrades are likely to keep expenses elevated in the near term. Although the company has reduced its debt levels, leverage and interest coverage metrics remain weaker compared with industry averages.
Estimates for COIN and ICE
The Zacks Consensus Estimate for COIN’s 2026 revenues implies a 11.6% year-over-year increase, while that for EPS implies a 27.3% year-over-year increase. EPS estimates have moved 1% south over the past seven days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for ICE’s 2026 revenues implies a 6.1% increase, while that for EPS indicates a 9.4% year-over-year increase. Estimates witnessed a one-cent upward movement over the past seven days.
Image Source: Zacks Investment Research
Price Performance of COIN and CME
COIN shares have lost 42.1% in the past six months, while ICE shares have rallied 19.7% in the same time.
Image Source: Zacks Investment Research
Are COIN and CME Shares Expensive?
Coinbase is trading at a forward 12-month price-to-earnings multiple of 34.4, lower than its median of 46.1 over the past three years. ICE’s forward 12-month price-to-earnings multiple sits at 23.5, higher than its median of 22 over the past three years.
Image Source: Zacks Investment Research
Conclusion
Coinbase benefits from a well-diversified revenue base that includes trading fees, staking, custodial services and derivatives, all bolstered by growing institutional demand. This crypto leader is leaving no stone unturned to be a one-stop destination for trading of any digital assets or providing financial services related to crypto or digital assets.
ICE is poised for growth, banking on the strength of its compelling portfolio and expansive risk-management services, which also ensure revenue flow, as well as strategic buyouts, a solid balance sheet and effective capital deployment. Its dividend history is impressive. It has more than doubled its dividends in the last six years.
COIN carries a Zacks Rank #4 (Sell) presently, while ICE carries a Zacks Rank #3 (Hold). Thus, ICE is placed ahead of COIN.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.