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Coinbase vs. Cboe Global: Which Exchange Stock Is the Better Buy?
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Key Takeaways
COIN won OCC conditional approval for a national trust bank and is expanding globally across many markets.
CBOE is exploring Australia/Canada units' sale and exiting some listings to sharpen its derivatives focus.
CBOE's Data Vantage should lift recurring revenues as access fees and market data drive 2026 growth.
Rising market volatility, pro-growth U.S. economic policies under President Donald Trump, broader acceptance of digital assets, ongoing diversification efforts by exchanges beyond core trading operations, and growing retail investor participation are expected to 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 Cboe Global Markets (CBOE - 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, Cboe Global is one of the largest stock exchange operators by volume in the United States and a leading market globally for ETP trading. It is set to grow on rising transaction fees, driven by trading volume growth (given global reach and strength in proprietary products) and non-transactional revenues.
The Case for COIN
Coinbase recently achieved a major milestone by securing conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank. This move strengthens its competitive position and highlights the increasing convergence between the cryptocurrency sector and traditional finance.
The company is also accelerating its global expansion. Its subsidiary, Coinbase Australia Pty Ltd, received an Australian Financial Services Licence (AFSL), allowing it to offer crypto and equity perpetuals, with plans to introduce futures and options. Coinbase now operates across key international markets, including Australia, Brazil, Kenya, the European Union, India, Japan, the Philippines, Indonesia, Singapore, the United Kingdom and Switzerland. This broad footprint supports its strategy to diversify revenues and reduce dependence on the U.S. market.
In line with its growth strategy, Coinbase is expanding its presence in both U.S. spot and derivatives markets while enhancing its product portfolio. It continues to list new cryptocurrencies and tokenized equities, focusing on assets aligned with a pro-crypto ecosystem. Additionally, it has launched regulated futures in Europe, enabling trading of contracts linked to digital assets such as Bitcoin and Solana, along with equity-index futures. In the United States, the introduction of stock and ETF trading further expands its addressable market and positions it more competitively against multi-asset fintech platforms.
In 2026, Coinbase plans to prioritize real-world asset (RWA) perpetuals, specialized exchanges, advanced trading platforms, next-generation DeFi infrastructure and deeper integration of AI and robotics to strengthen its ecosystem.
Financially, the company remains stable with strong liquidity and reduced leverage. However, its $2.6 billion convertible note issuance introduces risks such as potential dilution and higher debt levels. Its performance remains closely tied to crypto market trends, and declining asset prices could negatively impact financial results. Continued investment and restructuring efforts also contribute to rising operational costs.
The Case for CBOE
Cboe Global benefits from a well-diversified business mix that supports steady revenue generation and a meaningful share of recurring, non-transaction income. Its strong competitive positioning in derivatives—its core earnings driver—along with exposure to options, equities, futures, FX, and data services, provides resilience and growth opportunities. Structural tailwinds such as increasing market complexity further support demand for its products. However, a portion of its revenues remains sensitive to trading volumes and market volatility, introducing some cyclicality to earnings.
To sharpen its strategic focus and reinforce its ambition to be a global derivatives leader, Cboe has initiated a sales process for its Australia and Canada businesses. It also plans to exit U.S. and European corporate listings and reduce costs across select areas, including ETP listings, its European derivatives exchange, and certain smaller analytics units. These measures are expected to be earnings accretive, enhance operational efficiency, and enable reinvestment into higher-growth core segments.
The company remains well-positioned to expand its recurring revenue base, particularly through its Data Vantage segment. Growth in access and capacity fees, along with proprietary market data revenues, is expected to drive mid- to high-single-digit organic growth in 2026. Increasing demand for global market access and expanded sales presence across new geographies should further support this trajectory.
Cboe Global also has a strong inorganic growth track record, having completed multiple acquisitions in recent years that broadened its product suite, enhanced distribution and delivered both revenue and cost synergies.
Financially, the company continues to strengthen its balance sheet through improved cash generation and reduced leverage, with key metrics comparing favorably to industry peers. It has also demonstrated consistent shareholder returns, increasing dividends for 15 consecutive years while actively repurchasing shares.
Estimates for COIN and CBOE
The Zacks Consensus Estimate for COIN’s 2026 revenues implies a 5.4% decrease, while that for EPS suggests a 31.3% year-over-year decrease. EPS estimates for 2026 have moved down 7.7% in the past 30 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CBOE’s 2026 revenues implies an 8.5% increase, while that for EPS indicates a 16.6% increase. The consensus estimate for 2026 earnings has moved up 6.1% in the past 30 days.
Image Source: Zacks Investment Research
Price Performance of COIN and CBOE
COIN shares have lost 13% year to date, while CBOE shares have gained 18.9% in the same time.
Image Source: Zacks Investment Research
Are COIN and CBOE Shares Expensive?
Coinbase is trading at a forward 12-month price-to-earnings multiple of 63.88, higher than its median of 50.78 over the past three years. CBOE’s forward 12-month price-to-earnings multiple sits at 23.68, slightly higher than its median of 22.81 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.
Cboe Global combines competitive advantages, strong cash generation, and exposure to long-term growth in derivatives trading. With continued innovation and disciplined capital allocation, the company is well-positioned to grow earnings.
Price appreciation, valuation and growth estimate give CBOE an edge over COIN. CBOE sports a Zacks Rank #1 (Strong Buy), while COIN carries a Zacks Rank #3 (Hold) presently. Thus, CBOE is better placed than COIN. You can see the complete list of today’s Zacks #1 Rank stocks here.
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Coinbase vs. Cboe Global: Which Exchange Stock Is the Better Buy?
Key Takeaways
Rising market volatility, pro-growth U.S. economic policies under President Donald Trump, broader acceptance of digital assets, ongoing diversification efforts by exchanges beyond core trading operations, and growing retail investor participation are expected to 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 Cboe Global Markets (CBOE - 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, Cboe Global is one of the largest stock exchange operators by volume in the United States and a leading market globally for ETP trading. It is set to grow on rising transaction fees, driven by trading volume growth (given global reach and strength in proprietary products) and non-transactional revenues.
The Case for COIN
Coinbase recently achieved a major milestone by securing conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank. This move strengthens its competitive position and highlights the increasing convergence between the cryptocurrency sector and traditional finance.
The company is also accelerating its global expansion. Its subsidiary, Coinbase Australia Pty Ltd, received an Australian Financial Services Licence (AFSL), allowing it to offer crypto and equity perpetuals, with plans to introduce futures and options. Coinbase now operates across key international markets, including Australia, Brazil, Kenya, the European Union, India, Japan, the Philippines, Indonesia, Singapore, the United Kingdom and Switzerland. This broad footprint supports its strategy to diversify revenues and reduce dependence on the U.S. market.
In line with its growth strategy, Coinbase is expanding its presence in both U.S. spot and derivatives markets while enhancing its product portfolio. It continues to list new cryptocurrencies and tokenized equities, focusing on assets aligned with a pro-crypto ecosystem. Additionally, it has launched regulated futures in Europe, enabling trading of contracts linked to digital assets such as Bitcoin and Solana, along with equity-index futures. In the United States, the introduction of stock and ETF trading further expands its addressable market and positions it more competitively against multi-asset fintech platforms.
In 2026, Coinbase plans to prioritize real-world asset (RWA) perpetuals, specialized exchanges, advanced trading platforms, next-generation DeFi infrastructure and deeper integration of AI and robotics to strengthen its ecosystem.
Financially, the company remains stable with strong liquidity and reduced leverage. However, its $2.6 billion convertible note issuance introduces risks such as potential dilution and higher debt levels. Its performance remains closely tied to crypto market trends, and declining asset prices could negatively impact financial results. Continued investment and restructuring efforts also contribute to rising operational costs.
The Case for CBOE
Cboe Global benefits from a well-diversified business mix that supports steady revenue generation and a meaningful share of recurring, non-transaction income. Its strong competitive positioning in derivatives—its core earnings driver—along with exposure to options, equities, futures, FX, and data services, provides resilience and growth opportunities. Structural tailwinds such as increasing market complexity further support demand for its products. However, a portion of its revenues remains sensitive to trading volumes and market volatility, introducing some cyclicality to earnings.
To sharpen its strategic focus and reinforce its ambition to be a global derivatives leader, Cboe has initiated a sales process for its Australia and Canada businesses. It also plans to exit U.S. and European corporate listings and reduce costs across select areas, including ETP listings, its European derivatives exchange, and certain smaller analytics units. These measures are expected to be earnings accretive, enhance operational efficiency, and enable reinvestment into higher-growth core segments.
The company remains well-positioned to expand its recurring revenue base, particularly through its Data Vantage segment. Growth in access and capacity fees, along with proprietary market data revenues, is expected to drive mid- to high-single-digit organic growth in 2026. Increasing demand for global market access and expanded sales presence across new geographies should further support this trajectory.
Cboe Global also has a strong inorganic growth track record, having completed multiple acquisitions in recent years that broadened its product suite, enhanced distribution and delivered both revenue and cost synergies.
Financially, the company continues to strengthen its balance sheet through improved cash generation and reduced leverage, with key metrics comparing favorably to industry peers. It has also demonstrated consistent shareholder returns, increasing dividends for 15 consecutive years while actively repurchasing shares.
Estimates for COIN and CBOE
The Zacks Consensus Estimate for COIN’s 2026 revenues implies a 5.4% decrease, while that for EPS suggests a 31.3% year-over-year decrease. EPS estimates for 2026 have moved down 7.7% in the past 30 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CBOE’s 2026 revenues implies an 8.5% increase, while that for EPS indicates a 16.6% increase. The consensus estimate for 2026 earnings has moved up 6.1% in the past 30 days.
Image Source: Zacks Investment Research
Price Performance of COIN and CBOE
COIN shares have lost 13% year to date, while CBOE shares have gained 18.9% in the same time.
Image Source: Zacks Investment Research
Are COIN and CBOE Shares Expensive?
Coinbase is trading at a forward 12-month price-to-earnings multiple of 63.88, higher than its median of 50.78 over the past three years. CBOE’s forward 12-month price-to-earnings multiple sits at 23.68, slightly higher than its median of 22.81 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.
Cboe Global combines competitive advantages, strong cash generation, and exposure to long-term growth in derivatives trading. With continued innovation and disciplined capital allocation, the company is well-positioned to grow earnings.
Price appreciation, valuation and growth estimate give CBOE an edge over COIN. CBOE sports a Zacks Rank #1 (Strong Buy), while COIN carries a Zacks Rank #3 (Hold) presently. Thus, CBOE is better placed than COIN. You can see the complete list of today’s Zacks #1 Rank stocks here.