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Coinbase vs. Nasdaq: Which Trading Platform Stock Is the Better Buy?
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Key Takeaways
Nasdaq's recurring technology, data and index revenues support a more durable growth profile.
NDAQ shares have rallied 9.8% in six months, while COIN shares fell 10.1% over the same period.
Nasdaq trades at 21.86 times forward earnings, below its five-year median of 22.05.
Increased volatility, supportive U.S. economic policies, higher acceptance of digital assets, continued efforts by exchange players to go beyond 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 Nasdaq Inc. (NDAQ - 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, Nasdaq is a leading provider of trading, clearing, marketplace technology, regulatory, securities listing, information and public and private company services.
The Case for COIN
Coinbase is advancing its ambition to become an “everything exchange,” offering round-the-clock access to digital assets, commodities, equities and derivatives on a single platform.
Prediction markets are emerging as an important growth avenue, widening Coinbase’s addressable market and supporting its evolution beyond traditional crypto trading. The company entered this segment in November 2025 through a partnership with Kalshi, a regulated U.S. exchange where users can trade contracts tied to real-world events, such as elections, inflation, sports and scientific developments.
Coinbase later acquired prediction-market specialist The Clearing Company, adding dedicated product and growth expertise. The deal should help accelerate product development and build regulated, scalable infrastructure while reducing reliance on third-party distribution.
International expansion is another key part of its growth strategy. Coinbase operates in Australia, Brazil, India, Japan, Singapore, the United Kingdom, Switzerland and the European Union, helping diversify revenues beyond the United States. Recently, it expanded its Webull partnership to offer crypto trading and custody in Canada and launched regulated derivatives in the country.
Coinbase is also broadening its portfolio through new cryptocurrencies and tokenized assets. The company selected Chainlink as the oracle infrastructure for its tokenized stocks, potentially extending their use beyond digital representations of listed shares. Separately, Coinbase and Better Mortgage introduced the first nationwide conforming mortgage product backed by crypto assets.
In 2026, management plans to focus on real-world asset perpetuals, specialized exchanges, advanced trading products, decentralized finance infrastructure, and AI- and robotics-related opportunities. However, Coinbase remains vulnerable to crypto-market swings. Weak digital-asset prices can put pressure on trading activity while contributing to impairment charges, restructuring expenses and higher operating costs. Strong liquidity and relatively modest leverage offer some financial flexibility, but earnings are likely to remain volatile.
The Case for NDAQ
Nasdaq operates a diversified business model that reaches far beyond its traditional stock exchange operations. Market Services benefits from trading activity, market share gains and product launches. Capital Access Platforms generates revenues from listings, indexes, data and workflow solutions, while Financial Technology provides surveillance, regulatory reporting, financial-crime prevention and capital-markets technology to institutions worldwide.
The company is steadily expanding annual recurring revenues by shifting toward subscription-based products and long-term contracts. Cross-selling complementary solutions and integrating acquisitions are helping Nasdaq strengthen customer relationships, improve retention and increase revenue visibility. Growth in non-trading businesses, including Data and Listing Services, Index, and Workflow and Insights, has also reduced its reliance on transaction volumes and brought greater stability to its revenue mix.
Targeted acquisitions have strengthened Nasdaq’s competitive position over the years. These deals have facilitated its entry into Canadian equities, expanded its technology capabilities and enhanced its market-surveillance offerings. The company is also applying artificial intelligence and other advanced technologies to modernize market infrastructure and develop new solutions for clients.
Nasdaq’s trading and technology businesses are positioned to benefit from the continued evolution of global capital markets. Calypso has supported tokenized collateral transactions on the Canton Network, while the Eqlipse platform has secured additional migration commitments from market operators. Nasdaq is also preparing for extended-hours trading and broadening its derivatives portfolio through new event-based and short-dated options. These efforts could deepen relationships with exchanges and financial institutions while generating additional technology, data and transaction revenues.
A solid balance sheet and consistent operating cash flows support Nasdaq’s shareholder-return strategy. The company aims to raise its payout ratio to 35%-38% by 2027. Its capital-allocation priorities include debt reduction, organic investment, strategic acquisitions, dividend growth and share repurchases.
Estimates for COIN and NDAQ
The Zacks Consensus Estimate for COIN’s 2026 revenues implies a 29.3% year-over-year decrease, while that for EPS implies a 109.7% year-over-year increase. EPS estimates have moved 4 cents north over the past seven days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for NDAQ’s 2026 revenues implies a 12.6% increase, and the EPS estimate indicates a 9.6% year-over-year increase. Earnings estimates witnessed no movement over the past seven days.
Image Source: Zacks Investment Research
Price Performance of COIN and NDAQ
COIN shares have lost 10.1% in the past six months, while NDAQ shares have rallied 9.8% in the same time frame.
Image Source: Zacks Investment Research
Are COIN and NDAQ Shares Expensive?
Coinbase is trading at a forward 12-month price-to-earnings multiple of 80.13, higher than its median of 33.26 over the past five years. NDAQ’s forward 12-month price-to-earnings multiple sits at 21.86, lower than its median of 22.05 over the past five 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 digital assets or providing financial services related to crypto or digital assets.
Nasdaq’s expanding mix of recurring technology, data and index revenues supports a more durable growth profile than a traditional exchange model. Nasdaq is set to benefit from impressive organic growth, an increasing on-trading revenue base and strategic buyouts.
NDAQ carries a Zacks Rank #2 (Buy), while COIN carries a Zacks Rank #4 (Sell).
NDAQ’s price appreciation, valuation and near-term growth prospects place it ahead of COIN.
View the Zacks #1 Rank List
Image: Bigstock
Coinbase vs. Nasdaq: Which Trading Platform Stock Is the Better Buy?
Key Takeaways
Increased volatility, supportive U.S. economic policies, higher acceptance of digital assets, continued efforts by exchange players to go beyond 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 Nasdaq Inc. (NDAQ - 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, Nasdaq is a leading provider of trading, clearing, marketplace technology, regulatory, securities listing, information and public and private company services.
The Case for COIN
Coinbase is advancing its ambition to become an “everything exchange,” offering round-the-clock access to digital assets, commodities, equities and derivatives on a single platform.
Prediction markets are emerging as an important growth avenue, widening Coinbase’s addressable market and supporting its evolution beyond traditional crypto trading. The company entered this segment in November 2025 through a partnership with Kalshi, a regulated U.S. exchange where users can trade contracts tied to real-world events, such as elections, inflation, sports and scientific developments.
Coinbase later acquired prediction-market specialist The Clearing Company, adding dedicated product and growth expertise. The deal should help accelerate product development and build regulated, scalable infrastructure while reducing reliance on third-party distribution.
International expansion is another key part of its growth strategy. Coinbase operates in Australia, Brazil, India, Japan, Singapore, the United Kingdom, Switzerland and the European Union, helping diversify revenues beyond the United States. Recently, it expanded its Webull partnership to offer crypto trading and custody in Canada and launched regulated derivatives in the country.
Coinbase is also broadening its portfolio through new cryptocurrencies and tokenized assets. The company selected Chainlink as the oracle infrastructure for its tokenized stocks, potentially extending their use beyond digital representations of listed shares. Separately, Coinbase and Better Mortgage introduced the first nationwide conforming mortgage product backed by crypto assets.
In 2026, management plans to focus on real-world asset perpetuals, specialized exchanges, advanced trading products, decentralized finance infrastructure, and AI- and robotics-related opportunities. However, Coinbase remains vulnerable to crypto-market swings. Weak digital-asset prices can put pressure on trading activity while contributing to impairment charges, restructuring expenses and higher operating costs. Strong liquidity and relatively modest leverage offer some financial flexibility, but earnings are likely to remain volatile.
The Case for NDAQ
Nasdaq operates a diversified business model that reaches far beyond its traditional stock exchange operations. Market Services benefits from trading activity, market share gains and product launches. Capital Access Platforms generates revenues from listings, indexes, data and workflow solutions, while Financial Technology provides surveillance, regulatory reporting, financial-crime prevention and capital-markets technology to institutions worldwide.
The company is steadily expanding annual recurring revenues by shifting toward subscription-based products and long-term contracts. Cross-selling complementary solutions and integrating acquisitions are helping Nasdaq strengthen customer relationships, improve retention and increase revenue visibility. Growth in non-trading businesses, including Data and Listing Services, Index, and Workflow and Insights, has also reduced its reliance on transaction volumes and brought greater stability to its revenue mix.
Targeted acquisitions have strengthened Nasdaq’s competitive position over the years. These deals have facilitated its entry into Canadian equities, expanded its technology capabilities and enhanced its market-surveillance offerings. The company is also applying artificial intelligence and other advanced technologies to modernize market infrastructure and develop new solutions for clients.
Nasdaq’s trading and technology businesses are positioned to benefit from the continued evolution of global capital markets. Calypso has supported tokenized collateral transactions on the Canton Network, while the Eqlipse platform has secured additional migration commitments from market operators. Nasdaq is also preparing for extended-hours trading and broadening its derivatives portfolio through new event-based and short-dated options. These efforts could deepen relationships with exchanges and financial institutions while generating additional technology, data and transaction revenues.
A solid balance sheet and consistent operating cash flows support Nasdaq’s shareholder-return strategy. The company aims to raise its payout ratio to 35%-38% by 2027. Its capital-allocation priorities include debt reduction, organic investment, strategic acquisitions, dividend growth and share repurchases.
Estimates for COIN and NDAQ
The Zacks Consensus Estimate for COIN’s 2026 revenues implies a 29.3% year-over-year decrease, while that for EPS implies a 109.7% year-over-year increase. EPS estimates have moved 4 cents north over the past seven days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for NDAQ’s 2026 revenues implies a 12.6% increase, and the EPS estimate indicates a 9.6% year-over-year increase. Earnings estimates witnessed no movement over the past seven days.
Image Source: Zacks Investment Research
Price Performance of COIN and NDAQ
COIN shares have lost 10.1% in the past six months, while NDAQ shares have rallied 9.8% in the same time frame.
Image Source: Zacks Investment Research
Are COIN and NDAQ Shares Expensive?
Coinbase is trading at a forward 12-month price-to-earnings multiple of 80.13, higher than its median of 33.26 over the past five years. NDAQ’s forward 12-month price-to-earnings multiple sits at 21.86, lower than its median of 22.05 over the past five 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 digital assets or providing financial services related to crypto or digital assets.
Nasdaq’s expanding mix of recurring technology, data and index revenues supports a more durable growth profile than a traditional exchange model. Nasdaq is set to benefit from impressive organic growth, an increasing on-trading revenue base and strategic buyouts.
NDAQ carries a Zacks Rank #2 (Buy), while COIN carries a Zacks Rank #4 (Sell).
NDAQ’s price appreciation, valuation and near-term growth prospects place it ahead of COIN.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.