We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
ICE's diversified exchanges & data, clearing and workflow portfolios support performance across market cycles.
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 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 is advancing its ambition to become an “everything exchange,” offering round-the-clock access to digital assets, commodities, equities and derivatives through a unified platform. Recent initiatives include launching regulated derivatives in Canada, expanding its Webull partnership for crypto trading and custody services, and collaborating with Moov to bring stablecoin payment and custody infrastructure to community banks and credit unions. Its expanded partnership with Citigroup further highlights the growing adoption of stablecoins in mainstream institutional payments.
The company also received CFTC approval for Coinbase Clearing LLC, completing its U.S. derivatives infrastructure across an exchange, futures commission merchant and derivatives clearing organization. This strengthens Coinbase’s ability to build a vertically integrated domestic derivatives platform.
Prediction markets, international expansion and tokenized assets provide additional growth avenues and support diversification beyond traditional crypto trading. Coinbase operates across several major international markets and has selected Chainlink as the oracle infrastructure for its tokenized equities. Its partnership with Better Mortgage also introduced a 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 opportunities tied to artificial intelligence and robotics. Coinbase also maintains strong liquidity and relatively modest leverage.
However, results remain highly sensitive to cryptocurrency prices and trading activity. Rising operating expenses, impairment charges and restructuring costs can further pressure profitability during downturns. In the last reported quarter, softer consumer trading reduced transaction revenues, while lower crypto prices weighed on assets held on the platform and overall earnings.
The Case for ICE
Intercontinental Exchange benefits from a diversified portfolio spanning exchanges, market data, clearing and workflow solutions across major asset classes, reducing its dependence on any single activity driver and supporting performance across market cycles. The planned MarketAxess acquisition further strengthens ICE’s network strategy by adding institutional credit execution capabilities that complement its retail and wealth distribution, pricing, indices, analytics and clearing businesses.
Mortgage Technology is also positioned to benefit from recovering transaction volumes, while continued client implementations should support recurring revenues. At the same time, ICE is expanding the value of its proprietary datasets by embedding them into client decision-making tools.
The enhanced ICE Model Context Protocol provides governed access to proprietary data within institutional AI workflows, while ICE Compass leverages pricing and transaction data for pre-trade fixed-income analytics. Early client engagement with AI-driven workflows could deepen data usage and broaden distribution while preserving ICE’s recurring-revenue model.
ICE’s investment in Polymarket also provides exposure to the emerging prediction-market ecosystem. The stake could create synergies with ICE’s exchange and data capabilities, expand market-intelligence offerings and open additional revenue opportunities as the regulatory framework evolves.
However, operating expenses have risen in recent years, constraining margin expansion. Continued spending on technology and product development could keep costs elevated in the near term. Although debt has declined, leverage and interest-coverage metrics remain weaker than industry averages.
Estimates for COIN and ICE
The Zacks Consensus Estimate for COIN’s 2026 revenues implies a 27.1% year-over-year decrease and that for EPS implies a 111.9% year-over-year decrease. However, EPS estimates have moved north over the past 30 days. The expected long-term earnings growth rate is pegged at 10%
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for ICE’s 2026 revenues implies a 10.7% increase and that for EPS indicates a 16.8% year-over-year increase. Estimates witnessed upward movement over the past seven days. The expected long-term earnings growth rate is pegged at 12.7%
Image Source: Zacks Investment Research
Price Performance of COIN and ICE
COIN shares have gained 10.7% in the past three months, while ICE shares have gained 11.5% in the same time.
Image Source: Zacks Investment Research
Are COIN and ICE Shares Expensive?
Coinbase is trading at a forward 12-month price-to-earnings multiple of 80.58, higher than its median of 55.85 over the past three years. ICE’s forward 12-month price-to-earnings multiple sits at 17.38, lower 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 digital assets or providing financial services related to crypto or digital assets.
Compelling portfolio, broad range of risk management services, timely achievement of cost synergies and solid capital position strengthen ICE's growth. Its dividend history is impressive. It has more than doubled its dividends in the last six years.
Both COIN and ICE carry a Zacks Rank #3 (Hold). Growth projections, price appreciation and valuation give ICE an edge over COIN.
View the Zacks #1 Rank List
Image: Bigstock
Coinbase vs. Intercontinental: Which Exchange Stock Has an Edge?
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 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 is advancing its ambition to become an “everything exchange,” offering round-the-clock access to digital assets, commodities, equities and derivatives through a unified platform. Recent initiatives include launching regulated derivatives in Canada, expanding its Webull partnership for crypto trading and custody services, and collaborating with Moov to bring stablecoin payment and custody infrastructure to community banks and credit unions. Its expanded partnership with Citigroup further highlights the growing adoption of stablecoins in mainstream institutional payments.
The company also received CFTC approval for Coinbase Clearing LLC, completing its U.S. derivatives infrastructure across an exchange, futures commission merchant and derivatives clearing organization. This strengthens Coinbase’s ability to build a vertically integrated domestic derivatives platform.
Prediction markets, international expansion and tokenized assets provide additional growth avenues and support diversification beyond traditional crypto trading. Coinbase operates across several major international markets and has selected Chainlink as the oracle infrastructure for its tokenized equities. Its partnership with Better Mortgage also introduced a 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 opportunities tied to artificial intelligence and robotics. Coinbase also maintains strong liquidity and relatively modest leverage.
However, results remain highly sensitive to cryptocurrency prices and trading activity. Rising operating expenses, impairment charges and restructuring costs can further pressure profitability during downturns. In the last reported quarter, softer consumer trading reduced transaction revenues, while lower crypto prices weighed on assets held on the platform and overall earnings.
The Case for ICE
Intercontinental Exchange benefits from a diversified portfolio spanning exchanges, market data, clearing and workflow solutions across major asset classes, reducing its dependence on any single activity driver and supporting performance across market cycles. The planned MarketAxess acquisition further strengthens ICE’s network strategy by adding institutional credit execution capabilities that complement its retail and wealth distribution, pricing, indices, analytics and clearing businesses.
Mortgage Technology is also positioned to benefit from recovering transaction volumes, while continued client implementations should support recurring revenues. At the same time, ICE is expanding the value of its proprietary datasets by embedding them into client decision-making tools.
The enhanced ICE Model Context Protocol provides governed access to proprietary data within institutional AI workflows, while ICE Compass leverages pricing and transaction data for pre-trade fixed-income analytics. Early client engagement with AI-driven workflows could deepen data usage and broaden distribution while preserving ICE’s recurring-revenue model.
ICE’s investment in Polymarket also provides exposure to the emerging prediction-market ecosystem. The stake could create synergies with ICE’s exchange and data capabilities, expand market-intelligence offerings and open additional revenue opportunities as the regulatory framework evolves.
However, operating expenses have risen in recent years, constraining margin expansion. Continued spending on technology and product development could keep costs elevated in the near term. Although debt has declined, leverage and interest-coverage metrics remain weaker than industry averages.
Estimates for COIN and ICE
The Zacks Consensus Estimate for COIN’s 2026 revenues implies a 27.1% year-over-year decrease and that for EPS implies a 111.9% year-over-year decrease. However, EPS estimates have moved north over the past 30 days. The expected long-term earnings growth rate is pegged at 10%
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for ICE’s 2026 revenues implies a 10.7% increase and that for EPS indicates a 16.8% year-over-year increase. Estimates witnessed upward movement over the past seven days. The expected long-term earnings growth rate is pegged at 12.7%
Image Source: Zacks Investment Research
Price Performance of COIN and ICE
COIN shares have gained 10.7% in the past three months, while ICE shares have gained 11.5% in the same time.
Image Source: Zacks Investment Research
Are COIN and ICE Shares Expensive?
Coinbase is trading at a forward 12-month price-to-earnings multiple of 80.58, higher than its median of 55.85 over the past three years. ICE’s forward 12-month price-to-earnings multiple sits at 17.38, lower 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 digital assets or providing financial services related to crypto or digital assets.
Compelling portfolio, broad range of risk management services, timely achievement of cost synergies and solid capital position strengthen ICE's growth. Its dividend history is impressive. It has more than doubled its dividends in the last six years.
Both COIN and ICE carry a Zacks Rank #3 (Hold). Growth projections, price appreciation and valuation give ICE an edge over COIN.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.