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Coinbase vs. Cboe Global: Which Exchange Stock Offers More Upside?
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Key Takeaways
Cboe Global holds an edge over Coinbase in earnings growth projections, analyst sentiment and valuation.
CBOE shares gained 37.5% year to date, while COIN fell 33.1%, highlighting a sharp performance divergence.
CBOE projects 2026 revenue growth in the high teens, while Coinbase faces declining earnings estimates.
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 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.
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 is advancing its ambition to become an “everything exchange,” providing round-the-clock access to digital assets, equities, commodities and derivatives through an integrated platform. Strategic initiatives, including regulated derivatives in Canada, an expanded Webull partnership and a collaboration with Moov to strengthen stablecoin payment infrastructure, are expected to support growth and diversify revenues.
The company's entry into prediction markets presents additional opportunities while reducing dependence on traditional cryptocurrency trading. Its expanding international footprint across major markets, including Europe, Asia and Latin America, further strengthens its growth prospects and geographic diversification.
Coinbase continues to broaden its offerings through new cryptocurrencies, tokenized assets and blockchain-based financial solutions. Its collaboration with Chainlink for tokenized equities and partnership with Better Mortgage for crypto-backed mortgages underscore its focus on innovation. In 2026, management aims to prioritize real-world-asset perpetuals, specialized exchanges, advanced trading capabilities, decentralized finance infrastructure and emerging opportunities in artificial intelligence and robotics.
A solid liquidity position and manageable leverage provide financial flexibility to support strategic investments. However, Coinbase remains vulnerable to cryptocurrency price volatility, rising operating costs, impairment charges and restructuring expenses. Despite market share gains, challenging industry conditions continue to pressure profitability. In the latest reported quarter, revenues declined due to subdued retail trading activity, while weaker cryptocurrency prices affected platform assets and earnings.
The Case for CBOE
Cboe Global Markets maintains a dominant position in the U.S. listed options market, supported by its extensive exchange network and leading market share. Strategic acquisitions and global expansion have diversified its operations across European equities, derivatives, foreign exchange and clearing services, reducing reliance on individual markets and geographies. Recurring revenues from market data, index licensing and technology solutions provide stability, attractive margins and greater earnings visibility.
Strong trading activity across index options, European equities and foreign exchange continues to drive transaction revenues. Meanwhile, the Data Vantage segment is strengthening recurring revenue growth. Reflecting favorable business momentum, management raised its 2026 organic total net revenue growth guidance to the high-teens range and increased its Data Vantage growth outlook to the mid-teens.
Cboe continues to pursue strategic investments, product innovation and geographic expansion to capitalize on opportunities in derivatives, digital assets, carbon markets and advanced trading technologies. Its focus on introducing new products and enhancing market infrastructure supports long-term growth prospects.
Portfolio optimization initiatives are also expected to improve operating efficiency. The planned divestiture of its Canadian exchanges should reduce adjusted operating expenses in 2026, following the sale of Cboe Australia to TMX Group on July 31, 2026.
A strong balance sheet, healthy free cash flow and disciplined capital allocation support investments and shareholder returns. Cboe has increased its dividend for 16 consecutive years and retains $1 billion under its existing share repurchase authorization.
Estimates for COIN and CBOE
The Zacks Consensus Estimate for COIN’s 2026 revenues implies a 27.2% year-over-year decrease and that for EPS implies a 111.2% 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 10.9%.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CBOE’s 2026 revenues implies an 18.3% increase and that for EPS indicates a 33% year-over-year increase. Estimates witnessed upward movement over the past 30 days. The expected long-term earnings growth rate is pegged at 17.9%.
Image Source: Zacks Investment Research
Price Performance of COIN and CBOE
COIN shares have lost 33.1% year to date, while CBOE shares have gained 37.5% 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 56.79, higher than its median of 36.83 over the past five years. CBOE’s forward 12-month price-to-earnings multiple sits at 23.31, higher than its median of 21.38 over the past three years.
Image Source: Zacks Investment Research
Conclusion
Coinbase benefits from a diversified revenue stream spanning transaction fees, staking, custody solutions and derivatives, supported by rising institutional adoption of digital assets. The company continues to expand its offerings and strengthen its position as a comprehensive platform for cryptocurrency trading and digital asset-related financial services.
Cboe Global leverages its competitive strengths, robust cash flow generation and exposure to sustained growth in derivatives trading. Its focus on product innovation, operational efficiency and prudent capital allocation positions the company well for continued earnings growth.
While CBOE carries a Zacks Rank #2 (Buy), COIN carries a Zacks Rank #3 (Hold). Growth projections, analyst sentiment, price appreciation and valuation give CBOE an edge over COIN.
View the Zacks #1 Rank List
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Coinbase vs. Cboe Global: Which Exchange Stock Offers More Upside?
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 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.
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 is advancing its ambition to become an “everything exchange,” providing round-the-clock access to digital assets, equities, commodities and derivatives through an integrated platform. Strategic initiatives, including regulated derivatives in Canada, an expanded Webull partnership and a collaboration with Moov to strengthen stablecoin payment infrastructure, are expected to support growth and diversify revenues.
The company's entry into prediction markets presents additional opportunities while reducing dependence on traditional cryptocurrency trading. Its expanding international footprint across major markets, including Europe, Asia and Latin America, further strengthens its growth prospects and geographic diversification.
Coinbase continues to broaden its offerings through new cryptocurrencies, tokenized assets and blockchain-based financial solutions. Its collaboration with Chainlink for tokenized equities and partnership with Better Mortgage for crypto-backed mortgages underscore its focus on innovation. In 2026, management aims to prioritize real-world-asset perpetuals, specialized exchanges, advanced trading capabilities, decentralized finance infrastructure and emerging opportunities in artificial intelligence and robotics.
A solid liquidity position and manageable leverage provide financial flexibility to support strategic investments. However, Coinbase remains vulnerable to cryptocurrency price volatility, rising operating costs, impairment charges and restructuring expenses. Despite market share gains, challenging industry conditions continue to pressure profitability. In the latest reported quarter, revenues declined due to subdued retail trading activity, while weaker cryptocurrency prices affected platform assets and earnings.
The Case for CBOE
Cboe Global Markets maintains a dominant position in the U.S. listed options market, supported by its extensive exchange network and leading market share. Strategic acquisitions and global expansion have diversified its operations across European equities, derivatives, foreign exchange and clearing services, reducing reliance on individual markets and geographies. Recurring revenues from market data, index licensing and technology solutions provide stability, attractive margins and greater earnings visibility.
Strong trading activity across index options, European equities and foreign exchange continues to drive transaction revenues. Meanwhile, the Data Vantage segment is strengthening recurring revenue growth. Reflecting favorable business momentum, management raised its 2026 organic total net revenue growth guidance to the high-teens range and increased its Data Vantage growth outlook to the mid-teens.
Cboe continues to pursue strategic investments, product innovation and geographic expansion to capitalize on opportunities in derivatives, digital assets, carbon markets and advanced trading technologies. Its focus on introducing new products and enhancing market infrastructure supports long-term growth prospects.
Portfolio optimization initiatives are also expected to improve operating efficiency. The planned divestiture of its Canadian exchanges should reduce adjusted operating expenses in 2026, following the sale of Cboe Australia to TMX Group on July 31, 2026.
A strong balance sheet, healthy free cash flow and disciplined capital allocation support investments and shareholder returns. Cboe has increased its dividend for 16 consecutive years and retains $1 billion under its existing share repurchase authorization.
Estimates for COIN and CBOE
The Zacks Consensus Estimate for COIN’s 2026 revenues implies a 27.2% year-over-year decrease and that for EPS implies a 111.2% 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 10.9%.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CBOE’s 2026 revenues implies an 18.3% increase and that for EPS indicates a 33% year-over-year increase. Estimates witnessed upward movement over the past 30 days. The expected long-term earnings growth rate is pegged at 17.9%.
Image Source: Zacks Investment Research
Price Performance of COIN and CBOE
COIN shares have lost 33.1% year to date, while CBOE shares have gained 37.5% 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 56.79, higher than its median of 36.83 over the past five years. CBOE’s forward 12-month price-to-earnings multiple sits at 23.31, higher than its median of 21.38 over the past three years.
Image Source: Zacks Investment Research
Conclusion
Coinbase benefits from a diversified revenue stream spanning transaction fees, staking, custody solutions and derivatives, supported by rising institutional adoption of digital assets. The company continues to expand its offerings and strengthen its position as a comprehensive platform for cryptocurrency trading and digital asset-related financial services.
Cboe Global leverages its competitive strengths, robust cash flow generation and exposure to sustained growth in derivatives trading. Its focus on product innovation, operational efficiency and prudent capital allocation positions the company well for continued earnings growth.
While CBOE carries a Zacks Rank #2 (Buy), COIN carries a Zacks Rank #3 (Hold). Growth projections, analyst sentiment, price appreciation and valuation give CBOE an edge over COIN.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.