Coinbase shareholders: Who owns the most COIN stock?
Coinbase’s ownership landscape continues to evolve in 2025, shaped by shifting market sentiment and growing institutional involvement in digital assets.
The company’s shareholder mix offers a snapshot of how traditional finance and retail participants intersect within one of the world’s largest cryptocurrency exchanges.
US-based Coinbase Global Inc. (COIN) remains one of the world’s leading cryptocurrency exchanges by trading volume. Since its Nasdaq Stock Market listing in April 2021, the company has experienced several market cycles, reflecting broader shifts in sentiment towards the crypto sector.
Past performance is not a reliable indicator of future results.
Who owns Coinbase shares in 2025?
As of November 2025, Coinbase had 256.94 million shares outstanding, with ownership distributed across mutual funds, institutional investors, and public shareholders.
- Mutual funds and ETFs hold 73.16 million shares (28.47%), with a market value of $22.24 billion.
- Other institutional investors hold 69.18 million shares (26.92%), valued at $21.03 billion.
- Public companies and retail investors account for 114.60 million shares (44.60%), representing about $34.84 billion in value.
In total, Coinbase’s equity base stands at an aggregate market value of $78.11 billion. This suggests that institutional ownership remains significant, though public and retail investors continue to hold a large proportion of outstanding shares — reflecting Coinbase’s position as a publicly traded gateway to the crypto market.
Top institutional Coinbase holders
The largest institutional shareholders in Coinbase as of 30 June 2025 include:
| # | Holder | % of holding | Shares held | Value (USD 000s) |
|---|---|---|---|---|
| 1 | The Vanguard Group, Inc. | 9.42% | 24.21 million | $6.85 billion |
| 2 | BlackRock, Inc. | 5.83% | 14.98 million | $4.24 billion |
| 3 | State Street Global Advisors, Inc. | 3.40% | 8.72 million | $2.47 billion |
| 4 | Geode Capital Management, LLC | 2.16% | 5.56 million | $1.57 billion |
| 5 | Paradigm Operations LP | 1.61% | 4.13 million | $1.17 billion |
| 6 | FMR LLC | 1.51% | 3.89 million | $1.10 billion |
| 7 | Norges Bank Investment Management | 1.16% | 2.98 million | $0.84 billion |
| 8 | Clear Street LLC | 1.02% | 2.63 million | $0.74 billion |
| 9 | ARK Investment Management LLC | 1.02% | 2.62 million | $0.74 billion |
| 10 | Paradigm Fund LP | 1.01% | 2.58 million | $0.73 billion |
Vanguard Group is the single largest institutional shareholder, holding nearly one-tenth of Coinbase’s outstanding shares. BlackRock and State Street Global Advisors follow, underlining continued institutional participation from the world’s largest asset managers.
Top mutual fund Coinbase holders
The largest mutual fund investors in Coinbase are dominated by index-tracking and exchange-traded funds (ETFs), reflecting the firm’s inclusion in major benchmarks such as the S&P 500 (US 500).
| # | Holder | % of Holding | Shares Held | Value (USD 000s) |
|---|---|---|---|---|
| 1 | Vanguard Total Stock Market ETF | 2.63% | 6.76 million | $1.91 billion |
| 2 | Vanguard S&P 500 ETF | 2.17% | 5.58 million | $1.58 billion |
| 3 | Vanguard Mid-Cap ETF | 1.69% | 4.35 million | $1.23 billion |
| 4 | Government Pension Fund Global | 1.16% | 2.98 million | $0.84 billion |
| 5 | iShares Core S&P 500 ETF | 1.08% | 2.77 million | $0.79 billion |
Source: Investing.com, 14 November 2025.
The inclusion of large passive funds such as Vanguard and iShares highlights how Coinbase has become a mainstream equity within broad-market portfolios.
Coinbase performance in 2025
Coinbase’s financial performance improved in 2025, supported by higher trading activity and growth in its subscription and service revenues.
- Q1 2025 revenue reached $2.03 billion, up 24% year-on-year, with net income of $65.6 million.
- Q3 2025 revenue was $1.9 billion, showing continued resilience in retail trading and subscription services.
- Subscription and services revenue reached a record $698 million, driven by increased stablecoin usage, particularly USDC.
- Institutional trading volumes softened compared with earlier in the year, though retail activity remained a key contributor to revenue.
Coinbase continued expanding its infrastructure partnerships, including collaboration with Circle to promote stablecoin adoption. The company also invested in token sale infrastructure and regulatory compliance, aiming to maintain a leading role in the evolving digital-asset landscape.
Past performance is not a reliable indicator of future results.
Notable shareholders
The Vanguard Group, Inc.
Vanguard remains the largest single shareholder in Coinbase. Known for its long-term, index-based investment strategy, its position suggests continued recognition of Coinbase’s relevance within the digital-asset sector. Vanguard manages more than $8 trillion in assets, and exposure through its ETFs allows many retail investors indirect participation in COIN.
BlackRock, Inc.
BlackRock (BLK), the world’s largest asset manager, holds nearly 6% of Coinbase. Through its partnership with Coinbase to offer institutional crypto access via the Aladdin platform, BlackRock has continued integrating digital-asset services for clients. Its investment in COIN reflects the growing institutional acceptance of regulated crypto platforms.
State Street Global Advisors
State Street’s (STT) 3.40% holding underscores its role in supporting index-tracking funds and exchange-traded portfolios. The firm has been active in blockchain research and infrastructure innovation since 2016.
Paradigm Operations LP
Co-founded by Frederick Ernest Ehrsam III, a Coinbase co-founder, Paradigm Operations focuses on digital-asset investments and venture funding. Its position links Coinbase’s origins with the wider crypto-investment ecosystem. Ehrsam also holds an individual stake of 1.61%, showing continued alignment with the company’s direction.
ARK Investment Management
Founded by Cathie Wood, ARK maintains a 1.02% stake in Coinbase through its innovation-focused ETFs. ARK has long supported blockchain as a structural technological innovation, and Coinbase’s inclusion aligns with this focus on long-term digital transformation.
Key takeaways
Coinbase’s shareholder structure in 2025 reflects broad institutional participation, diversified across asset managers, pension funds, and retail investors. Major holdings by firms such as Vanguard and BlackRock indicate sustained mainstream acceptance of regulated digital-asset platforms within global markets.
However, changes in shareholder composition and trading volumes can influence short-term volatility and should be viewed in context. Whether Coinbase stock fits within a portfolio will depend on each individual’s objectives, strategy, and risk tolerance.
Past performance is not a reliable indicator of future results.
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FAQ
How many Coinbase shares are there?
As of November 2025, Coinbase has approximately 256.94 million shares outstanding, based on the latest SEC filings and public market disclosures.
Can you trade Coinbase shares as CFDs?
Yes, Coinbase (COIN) shares can be traded as contracts for difference (CFDs) on platforms that offer access to US-listed equities. CFD trading allows you to speculate on the price movement of Coinbase shares without owning the underlying stock. This means you can go long or short, depending on your view of the market. However, it’s important to note that CFDs are complex instruments that carry a high risk of losing money rapidly due to leverage. Ensure you understand how CFDs work and consider your risk tolerance before trading. Past performance is not a reliable indicator of future results.
Who owns Coinbase?
The largest share of Coinbase stock is held by institutional investors, representing just over 51% of the company’s total shares. Major institutional holders include Vanguard Group Inc., BlackRock Inc., and AH Equity Partners III. Company insiders, led by Marc Andreessen, Frederick Ernest Ehrsam III, and Brian Armstrong, collectively own around 14%, while the general public holds approximately 34% as of November 2025.
Who is the single largest individual shareholder in Coinbase?
Marc Andreessen, through his personal holdings and affiliated venture funds, remains the largest individual shareholder. He is followed by Frederick Ernest Ehrsam III, Coinbase’s co-founder, who continues to hold a significant stake in the company.