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AgentKit

Coinbase · siet November 2024 · 7× · tolest 08. Sept. 2026

Momentum

Coinbase AgentKit is an open-source toolkit from the Coinbase Developer Platform (CDP) that enables AI agents to autonomously interact with blockchain networks using their own crypto wallet. It is deliberately framework-agnostic and wallet-agnostic, supporting all EVM-compatible networks as well as Solana. The toolkit ships 50+ pre-built onchain actions (TypeScript) and 30+ actions (Python) and can be extended arbitrarily via Action Providers. AgentKit launched in November 2024 as part of the CDP and is actively developed as an open-source project.

Momentum-Verloop

03.07.01.10.

Features

Autonomy Level	Autonomous onchain actions (transfers, swaps, contract deployment) via the agent's own wallet
Channels	Networks: Base (mainnet/Sepolia), Solana; wallet providers: CDP, Privy, Viem; Discord community
License	Apache-2.0 license
Modalities	Model-agnostic: supports OpenAI, Anthropic Claude, Llama and other LLMs
Platform	Coinbase Developer Platform (CDP) SDK; TypeScript & Python packages (npm/pip)
Price	Free, open source
Price Tier	Free / Open Source (Apache-2.0 license); CDP API key required (CDP Terms of Service apply)
Release Date	November 2024 (launch), Q1 2025 update in April 2025
Tool/MCP Integrations	LangChain, OpenAI Agents SDK, Vercel AI SDK, Model Context Protocol (MCP); 50+ action providers (TS) / 30+ (Python)

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Belege (7)

Company Analysis: Coinbase

As of 29/09/2026

HOLDSynthszr Vote

Given the last-reported quarter (Q2 2026) includes a GAAP net loss ($359.5M) alongside positive Adjusted EBITDA ($207.8M), declining MTUs and AOP year-over-year, and a business model with material sensitivity to both crypto activity and interest-rate-driven stablecoin economics, the most data-consistent stance without a confirmed current EUR price is HOLD. This balances (1) evidence of operating profitability and revenue diversification (transaction + subscription/services) with (2) continued earnings volatility, macro sensitivity, and KPI discontinuities that reduce near-term forecasting confidence. Re-rating catalysts should be evaluated after clearer post-restructuring expense run-rate disclosure and subsequent quarters’ user/asset stabilization.

Summary

Coinbase Global, Inc. (COIN) operates a regulated crypto-financial platform spanning retail and institutional brokerage, custody, prime services, and a growing “subscription & services” stack (stablecoin economics, blockchain rewards, and other non-transaction revenues). Its core competencies are (1) compliance-first market access in the U.S., (2) scaled liquidity and matching across multiple products, and (3) institutional-grade custody and infrastructure that supports both traditional financial institutions and crypto-native participants. In the most recently filed quarter (Q2 2026, ended June 30, 2026), Coinbase reported net revenue of $1.2B for the quarter and $2.5B for the first half of 2026, with transaction revenue of $599.2M (quarter) and $1.4B (H1) and subscription & services revenue of $555.1M (quarter) and $1.1B (H1). The company reported a GAAP net loss of $359.5M in Q2 2026 (and $753.6M for H1 2026), while still generating positive Adjusted EBITDA of $207.8M in Q2 2026 (and $511.1M for H1 2026), underscoring the gap between operating profitability and GAAP outcomes in a volatile, mark-to-market and restructuring-impacted environment. Operationally, Assets on Platform were $245.9B at June 30, 2026 (down from $425.0B a year earlier), and Monthly Transacting Users were 7.6M in Q2 2026 (down from 8.7M in Q2 2025), reflecting weaker market conditions and lower retail activity. Coinbase also changed KPI disclosure beginning Q2 2026 by discontinuing “Trading Volume” as a key metric, citing product mix diversification and differing economics across products. Recent months’ key developments include a May 5, 2026 restructuring plan intended to align operating expenses with market conditions and “optimize operations for the AI era,” with disclosed estimated restructuring charges of $50–$60M and an approximate 700-position reduction (~14% of workforce). Management also highlighted that stablecoin revenue is sensitive to interest rates and USDC balances; in Q2 2026, subscription & services revenue declined year-over-year partly due to lower average interest rates, partially offset by higher average USDC balances. Valuation metrics vary by data vendor; recent snapshots show elevated forward P/E readings (reflecting earnings volatility and consensus dispersion). With the current price unspecified and the request in EUR, investors should treat EUR exposure as primarily FX translation on a USD-listed equity (unless using a EUR trading venue). Near-term performance is likely to remain driven by (a) crypto market activity and asset prices (impacting AOP and transaction revenue), (b) interest-rate-driven stablecoin economics, and (c) execution on cost discipline and product diversification.

Key Takeaways

Q2 2026 showed $1.2B net revenue with a GAAP net loss of $359.5M, but positive Adjusted EBITDA of $207.8M—highlighting meaningful operating profitability despite GAAP losses. (SEC Form 10-Q filed for period ended June 30, 2026.)
Revenue mix is increasingly balanced between transaction revenue ($599.2M in Q2 2026) and subscription & services ($555.1M in Q2 2026), reducing reliance on spot retail trading alone. (SEC Form 10-Q, Q2 2026.)
Assets on Platform fell to $245.9B at June 30, 2026 (from $425.0B a year earlier) and MTUs declined to 7.6M in Q2 2026 (from 8.7M in Q2 2025), consistent with softer market conditions. (SEC Form 10-Q, Q2 2026.)
Coinbase implemented a May 2026 restructuring plan (approx. 700 roles; estimated $50–$60M charges) to manage expenses and reconfigure operations, which can support margin resilience if revenue remains pressured. (SEC 8-K dated May 5, 2026.)
Stablecoin economics remain a key swing factor: management disclosed stablecoin revenue pressure from lower average interest rates, partially offset by higher average USDC balances—making macro rates and USDC adoption central to the earnings profile. (SEC Form 10-Q, Q2 2026.)

Action Ideas

HOLD

Base-case positioning for investors who already own COIN: Q2 2026 results show a business that can produce positive Adjusted EBITDA even in a weaker activity environment, while GAAP profitability remains volatile. The restructuring plan provides a defined cost-action framework, and the revenue mix (transaction + subscription/services) is more diversified than prior cycles. Without a confirmed current EUR price and with valuation metrics showing wide dispersion across sources, a HOLD stance is most consistent with a data-driven approach until (1) post-restructuring run-rate expenses are clearer and (2) revenue trajectory stabilizes across both transaction and subscription/services lines.

Horizon: 6 mo.

BUY

Tactical accumulation for investors with high risk tolerance who want exposure to a regulated, scaled U.S. crypto platform: Q2 2026 demonstrates meaningful subscription & services scale ($555.1M in the quarter) alongside transaction revenue, and positive Adjusted EBITDA despite a net loss. If the restructuring plan improves cost efficiency and if USDC balances remain elevated (management noted all-time high average USDC held in Coinbase products), operating leverage could improve when market conditions normalize. This action is contingent on confirming entry valuation in EUR (either via FX translation of NASDAQ COIN or via a EUR trading venue) and sizing appropriately given earnings volatility.

Horizon: 12 mo.

SELL

Risk-reduction for investors who require stable GAAP profitability and lower cyclicality: Q2 2026 showed a GAAP net loss and declining MTUs/AOP year-over-year, and management explicitly tied parts of subscription & services performance to macro interest rates. If an investor’s mandate prioritizes predictable earnings and lower exposure to crypto market cycles, reallocating away from COIN can be justified until GAAP profitability and user/asset trends show sustained improvement.

Horizon: 3 mo.

Contrarian Insights

• Consensus narratives often frame Coinbase primarily as a spot-crypto trading proxy; however, Q2 2026 shows subscription & services revenue nearly matching transaction revenue in the quarter ($555.1M vs. $599.2M), implying the earnings model is less singularly dependent on spot retail trading than many investors assume. (SEC Form 10-Q, Q2 2026.)
• Some investors treat stablecoin revenue as a straightforward beneficiary of higher rates; Coinbase’s Q2 2026 disclosure highlights a more nuanced reality: stablecoin revenue can decline with lower average interest rates even when average USDC balances rise, meaning adoption and macro rates can move in opposite directions and partially offset. (SEC Form 10-Q, Q2 2026.)