Coinbase launched stock trading for U.S. customers, positioning itself as an "everything exchange" despite entering a market dominated by established competitors including rival Robinhood.
CEO Brian Armstrong told Fortune the exchange is playing a long-term game centered on tokenized equities that will eventually trade 24/7 on blockchain infrastructure rather than traditional settlement systems.
The platform currently offers zero-commission trading of major stocks and ETFs available 24 hours daily across five weekdays through its Coinbase Capital Markets subsidiary, with plans to expand coverage to thousands of additional securities.
Vision for Blockchain-Native Stocks
Armstrong predicts blockchain-native stock issuance will begin within two years, with newer companies likely becoming early adopters before legacy firms recognize blockchain as superior technology for managing shares.
"We have deep crypto expertise, the most trusted brand in crypto, and we're storing more crypto assets than any other company," Armstrong said, positioning Coinbase as the bridge between traditional finance and cryptocurrency markets.
The exchange plans to introduce stock perpetuals for non-U.S. traders in early 2026, offering leveraged exposure through derivatives that don't expire - a product pioneered in cryptocurrency markets.
Market Dynamics and Competition
Robinhood shares have significantly outperformed Coinbase stock in recent years despite Coinbase's dominant cryptocurrency brand and $66 billion market capitalization.
The stock trading launch arrived as part of broader expansion including prediction markets through partnership with Kalshi and an institutional tokenization platform for real-world assets.
Armstrong suggested Coinbase could become the first company paying shareholder dividends in Bitcoin, though regulatory frameworks for blockchain-native securities remain under development through pending legislation like the stablecoin-focused GENIUS Act.
Whether cryptocurrency-focused customers will adopt stock trading at scale remains uncertain, with success dependent on Coinbase's ability to differentiate from incumbents beyond extended trading hours.