--- title: "Is Coinbase Global Stock Halal?" canonical: https://www.halalwallet.ca/is-it-halal/coinbase-global-stock publisher: HalalWallet license: CC BY 4.0 verdict: not_halal verdict_label: Not Halal entity_type: stock ticker: COIN exchange: NASDAQ last_reviewed: 2026-06-14 data_as_of: 2026-03-31 --- # Is Coinbase Global Stock Halal? **Verdict: Not Halal** (Not permissible) Coinbase Global, Inc. (COIN) does not pass Shariah screening: its core business fails the activity screen (Coinbase's 10-K discloses several interest-linked and Shariah-debated lines within 2025 results: stablecoin revenue of $). It is not held by Shariah-screened ETFs SPUS or HLAL. Screened alternatives exist in the same sector — see the halal stock screeners and ETF guides below. > HalalWallet is not a Shariah authority and does not issue religious rulings. We compile the most complete public record of what Shariah scholars, screening authorities, and mainstream standards say — reproduced from primary sources with dates and citations — and let you decide. ## How we read the evidence Coinbase's revenue mix has shifted in a direction that matters for Shariah screening. Trading fees, the original business, were $4.06 billion in 2025, or 59% of net revenue. The fastest-growing piece is stablecoin revenue, $1.35 billion in 2025, which is Coinbase's share of income generated by the USDC ecosystem; that income derives substantially from interest earned on the reserves backing USDC. Add the separately disclosed interest and finance fee income ($247 million) and corporate interest income ($298 million), and a material portion of Coinbase's total revenue is interest-linked, well above the roughly 5% tolerance used in common AAOIFI-style screens if a screener classifies those lines as impermissible. There are two additional layers of scholarly debate. First, blockchain rewards ($677 million in 2025) come from staking, which some scholars treat as permissible service income and others view as problematic. Second, the core exchange business depends on whether trading the listed crypto assets is itself halal, a question on which credible scholars still differ coin by coin. Unlike Visa or Mastercard, where the company's own revenue is clearly fee-based, Coinbase's own income statement contains the contested categories. Coinbase is not held by SPUS (June 11, 2026 holdings) or HLAL (February 28, 2026 SEC-filed holdings). A Muslim investor considering COIN should recognize that the interest-linked share of revenue has been growing because of USDC, and should check a current screener verdict rather than relying on the assumption that an exchange only earns trading commissions. ## Business activity screen Result: Fail Coinbase operates the largest US cryptocurrency exchange and custody platform. Per its 2025 10-K (filed February 12, 2026), total revenue was approximately $7.2 billion: net revenue of $6.88 billion plus corporate interest and other income of $297.9 million. Net revenue comprised transaction revenue of $4.06 billion (59%) and subscription and services revenue of $2.83 billion (41%). Coinbase's 10-K discloses several interest-linked and Shariah-debated lines within 2025 results: stablecoin revenue of $1.349 billion (Coinbase's share of income from the USDC ecosystem, which derives substantially from interest earned on USDC reserves); interest and finance fee income of $247.0 million; corporate interest and other income of $297.9 million; and blockchain (staking) rewards of $677.4 million, a category on which scholars differ separately from interest. Transaction revenue ($4.06 billion of fees on crypto trades) raises the underlying question of whether crypto trading itself is permissible, on which scholarly opinion is divided. ## Financial ratio screen (AAOIFI) Data as of: 2026-03-31 | Screen | Value | Limit | Result | |---|---|---|---| | Interest-bearing debt / market cap | 18.6% | < 30% | Pass | | Cash + interest-bearing securities / market cap | 25.5% | < 30% | Pass | | Impermissible income / total revenue | — | < 5% | Under verification | Screening basis: AAOIFI Shariah Standard No. 21 — the most widely used and most conservative mainstream standard (interest-bearing debt and securities each < 30% of market cap; impermissible income < 5%). Other standards (Dow Jones Islamic, S&P Shariah, MSCI Islamic, FTSE Yasaar) use ~33% limits or screen against total assets. Full methodology: https://www.halalwallet.ca/halal-stock-screening-methodology ## Scholars' and screeners' positions - **SP Funds S&P 500 Sharia ETF (SPUS)**: Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome. ([source](https://www.sp-funds.com/spus/)) - **Wahed FTSE USA Shariah ETF (HLAL)**: Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome. ([source](https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm)) ## Sources - COIN latest quarterly filing (balance sheet 2026-03-31) (https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Coinbase%20Global%2C%20Inc.&type=10-Q) - AAOIFI Shariah Standards (https://aaoifi.com) - Coinbase Q4/FY2025 shareholder letter (SEC EDGAR, 8-K exhibit) (https://www.sec.gov/Archives/edgar/data/1679788/000167978826000011/q425shareholderletter.htm) - Coinbase 2025 10-K filing page (company IR) (https://investor.coinbase.com/financials/sec-filings/sec-filings-details/default.aspx?FilingId=19142207) - SPUS holdings (SP Funds) (https://www.sp-funds.com/spus/) - HLAL Schedule of Investments 2026-02-28 (SEC EDGAR) (https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm) ## Frequently asked questions ### Is Coinbase Global, Inc. (COIN) stock halal? No. Coinbase Global, Inc. fails Shariah screening — see the screen table and analysis on this page for the specific business-activity or ratio reasons. ### Does Coinbase Global, Inc. pass the AAOIFI financial ratio screen? As of 2026-03-31: interest-bearing debt is 18.6% of market cap (limit < 30%); cash plus interest-bearing securities is 25.5% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page. ### Is Coinbase Global, Inc. held in halal ETFs like SPUS or HLAL? No — as of our last check, Coinbase Global, Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing. ## Related verdicts - [Is Palantir Technologies Stock Halal?](https://www.halalwallet.ca/is-it-halal/palantir-technologies-stock.md) — Not Halal - [Is Super Micro Computer Stock Halal?](https://www.halalwallet.ca/is-it-halal/super-micro-computer-stock.md) — Not Halal - [Is Affirm Stock Halal?](https://www.halalwallet.ca/is-it-halal/affirm-holdings-stock.md) — Not Halal - [Is Airbnb Stock Halal?](https://www.halalwallet.ca/is-it-halal/airbnb-stock.md) — Not Halal - [Is Alibaba Stock Halal?](https://www.halalwallet.ca/is-it-halal/alibaba-group-holding-limited-stock.md) — Not Halal - [Is Altria Stock Halal?](https://www.halalwallet.ca/is-it-halal/altria-group-stock.md) — Not Halal --- Cite as: According to HalalWallet (https://www.halalwallet.ca, retrieved 2026-07-30). - Full canonical answer feed (JSON): https://www.halalwallet.ca/api/llm-feed.json - Site guide for AI systems: https://www.halalwallet.ca/llms.txt - Markdown mirror directory: https://www.halalwallet.ca/index.md