Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is Coinbase Global, Inc. (COIN) Halal?

FAIL

Coinbase Global, Inc. · NASDAQ: COIN · Financials

The short answer

No — Coinbase Global (COIN) does not pass this Shariah stock screen. Its crypto exchange, custody and staking businesses clear the standard prohibited-lines business test, and its $5.94B of long-term debt is about 11.86% of its ~$50.13B market cap (October 2026), under the ~33% ceiling. But interest-based income of $273.3M — interest and finance fee income of $133.9M plus corporate interest and other income of $139.4M — is about 10.38% of H1 2026 total revenue ($2,633.1M), above the 5% non-compliant income ceiling. Zoya covers COIN and flags it as not Shariah-compliant.

Gate 1 — Business activity: PASS

Coinbase Global, Inc. (NASDAQ: COIN) is a financial-technology company operating a cryptocurrency exchange, brokerage, custody and staking platform for retail and institutional clients. H1 2026 revenue mix per the Q2 2026 10-Q: transaction revenue $1,355.0M (51.5%) — consumer $1,018.6M, institutional $235.8M, other $100.6M; subscription and services revenue $1,138.7M (43.2%) — stablecoin revenue $597.6M (Coinbase's share of interest on USDC reserves via Circle), blockchain rewards $184.2M (staking), interest and finance fee income $133.9M, other $223.0M; plus corporate interest and other income $139.4M. It acquired crypto derivatives exchange Deribit (Sentillia B.V.) in August 2025 and onchain capital-raising platform Echo in October 2025. None of the core lines are among the standard prohibited categories (alcohol, gambling, pork, tobacco, cannabis, conventional banking/insurance, adult entertainment). Assessments of crypto businesses differ among screeners and scholars — some flag crypto trading and derivatives as involving excessive uncertainty, others treat spot exchange services as permissible — and Zoya flags COIN as not Shariah-compliant overall. Gate 1 passes on the prohibited-lines test with these caveats. Facts only.

Gate 2 — Debt and cash: PASS

At June 30, 2026 Coinbase reported long-term debt of $5,944.2M (convertible notes and senior notes with aggregate principal of $6.0B, maturing 2028–2032; the $1.3B of 0.50% convertible notes due June 2026 were repaid in full at maturity, leaving a zero current portion), per the Q2 2026 10-Q. Against a market cap of about $50.13B (~$189 per share, October 2026 quote), debt ÷ market cap is about 11.86%, well below the ~33% ceiling. Cash and cash equivalents ($8,614.1M), restricted cash ($275.8M) and marketable investments ($174.8M) total ~$9,064.7M, about 18.1% of market cap — within the ~33% guideline. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: FAIL

Interest-based income is $273.3M for the six months ended June 30, 2026: interest and finance fee income of $133,933k (earned mainly on loan receivables/lending activities, in subscription and services revenue) plus corporate interest and other income of $139,401k (MD&A: moves with average interest rates earned, down 73–77 bps) — against total revenue of $2,633,050k, about 10.38%, above the 5% non-compliant income ceiling. Note the corporate line bundles other income, so the disclosed interest figure is the closest verifiable number; Q2 alone: ($66,128k + $65,767k) ÷ $1,220,068k ≈ 10.81%. Net loss for H1 2026 was $753.6M. Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does Coinbase do?

Coinbase Global, Inc. (NASDAQ: COIN) is a US-listed crypto exchange and custody platform founded in 2012. Its main business lines are transaction revenue (trading fees from retail consumers and institutional clients), subscription and services revenue (including stablecoin revenue from its USDC reserve-interest arrangement with Circle, blockchain staking rewards, and interest and finance fee income from lending), plus corporate interest and other income on its balance sheet. It acquired the crypto derivatives exchange Deribit (Sentillia B.V.) in August 2025 and the onchain capital-raising platform Echo in October 2025.

Why does Coinbase fail this Shariah stock screen?

Coinbase fails this Shariah stock screen on the income gate. Its crypto exchange, custody and staking businesses are not among the standard prohibited business lines (no alcohol, gambling, pork, conventional banking/insurance, tobacco, cannabis or adult entertainment), and its interest-bearing debt of $5.94B is about 11.86% of its ~$50.13B market cap — under the ~33% ceiling. But identifiable interest-based income — interest and finance fee income of $133.9M plus corporate interest and other income of $139.4M — totals $273.3M against H1 2026 total revenue of $2,633.1M, about 10.38%, over the 5% non-compliant income ceiling. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Coinbase's interest-bearing debt ratio?

At June 30, 2026 Coinbase reported long-term debt of $5,944.2M (convertible notes and senior notes; it repaid $1.3B of 0.50% convertibles at maturity in June 2026, so the current portion was zero), per the Q2 2026 10-Q. Against a market capitalization of about $50.13B (around $189 per share, October 2026 quote), debt ÷ market cap is about 11.86%, well below the ~33% ceiling. Cash and cash equivalents of $8,614.1M plus restricted cash of $275.8M and marketable investments of $174.8M total about $9,064.7M, about 18.1% of market cap — within the ~33% guideline. The financial-structure gate passes; the failure is on the income gate.

What is Coinbase's non-compliant income ratio?

For the six months ended June 30, 2026, Coinbase disclosed two interest-based income lines in its Q2 2026 10-Q: interest and finance fee income of $133,933k (earned mainly on loan receivables and lending activities) and corporate interest and other income of $139,401k (the MD&A attributes its change to a 73–77 basis point decline in average interest rates earned). Together $273.3M against total revenue of $2,633,050k is about 10.38% — above the 5% non-compliant income ceiling. Note the corporate line also bundles other income, so the reported interest figure is the closest verifiable disclosure; on a Q2-only basis the same lines total $131.9M ÷ $1,220.1M ≈ 10.81%. The income gate fails.

Do Zoya, Musaffa, or ShariaPortfolio cover Coinbase?

Zoya covers Coinbase (COIN) and flags it as not Shariah-compliant based on the company's latest financial reports (zoya.finance/stocks/coin). No coverage of COIN was found on Musaffa or ShariaPortfolio — honestly reported as absent, not invented. This page applies the screen directly from Coinbase's primary filings: the Q2 2026 Form 10-Q for the quarter ended June 30, 2026, filed with the SEC.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).