Coinbase (NASDAQ:COIN) is leaning into subscriptions with its first American Expressbranded credit card, promising up to 4% Bitcoin (BTC-USD) back for paying members.
The Coinbase One Card launches this fall and ties directly to Coinbase One’s $29.99 monthly plan, which already offers higher staking rewards and transaction credits on its Base blockchain. A new $4.99 Basic tier will give lighter users a taste of perks without full Bitcoin cashback.
By making the card exclusive to subscribers, Coinbase is shifting its revenue mix away from trading fees$1.26 billion in Q1toward predictable, recurring streams. Last quarter, its services suite (Coinbase One, Base, staking, stablecoins and custody) generated $698.1 million, and analysts say subscription growth is the linchpin for long-term stability.
Amex’s Will Stredwick praised the card as an excellent mix of what customers are looking for right now, underlining the appeal of direct crypto rewards through a trusted partner.
Beyond consumer incentives, the card rollout sets the stage for Coinbase’s push into U.S. perpetual futureshigh-volume contracts previously available only offshore. Talks with the CFTC are underway, and approval could add institutional-grade revenue alongside the retail flywheel the card aims to spin. If subscribers stick around for both perks and pro products, Coinbase could build a durable moat in an industry plagued by fee volatility.
Why It Matters: Embedding Bitcoin rewards in a subscription paywall could transform Coinbase’s business model from cyclical trading income to stable, engaged user cohorts.
This article first appeared on GuruFocus.
