COIN
Coinbase Global Inc.
Is COIN Halal?
Crypto exchange and custody platform with disputed asset activity; current asset-based financial screens also fail.
What You Should Know
Coinbase's March 31, 2026 filing reports debt/assets of 26.96%, cash/assets of 35.37% and receivables plus cash/assets of 41.41%. The platform mixes exchange, custody, staking, stablecoin, lending, derivatives and prediction-market activity whose Sharia treatment differs across schools; a mixed interest-and-other line is not converted into an unsupported percentage.
⚠️ Concerns
- •Liquidity is 35.37% of total assets under the examined treatment
- •Receivables plus cash are 41.41% of total assets
- •Debt is 26.96% of total assets and exceeds the examined Malaysia SAC limit
- •Derivatives, margin, lending and prediction-market products raise riba, gharar and maysir concerns
- •Crypto-asset listings, staking, custody and stablecoin contracts require school-specific review
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
7,776.294 / 28,848.792
10,205.022 / 28,848.792
11,945.992 / 28,848.792
- Financial
- Fails
- Overall
- Fails
Debt is 26.96%, liquidity is 35.37% and receivables plus cash are 41.41%; liquidity and receivables plus cash exceed the examined FTSE total-assets limits. Gross non-compliant income is unavailable from the mixed filing line.
- Financial
- Fails
- Overall
- Fails
Debt is 26.96%, while liquidity is 35.37% and receivables plus cash are 41.41%, above the examined MSCI total-assets limits. This is a calculation against the named method, not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt is 26.96%, above the examined Malaysia SAC debt limit, and liquidity is 35.37%. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
Coinbase operates a crypto-asset exchange, custody and financial-services platform. Brokerage and custody of a permissible digital asset may be viewed as permissible, but the company also facilitates derivatives, margin and institutional financing, staking and stablecoin services, prediction-market activity and trading in assets whose permissibility is disputed across schools and scholars.
Limitation: The filing does not allocate revenue by token, customer use, derivative, lending arrangement, prediction-market contract or screened activity into a universal prohibited-revenue numerator; no blanket halal or haram percentage is invented.
Purification
Coinbase reports a mixed corporate interest-and-other income line but does not prescribe a scholar-approved purification percentage. Readers should follow the qualified scholar or methodology they use rather than applying an invented fixed rate.
Inputs, assumptions and primary sources
- Inputs use Coinbase's March 31, 2026 Form 10-Q; amounts are USD millions converted from the filing's USD-thousands presentation.
- Interest-bearing debt uses current long-term debt of $1,271.056 million, short-term borrowings of $564.610 million and long-term debt of $5,940.628 million. Lease liabilities are not entered as conventional debt.
- Cash uses the reported $10,205.022 million cash and cash equivalents balance. Customer custodial funds, restricted cash, operating crypto and collateral crypto are not added to company liquidity.
- Marketable investments of $232.980 million are primarily equity investments in the filing and are not entered as interest-bearing securities; strategic investments are also excluded.
- Receivables use $296.237 million of accounts receivable plus $1,444.733 million of loan receivables. Customer custodial receivables and crypto assets are not treated as company receivables.
- Total revenue is $1,412.982 million for the quarter. Corporate interest and other income is a mixed line that includes interest and stablecoin-balance income, so no unsupported gross-interest percentage is estimated.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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