Coinbase Wins Final OCC Approval to Charter a National Trust Company for Crypto Custody

Coinbase (COIN) received final approval for a national trust bank charter from the OCC, allowing it to offer crypto custody and payment services. Despite this milestone, COIN stock fell 1.51% to $134.76. The company reported $719M net income in Q3 2026, up from $433M a year earlier, and $333M adjusted EBITDA, a 60% QoQ increase.

Coinbase received final OCC approval for a national trust bank, which will hold crypto for institutions and allow cash/crypto transfers within custody accounts. The bank cannot take deposits or make loans. Coinbase plans to migrate its New York trust company's custody business over three years. The OCC's approval does not permit stablecoin issuance without further approval. Coinbase is the third crypto firm this year to gain such approval, amid legal challenges from the ICBA.

Coinbase Global Inc. (COIN) received final federal trust approval, allowing it to offer specialized custody services under federal supervision. The approval does not make it a commercial bank. Coinbase also expanded its partnership with PNC Bank for stablecoin payments. COIN stock is down 40% year-to-date, reflecting broader market challenges.

Coinbase (COIN) received final approval from the OCC to establish Coinbase National Trust Company, allowing it to operate under a national banking framework. This removes a regulatory hurdle for its institutional custody business, which is not authorized to accept retail deposits or conduct traditional lending. Coinbase reported $376.6 billion in assets on its platform as of September 30.

BlackRock transferred $482.66M in Bitcoin and Ethereum to Coinbase Prime on November 9, including 5,320 BTC and 40,715 ETH. US spot Bitcoin ETFs saw $1.28B in net outflows, with BlackRock's iShares Bitcoin Trust (IBIT) accounting for $1.21B. Bitcoin traded at $74,819, down 1.1%. BlackRock filed for a Bitcoin Managed Protection ETF (PBIT) with the SEC.

Coinbase received a full federal trust charter from the OCC, elevating its status from conditional. This change allows more flexibility in asset custody and stablecoin backing, but does not enable full banking services. Coinbase already custodians Bitcoin spot ETFs, and this charter provides regulatory clarity.