Coinbase One Members Can Now Earn 4% Bitcoin Rewards With Amex Card: A New Benchmark in Crypto Cashback
Introduction: A Bitcoin-First Financial Product Arrives
In a significant move for cryptocurrency adoption, Coinbase has opened access to its Coinbase One Card, offering U.S. customers up to 4% back in bitcoin on every purchase. Announced on October 22, 2025, by Max Branzburg, Head of Consumer and Business Products at Coinbase, this product is exclusively available to subscribers of the Coinbase One plan, which costs $49.99 annually. This development marks a strategic push by a major exchange to integrate Bitcoin rewards directly into everyday spending, leveraging a unique historical narrative and a simplified, high-rate rewards structure. The card, which carries no foreign transaction fees and offers flexible bill payment options, arrives as competition in the crypto rewards card space intensifies, providing consumers with clearer choices between a bitcoin-centric model and more diversified, category-driven alternatives.
The Coinbase One Card: Product Specifications and Access
The core offering is straightforward: U.S. residents who are, or become, Coinbase One members can now access a card that provides up to 4% back in bitcoin on all purchases.
Access is explicitly tied to the Coinbase One subscription service. For the $49.99 annual fee, members receive this premium card benefit alongside other existing perks of the One plan. From a user experience perspective, the card eliminates foreign transaction fees and provides two methods to pay the credit card bill: from a linked traditional bank account or directly using cryptocurrency held within the user's Coinbase account.
A critical detail for U.S. taxpayers is the handling of rewards. According to Coinbase, the bitcoin rewards themselves do not appear on 1099 forms when they are earned. However, standard tax implications would apply if and when those bitcoin rewards are later sold for a gain, treating them as a capital asset.
A Nod to History: The "Coinbase" Name and Genesis Block Design
Coinbase is not just launching a financial product; it is weaving Bitcoin's origin story directly into its fabric, making a clear brand statement.
The physical card is etched with raw data from the Genesis Block—the very first block mined by Bitcoin's pseudonymous creator, Satoshi Nakamoto on January 3, 2009. This design choice is a direct homage to the foundation of the Bitcoin network.
Furthermore, the company’s own name, "Coinbase," is a deliberate nod to the "coinbase transaction." In Bitcoin's protocol, the coinbase transaction is the first transaction in every new block, through which new bitcoin is created and awarded to the miner who successfully solved the computational problem to mine that block. By framing the product this way, Coinbase positions the card not merely as a cashback tool but as an extension of the Bitcoin ecosystem itself, centering on a "bitcoin-first identity."
The Competitive Landscape: Coinbase vs. Gemini's Evolving Card Strategy
The crypto rewards card market is maturing rapidly, with key players like Gemini establishing themselves and now Coinbase entering with a distinct approach.
Crypto rewards cards are not a novel concept. Gemini launched its credit card in 2023, offering up to 3% crypto cashback on purchases and supporting a range of digital assets including bitcoin, ether, and various stablecoins. Gemini's marketing has historically emphasized the convenience of earning a portfolio of cryptocurrencies through everyday spending.
Just two days prior to Coinbase’s broad rollout announcement on October 22, Gemini announced a new Solana edition of its Gemini Credit Card. This product offers tiered rewards: up to 4% back in SOL on specific categories like gas, EV charging, and rideshare (up to a monthly cap), 3% on dining, 2% on groceries, and 1% on all other purchases. It also features select merchant offers that can reach up to 10 percent back. The Gemini card has no annual fee, no fee to receive crypto rewards, and no foreign transaction fees. A notable feature for the Solana edition is an option to auto-stake Solana rewards directly, though it is noted that staking APRs can change and are not guaranteed.
Structural Divergence: Flat-Rate Bitcoin vs. Category-Driven Rewards
The most significant practical difference for consumers lies in how rewards are accrued, highlighting two distinct philosophies in product design.
Coinbase has opted for a simple, flat-rate model. For Coinbase One members, the promise is "up to 4% back in bitcoin on every purchase." This structure is designed for users who prefer predictability and a singular focus on accumulating bitcoin regardless of spending category.
In contrast, Gemini employs a category-based model. Its original card provides up to 3% back across multiple cryptocurrencies. Its new Solana edition further refines this with tiered percentages (4%, 3%, 2%, 1%) that vary based on the type of purchase, alongside rotating merchant offers.
These approaches serve different customer preferences:
- Coinbase One Card: Targets customers who want a consistent bitcoin-only earn rate on all spending, value the historical branding, and are willing to pay a $49.99 annual fee for access. The option to pay the bill with crypto held on Coinbase is also a key differentiator.
- Gemini Credit Cards: Appeal to users seeking exposure to multiple assets (or specifically Solana) without an annual fee. The Solana edition adds layers of complexity and potential value through category bonuses and the unique auto-staking feature for rewards.
Both companies position their products as tools for integrating crypto into daily life, but the choice for consumers will hinge on their preference for simplicity and Bitcoin purity versus category optimization and asset diversity.
Broader Market Context: Stablecoin Growth and Corporate Holdings
This product launch occurs within a broader ecosystem demonstrating increased institutional and commercial use of digital assets.
While not directly related to the card launch, recent market developments underscore the growing maturity of the crypto space. For instance, stablecoin payment volumes have grown to $19.4 billion year-to-date in 2025, indicating robust demand for blockchain-based settlement.
Furthermore, corporate treasury management continues to intersect with cryptocurrency. On the same day as the card news, it was reported that Tesla booked an $80 million profit on its bitcoin holdings in Q3 2025. The company's digital asset holdings were valued at $1.315 billion as of September 30 versus $1.235 billion three months earlier. Tesla apparently made no changes to its bitcoin holdings during the quarter; the profit was attributable solely to bitcoin's rising price during that period.
Strategic Conclusion: Defining Choices in a Maturing Market
The launch of the Coinbase One Card represents a pivotal moment in the evolution of crypto-finance integration. By offering a flat 4% bitcoin reward tied to a subscription service and imbuing the product with Bitcoin's foundational lore, Coinbase has carved out a specific niche for the Bitcoin-maximalist and those seeking straightforward rewards. Its direct competition with Gemini’s category-based, multi-asset approach illustrates a market that is segmenting to cater to diverse user preferences—from simplicity and brand allegiance to optimization and flexibility.
For consumers, the decision matrix is now clearer than ever. It involves weighing an annual fee against a flat high reward rate, choosing between single-asset (Bitcoin) or multi-asset/ecosystem-specific (Solana) rewards, and deciding if the ability to pay bills directly from crypto holdings is a valuable feature.
Moving forward, readers should watch how adoption rates for these cards influence future product developments from both companies and other potential entrants. Key metrics to observe will be user growth for Coinbase One subscriptions following this incentive and whether Gemini responds with further iterations of its own card program. As these financial products become more commonplace, they serve as a tangible bridge between traditional consumer finance and the digital asset economy, accelerating the journey of cryptocurrency into mainstream spending habits.