Coinbase Global, Inc., Form 10-Q for the quarter ended March 31, 2026
Summary
Form 10-Q quarterly report of Coinbase Global, Inc. for the quarterly period ended March 31, 2026, Commission file number 001-40289. The cover page reports 222,426,875 shares of Class A common stock and 41,033,891 shares of Class B common stock outstanding as of April 30, 2026, and checks large accelerated filer. The table of contents lists unaudited condensed consolidated financial statements beginning at page 4, and Management’s Discussion and Analysis at page 28. The signature page is dated May 7, 2026 and shows /s/ Brian Armstrong, Chief Executive Officer and Director, and /s/ Alesia J. Haas, Chief Financial Officer.
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“Coinbase Global, Inc., Form 10-Q for the quarter ended March 31, 2026.”
Original at s27.q4cdn.com. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/coinbase-global-inc-form-10-q-for-the-quarter-ended-march-31-2026-e6c95d1d20/
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
Commission file number 001-40289
Coinbase Global, Inc.
(Exact name of registrant as specified in its charter)
Texas 46-4707224
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
One Madison Avenue
Suite 2400
New York, NY 10010
(Address of Principal Executive Offices)1 (Zip Code)1
Not Applicable
Registrant's telephone number, including area code1
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A common stock, $0.00001 par value per
COIN The Nasdaq Stock Market LLC
share
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject
to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to
submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As of April 30, 2026, the number of shares of the registrant's Class A common stock outstanding was 222,426,875 and the number of shares of
the registrant's Class B common stock outstanding was 41,033,891.
1 We are a remote-first company. Accordingly, we do not maintain a headquarters. We are including this address solely for the purpose of satisfying the Securities and Exchange
Commission’s request. Shareholder communications may also be sent to the email address: secretary@coinbase.com.
Table of Contents
TABLE OF CONTENTS
Page
Part I - Financial Information 4
Item 1. Financial Statements (Unaudited) ......................................................................................................................... 4
Condensed Consolidated Balance Sheets .................................................................................................................. 4
Condensed Consolidated Statements of Operations ................................................................................................. 5
Condensed Consolidated Statements of Comprehensive Income .......................................................................... 6
Condensed Consolidated Statements of Changes in Shareholders' Equity .......................................................... 7
Condensed Consolidated Statements of Cash Flows................................................................................................ 8
Notes to Condensed Consolidated Financial Statements ......................................................................................... 9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ....................... 28
Item 3. Quantitative and Qualitative Disclosures About Market Risk ............................................................................ 41
Item 4. Controls and Procedures ........................................................................................................................................ 42
Part II - Other Information 42
Item 1. Legal Proceedings ................................................................................................................................................... 43
Item 1A. Risk Factors ........................................................................................................................................................... 43
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds ........................................................................ 43
Item 3. Defaults Upon Senior Securities............................................................................................................................ 44
Item 4. Mine Safety Disclosures ......................................................................................................................................... 44
Item 5. Other Information ..................................................................................................................................................... 44
Item 6. Exhibits ...................................................................................................................................................................... 46
Signatures .............................................................................................................................................................................. 47
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SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements. All statements contained in
this Quarterly Report on Form 10-Q other than statements of historical fact, including statements
regarding our future operating results and financial position, our business strategy and plans, market
growth, and our objectives for future operations, are forward-looking statements. In some cases, forward-
looking statements may be identified by words such as “believe,” “may,” “will,” “estimate,” “potential,”
“continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” or the negative of
these terms or other similar expressions.
Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not
limited to, statements about:
• our future financial performance, including our expectations regarding our net revenue, operating
expenses, and our ability to achieve and maintain future profitability;
• our business plan and our ability to effectively manage any growth;
• anticipated trends, growth rates, and challenges in our business, the onchain economy, the price,
and market capitalization of crypto assets and in the markets in which we operate;
• market acceptance of our products and services;
• our ability to continue to diversify and grow our subscription and services revenue, including our
stablecoin revenue, and the impact of interest rate changes on such revenue;
• the growth and regulatory treatment of our derivatives trading and event contract products;
• beliefs and objectives for future operations;
• our ability to maintain, expand, and further penetrate our existing customer base;
• our ability to develop new products and services and grow our business in response to changing
technologies, customer demand, and competitive pressures;
• our expectations concerning relationships with third parties;
• our ability to maintain, protect, and enhance our intellectual property;
• our ability to continue to expand internationally;
• the effects of increased competition in our markets and our ability to compete effectively;
• future acquisitions of or investments in complementary companies, products, services, or
technologies and our ability to successfully integrate such companies or assets;
• our ability to stay in compliance with laws and regulations that currently apply or become
applicable to our business both in the United States and internationally given the highly evolving
and uncertain regulatory landscape;
• general macroeconomic conditions, including interest rates, inflation, changes in tariffs and trade
restrictions, instability in the global banking system, economic downturns, and other global
events, including regional wars and conflicts and government shutdowns;
• economic and industry trends, projected growth, or trend analysis;
• trends in revenue;
• trends in operating expenses, including technology and development expenses, sales and
marketing expenses, and general and administrative expenses, as well as certain variable
expenses, and expectations regarding these expenses as a percentage of revenue;
• our key business metrics used to evaluate our business, measure our performance, identify
trends affecting our business, and make strategic decisions;
• the expected benefits and impacts of our acquisition of Sentillia B.V.;
• our plans with respect to the Repurchase Program; and
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• other statements regarding our future operations, financial condition, and prospects and business
strategies.
We caution you that the foregoing list may not contain all of the forward-looking statements made in
this Quarterly Report on Form 10-Q.
You should not rely upon forward-looking statements as predictions of future events. We have based
the forward-looking statements contained in this Quarterly Report on Form 10-Q on our current
expectations and projections about future events and trends that we believe may affect our business,
financial condition, results of operations, and prospects. The outcome of the events described in these
forward-looking statements is subject to risks, uncertainties, and other factors, including those described
in the section titled “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended
December 31, 2025 filed with the Securities and Exchange Commission on February 12, 2026, together
with any updates in the sections titled “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in Part I, Item 2 and “Risk Factors” in Part II, Item 1A in this Quarterly Report on
Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and
uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties
that could have an impact on any forward-looking statements contained in this Quarterly Report on Form
10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking
statements will be achieved or occur, and actual results, events, or circumstances could differ materially
from those described in such forward-looking statements.
Neither we nor any other person assume responsibility for the accuracy and completeness of any of
these forward-looking statements. Moreover, the forward-looking statements made in this Quarterly
Report on Form 10-Q relate only to events as of the date on which the statements are made. We
undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form
10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect
new information or the occurrence of unanticipated events, except as required by law. We may not
actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you
should not place undue reliance on our forward-looking statements. Our forward-looking statements do
not reflect the potential impact of any future acquisitions, mergers, dispositions, restructurings, joint
ventures, partnerships, or investments we may make.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the
relevant subject. These statements are based upon information available to us as of the date of this
Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such
statements, such information may be limited or incomplete, and our statements should not be read to
indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant
information. These statements are inherently uncertain, and investors are cautioned not to unduly rely
upon these statements.
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Coinbase Global, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
March 31, December 31,
2026 2025
Assets
Current assets:
Cash and cash equivalents .................................................................................................. $ 10,205,022 $ 11,285,452
Restricted cash and cash equivalents................................................................................ 294,807 334,318
Customer custodial funds ..................................................................................................... 5,476,614 5,347,428
Crypto assets held for operations ....................................................................................... 90,661 120,831
Loan receivables.................................................................................................................... 1,444,733 1,354,692
Crypto assets held as collateral .......................................................................................... 1,141,633 822,827
Crypto assets borrowed........................................................................................................ 246,380 318,849
Accounts receivable, net ...................................................................................................... 296,237 307,119
Marketable investments........................................................................................................ 232,980 309,765
Other current assets.............................................................................................................. 250,743 187,164
Total current assets .......................................................................................................... 19,679,810 20,388,445
Crypto assets held for investment ............................................................................................ 1,601,231 1,998,871
Strategic investments ................................................................................................................. 832,420 622,985
Deferred tax assets..................................................................................................................... 647,664 570,819
Goodwill ........................................................................................................................................ 4,208,389 4,168,967
Intangible assets, net ................................................................................................................. 1,364,983 1,397,794
Other non-current assets ........................................................................................................... 514,295 523,951
Total assets .................................................................................................................. $ 28,848,792 $ 29,671,832
Liabilities and Shareholders’ Equity
Current liabilities:
Customer custodial fund liabilities....................................................................................... $ 5,476,614 $ 5,347,428
Current portion of long-term debt ........................................................................................ 1,271,056 1,269,585
Short-term borrowings .......................................................................................................... 564,610 452,105
Obligation to return collateral ............................................................................................... 1,151,861 826,883
Accrued expenses and other current liabilities ................................................................. 726,749 805,281
Total current liabilities ...................................................................................................... 9,190,890 8,701,282
Long-term debt ............................................................................................................................ 5,940,628 5,937,034
Other non-current liabilities ....................................................................................................... 236,701 240,458
Total liabilities .................................................................................................................... 15,368,219 14,878,774
Commitments and contingencies (Note 19)
Shareholders’ equity:
Preferred stock, $0.00001 par value; 500,000 shares authorized and zero shares
issued and outstanding at each of March 31, 2026 and December 31, 2025 ............. — —
Class A and B common stock, $0.00001 par value; 10,500,000 (Class A
10,000,000, Class B 500,000) shares authorized at March 31, 2026 and
December 31, 2025; 263,411 (Class A 222,377, Class B 41,034) shares issued
and outstanding at March 31, 2026 and 267,836 (Class A 226,797, Class B
41,039) shares issued and outstanding at December 31, 2025 .................................... 3 3
Additional paid-in capital....................................................................................................... 7,666,768 8,566,854
Accumulated other comprehensive (loss) income ........................................................... (13,309) 4,973
Retained earnings ................................................................................................................. 5,827,111 6,221,228
Total shareholders’ equity ............................................................................................... 13,480,573 14,793,058
Total liabilities and shareholders’ equity .................................................................. $ 28,848,792 $ 29,671,832
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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Coinbase Global, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended March 31,
2026 2025
Revenue:
Net revenue ......................................................................................................................... $ 1,339,348 $ 1,936,821
Other revenue ..................................................................................................................... 73,634 97,474
Total revenue ................................................................................................................. 1,412,982 2,034,295
Operating expenses:
Transaction expense.......................................................................................................... 195,859 303,026
Technology and development........................................................................................... 525,648 355,368
Sales and marketing .......................................................................................................... 266,726 247,283
General and administrative ............................................................................................... 376,094 394,346
Losses on crypto assets held for operations, net.......................................................... 35,151 34,365
Other operating expense (income), net .......................................................................... 34,925 (5,899)
Total operating expenses ............................................................................................. 1,434,403 1,328,489
Operating (loss) income ............................................................................................... (21,421) 705,806
Interest expense ...................................................................................................................... 22,569 20,511
Losses on crypto assets held for investment, net .............................................................. 482,356 596,651
Other (income) expense, net ................................................................................................. (61,641) 6,188
(Loss) income before income taxes ........................................................................... (464,705) 82,456
(Benefit from) provision for income taxes ............................................................................ (70,588) 16,848
Net (loss) income .......................................................................................................... $ (394,117) $ 65,608
Net (loss) income attributable to common shareholders:
Basic ..................................................................................................................................... $ (394,117) $ 65,608
Diluted .................................................................................................................................. $ (394,117) $ 65,608
Net (loss) income per share:
Basic ..................................................................................................................................... $ (1.49) $ 0.26
Diluted .................................................................................................................................. $ (1.49) $ 0.24
Weighted-average shares of common stock used to compute net (loss) income per
share:
Basic ..................................................................................................................................... 264,775 253,878
Diluted .................................................................................................................................. 264,775 271,251
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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Coinbase Global, Inc.
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)
Three Months Ended March 31,
2026 2025
Net (loss) income ................................................................................................................ $ (394,117) $ 65,608
Other comprehensive (loss) income:
Translation adjustment.................................................................................................. (18,282) 8,018
Income tax effect ........................................................................................................... — (59)
Translation adjustment, net of tax.......................................................................... (18,282) 7,959
Comprehensive (loss) income $ (412,399) $ 73,567
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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Coinbase Global, Inc.
Condensed Consolidated Statements of Changes in Shareholders' Equity
(In thousands)
(Unaudited)
Accumulated
Additional Other
Common Stock Paid-In Comprehensive Retained
Shares Amount Capital Income (Loss) Earnings Total
Balance at January 1, 2026 .................................................................................................................... 267,836 $ 3 $ 8,566,854 $ 4,973 $ 6,221,228 $ 14,793,058
Common stock issued as consideration for business combination ............................................... 173 — 19,386 — — 19,386
Common stock issued in connection with equity awards ................................................................ 2,312 — 9,235 — — 9,235
Common stock repurchased ................................................................................................................ (6,278) — (1,062,234) — — (1,062,234)
Common stock withheld for net share settlement of equity awards .............................................. (632) — (118,925) — — (118,925)
Stock-based compensation (inclusive of capitalized stock-based compensation) ...................... — — 252,452 — — 252,452
Other comprehensive loss .................................................................................................................... — — — (18,282) — (18,282)
Net loss .................................................................................................................................................... — — — — (394,117) (394,117)
Balance at March 31, 2026 ..................................................................................................................... 263,411 $ 3 $ 7,666,768 $ (13,309) $ 5,827,111 $ 13,480,573
Balance at January 1, 2025 .................................................................................................................... 253,640 $ 2 $ 5,365,990 $ (50,051) $ 4,960,901 $ 10,276,842
Common stock issued in connection with equity awards ................................................................ 1,338 — 10,840 — — 10,840
Common stock withheld for net share settlement of equity awards .............................................. (388) — (100,303) — — (100,303)
Stock-based compensation (inclusive of capitalized stock-based compensation) ...................... — — 207,294 — — 207,294
Other comprehensive income .............................................................................................................. — — — 7,959 — 7,959
Net income .............................................................................................................................................. — — — — 65,608 65,608
Balance at March 31, 2025 ..................................................................................................................... 254,590 $ 2 $ 5,483,821 $ (42,092) $ 5,026,509 $ 10,468,240
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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Coinbase Global, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended March 31,
2026 2025
Cash flows from operating activities
Net (loss) income .................................................................................................................................... $ (394,117) $ 65,608
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization ........................................................................................................... 68,006 33,333
Stock-based compensation expense ................................................................................................ 248,055 190,729
Deferred income taxes ........................................................................................................................ (77,176) (54,540)
Losses on crypto assets held for operations, net............................................................................ 35,151 34,365
Losses on crypto assets held for investment, net ........................................................................... 482,356 596,651
Gains on investments, net .................................................................................................................. (46,797) (3,327)
Other operating activities, net ............................................................................................................ 23,480 80,956
Changes in operating assets and liabilities:
Other current and non-current assets .......................................................................................... (25,346) (78,696)
Other current and non-current liabilities ....................................................................................... (130,868) (12,385)
Net cash provided by operating activities............................................................................................... 182,744 852,694
Cash flows from investing activities
Loans originated ................................................................................................................................... (3,011,186) (1,937,709)
Proceeds from repayment of loans ................................................................................................... 2,964,795 2,013,905
Business combinations, net of cash and cash equivalents acquired ........................................... (22,085) (16,683)
Purchases of crypto assets held for investment.............................................................................. (82,979) (153,337)
Dispositions of crypto assets held for investment ........................................................................... 18,880 17,107
Purchase of investments..................................................................................................................... (217,490) (27,227)
Dispositions of investments ................................................................................................................ 128,997 5,140
Other investing activities, net ............................................................................................................. (17,996) (26,531)
Net cash used in investing activities ....................................................................................................... (239,064) (125,335)
Cash flows from financing activities
Repurchase of common stock............................................................................................................ (1,062,234) —
Customer custodial fund liabilities ..................................................................................................... 149,814 (818,487)
Customer collateral received .............................................................................................................. 7,504 111,994
Return of customer collateral ............................................................................................................. (1,337) (105,329)
Taxes paid related to net share settlement of equity awards ........................................................ (118,925) (100,303)
Proceeds from short-term borrowings .............................................................................................. 243,529 194,893
Repayments of short-term borrowings.............................................................................................. (101,932) (208,004)
Other financing activities, net ............................................................................................................. 18,674 18,323
Net cash used in financing activities ....................................................................................................... (864,907) (906,913)
Net decrease in cash, cash equivalents, and restricted cash and cash equivalents ...................... (921,227) (179,554)
Effect of exchange rates on cash, cash equivalents, and restricted cash and cash equivalents.. (38,171) 1,655
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period .............. 16,893,420 15,683,456
Cash, cash equivalents, and restricted cash and cash equivalents, end of period ......................... $ 15,934,022 $ 15,505,557
Cash and cash equivalents ................................................................................................................ $ 10,205,022 $ 9,969,393
Restricted cash and cash equivalents .............................................................................................. 294,807 339,090
Customer custodial cash and cash equivalents .............................................................................. 5,434,193 5,197,074
Total cash, cash equivalents, and restricted cash and cash equivalents .......................................... $ 15,934,022 $ 15,505,557
Supplemental cash flow disclosure
Crypto assets borrowed ...................................................................................................................... 1,229,303 465,262
Crypto assets borrowed repaid .......................................................................................................... 1,250,883 440,796
Customer crypto assets received as collateral ................................................................................ 1,441,176 779,893
Customer crypto asset collateral returned ....................................................................................... 986,628 797,722
Crypto asset loan receivables originated ......................................................................................... 1,078,495 730,895
Crypto asset loan receivables repaid ................................................................................................ 1,031,442 766,183
Additions of crypto asset investments .............................................................................................. — 166,291
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
1. NATURE OF OPERATIONS
Coinbase, Inc. was founded in 2012. In April 2014, in connection with a corporate reorganization,
Coinbase, Inc. became a wholly-owned subsidiary of Coinbase Global, Inc. (together with its consolidated
subsidiaries, the “Company”).
The Company provides a trusted platform that serves as a compliant on-ramp to the onchain
economy and enables users to engage in a wide variety of activities with their crypto assets in both
proprietary and third-party product experiences enabled by access to decentralized applications. The
Company offers (i) consumers their primary financial account for the onchain economy, (ii) institutions a
full-service prime brokerage platform with access to deep pools of liquidity across the crypto marketplace,
and (iii) developers a suite of products granting access to build onchain.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation and preparation
The accompanying Condensed Consolidated Financial Statements (the “Financial Statements”)
include the accounts of the Company and its subsidiaries – entities in which the Company holds, directly
or indirectly, more than 50% of the voting rights, or where it exercises control. The Financial Statements
are unaudited but have been prepared in accordance with United States (“U.S.”) generally accepted
accounting principles (“GAAP”) on the same basis as the audited Consolidated Financial Statements, and
in management’s opinion, reflect all adjustments, consisting only of normal, recurring adjustments, that
are necessary for the fair presentation of the Company’s Financial Statements. Preparation of the
Financial Statements in accordance with GAAP requires management to make estimates and
assumptions in the Financial Statements and notes thereto. The unaudited Condensed Consolidated
Results of Operations for the three months ended March 31, 2026 are not necessarily indicative of the
results to be expected for the full year or any other period and should be read in conjunction with the
audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission
(the “SEC”) on February 12, 2026 (the “Annual Report”).
Certain prior period amounts in the Financial Statements have been reclassified to conform to the
current period’s presentation. There were no material changes to the Company’s most significant
estimates and assumptions, significant accounting policies, segment reporting, or recent accounting
pronouncements that were disclosed in Note 2. Summary of Significant Accounting Policies to the
Consolidated Financial Statements included in the Annual Report, other than as discussed below.
Changes in financial statement presentation
During the first quarter of 2026, the Company revised the presentation of revenue earned on
corporate payment stablecoin balances. As these assets are classified as cash and cash equivalents and
managed as fungible in daily operations, the Company determined that presenting all similar revenue
within a single line item enhances transparency. Accordingly, this revenue is now presented in Other
revenue rather than in Net revenue in the Condensed Consolidated Statements of Operations, with no
impact to Total revenue. There is no change to the Company's arrangement with Circle Internet Financial,
LLC ("Circle") or the revenue generated. The associated amount of revenue earned on corporate
payment stablecoin balances for the three months ended March 31, 2025 of $23.5 million has been
reclassified to conform to the current period presentation. See Note 4. Revenue for additional details.
Additionally, the Company revised the presentation of certain loan collateral received and returned in
the Condensed Consolidated Statement of Cash Flows, from a gross to a net basis. The Company
determined that a net presentation more accurately reflects the economic substance of these
transactions, where the turnover is quick, the amounts are large, and the maturities are short, and that
this net presentation is consistent with the existing net presentation of the related loan balances. The
change in presentation was applied retrospectively to all periods presented, as shown in the table below
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
in the column with the heading “Change in Presentation.” The reclassification had no effect on previously
reported total net cash used in investing activities, net income, or any balance sheet amounts.
Change in accounting principle
Accounting for payment stablecoins
Effective December 31, 2025, the Company voluntarily elected to change its method of accounting for
payment stablecoins, including USDC, EURC, and PYUSD, to classify them as cash equivalents and to
apply the Company’s accounting policies for crypto lending, borrowing, and collateral to payment
stablecoin lending, borrowing, and collateral. The change in accounting principle was applied
retrospectively to all periods presented, including in the Condensed Consolidated Statements of Cash
Flows, the changes to which are shown in the table below in the column with the heading “Change in
Principle.” The reclassification had no effect on previously reported total assets, total liabilities, equity, net
income, or earnings per share for any period presented.
Impact of financial statement reclassifications
The following table presents the impact of the changes in financial statement presentation and
accounting principle, as discussed above, on the Condensed Consolidated Statements of Cash Flows (in
thousands):
Three Months Ended March 31, 2025
Previously Change in Change in
Reported Presentation Principle As Adjusted
Changes in operating assets and liabilities ..................... $ (1,126,502) $ — $ 1,035,421 $ (91,081)
Loans originated .................................................................. (277,922) — (1,659,787) (1,937,709)
Proceeds from repayment of loans ................................... 248,055 — 1,765,850 2,013,905
Purchase of investments .................................................... (22,070) — (5,157) (27,227)
Dispositions of investments ............................................... 4,968 — 172 5,140
Purchases of crypto assets held for investment ............. (148,083) — (5,254) (153,337)
Dispositions of crypto assets held for investment .......... 10,622 — 6,485 17,107
Other investing activities, net(1).......................................... (30,540) — 4,009 (26,531)
Customer collateral received ............................................. 231,895 (171,257) 51,356 111,994
Return of customer collateral ............................................. (225,230) 171,257 (51,356) (105,329)
Proceeds from short-term borrowings .............................. — — 194,893 194,893
Repayments of short-term borrowings ............................. — — (208,004) (208,004)
__________________
(1) Business combinations, net of cash and cash equivalents acquired, Purchase of investments, and Dispositions of investments
are presented as separate line items on the face of the Condensed Consolidated Statements of Cash Flows and are therefore
excluded from this presentation of Other investing activities, net.
Recent accounting pronouncements
Accounting pronouncements pending adoption
On September 18, 2025, the Financial Accounting Standards Board issued Accounting Standards
Update (“ASU”) No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (“ASU
2025-06”). ASU 2025-06 amends Accounting Standards Codification (“ASC”) 350-40, Intangibles-Goodwill
and Other-Internal Use Software, to reflect that software is not always developed in a linear manner,
removing all references to development stages and adding new guidance on how to evaluate whether the
probable-to-complete threshold has been met. ASU 2025-06 is required to be adopted for fiscal years
commencing after December 15, 2027, with early adoption permitted. ASU 2025-06 allows for a
prospective, retrospective, or modified transition approach to adoption, based on the status of the project
and whether software costs were capitalized before the date of adoption. The Company anticipates using
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
a prospective transition approach and is evaluating the impact of adopting the standard on the Financial
Statements.
Concentration of credit risk
The Company’s cash and cash equivalents, restricted cash and cash equivalents, customer custodial
funds, loan receivables, certain crypto assets held, accounts receivable, and deposits are potentially
subject to concentration of credit risk. See below and Notes 5. Collateralized Arrangements and
Financing and 7. Accounts Receivable, Net for a discussion of these risks by counterparty and type of
transaction.
Payment stablecoins
Payment stablecoins are redeemable on a one-to-one basis for cash and cash equivalents and are
classified as Cash and cash equivalents in the Condensed Consolidated Balance Sheets. As of March 31,
2026 and December 31, 2025, the reserves backing these payment stablecoins were held by the issuers
in cash and cash equivalents in segregated accounts titled for the benefit of payment stablecoin holders.
Funds held at financial institutions
Cash and cash equivalents, excluding payment stablecoins which are held on our platform, are
primarily placed with financial institutions which are of high credit quality, primarily in highly liquid, highly
rated instruments which are uninsured. The Company may also have corporate deposit balances with
financial institutions which exceed the Federal Deposit Insurance Corporation insurance limit of $250,000.
The Company has not experienced losses on these accounts and does not believe it is exposed to any
significant credit risk with respect to these accounts.
Funds held at venues
The Company holds cash at venues, which include third-party payment processors, digital wallets,
and trading platforms, but exclude clearing agents, and performs a regular assessment of these venues
as part of its risk management process. As of March 31, 2026 and December 31, 2025, the Company
held an immaterial amount and $110.8 million, respectively, of cash at venues.
3. ACQUISITIONS
Information on acquisitions completed during the periods presented is set forth below. The results of
operations of all business combinations have been recorded in the Financial Statements since the dates
of acquisition.
Deribit
On August 14, 2025, the Company acquired the outstanding equity of Sentillia B.V. (“Deribit”), a
crypto derivatives exchange. The Company believes this strategic acquisition will play a key role in its
goal to be the premier global platform for crypto derivatives. Total consideration transferred in the
acquisition, subject to customary post-closing adjustments, was $4.3 billion, consisting of the following (in
thousands):
Cash ................................................................................................................................................. $ 721,460
Class A common stock of the Company(1) .................................................................................. 3,573,092
Total purchase consideration ..................................................................................................... $ 4,294,552
__________________
(1) Fair value, representing the closing market price of the Company’s Class A common stock on the acquisition date.
The aggregate purchase consideration includes $150.0 million in cash subject to an indemnity escrow
that expires 15 months after the acquisition date.
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
In accordance with ASC 805, Business Combinations (“ASC 805”), the acquisition was accounted for
as a business combination under the acquisition method. The purchase consideration was allocated to
the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as
of the acquisition date with the excess recorded as goodwill, as follows (in thousands):
Goodwill ........................................................................................................................................... $ 2,818,754
Intangible assets............................................................................................................................. 1,390,000
Crypto assets held for investment ............................................................................................... 164,263
Deferred tax assets and liabilities, net ........................................................................................ (132,527)
Cash and cash equivalents and restricted cash ........................................................................ 112,928
Other assets and liabilities, net .................................................................................................... (58,866)
Net assets acquired ..................................................................................................................... $ 4,294,552
The goodwill is primarily attributed to the assembled workforce as well as the anticipated operational
synergies from the integration of Deribit’s trading platform with the Company’s existing platform. The
goodwill is expected to be deductible for U.S. tax purposes.
The following table sets forth the components of identifiable intangible assets acquired and their
estimated useful lives as of the date of acquisition (in thousands, except for years data):
Useful Life at
Acquisition
Fair Value (in years)
Customer relationships ............................................................................................ $ 1,059,000 15
Acquired developed technology.............................................................................. 288,000 6
Trade name ................................................................................................................ 43,000 8
Total identifiable intangible assets acquired ....................................................... $ 1,390,000 13
The customer relationships represent the fair value of projected cash flows derived from existing
customers of Deribit and were valued using the multi-period excess earnings method. The present value
of projected cash flows included significant judgment and assumptions regarding future revenues, attrition
rates, and the discount rate.
Echo
On October 8, 2025, the Company acquired all of the outstanding equity interests of Gm Echo Ltd
(“Echo”), an onchain capital raising platform. The Company believes this strategic acquisition will play a
key role in its goal to create more accessible, efficient, and transparent capital markets.
In accordance with ASC 805, the acquisition was accounted for as a business combination under the
acquisition method. The total purchase consideration transferred in the acquisition was $176.0 million,
which included $68.0 million in cash and $108.0 million in Class A common stock of the Company. Net
assets acquired were $23.7 million, and the excess purchase price of $152.3 million was recorded as
goodwill. The goodwill is primarily attributed to the assembled workforce as well as the anticipated
operational synergies from the integration of Echo’s platform with the Company’s existing platform. The
goodwill is expected to be deductible for U.S. tax purposes.
Other acquisitions
During 2026 and 2025, the Company completed other business combinations that were immaterial,
both individually and in the aggregate.
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
4. REVENUE
The following table presents revenue disaggregated by type (in thousands):
Three Months Ended March 31,
2026 2025
Net revenue
Transaction revenue
Consumer, net......................................................................................................... $ 566,899 $ 1,095,506
Institutional, net....................................................................................................... 135,726 98,888
Other transaction revenue, net............................................................................. 53,200 67,814
Total transaction revenue ................................................................................. 755,825 1,262,208
Subscription and services revenue
Stablecoin revenue(1) ............................................................................................. 305,435 274,037
Blockchain rewards ................................................................................................ 100,849 196,592
Interest and finance fee income(2) ........................................................................ 67,805 63,086
Other subscription and services revenue ........................................................... 109,434 140,898
Total subscription and services revenue .......................................................... 583,523 674,613
Total net revenue ............................................................................................... 1,339,348 1,936,821
Other revenue
Corporate interest and other income(1) .................................................................. 73,634 97,474
Total other revenue............................................................................................ 73,634 97,474
Total revenue ...................................................................................................... $ 1,412,982 $ 2,034,295
__________________
(1) Amounts represent revenue that is not accounted for as revenue from contracts with customers, as defined in ASC 606,
Revenue from Contracts with Customers (“ASC 606”). During the first quarter of 2026, the Company revised the presentation of
revenue earned on corporate payment stablecoin balances, now presenting the amounts in Corporate interest and other
income rather than in Stablecoin revenue. The associated $23.5 million for the three months ended March 31, 2025 has been
reclassified to conform to current period presentation.
(2) Amounts primarily represent revenue that is not accounted for as revenue from contracts with customers, as well as an
immaterial amount of finance fee income that is accounted for as revenue from contracts with customers.
During the three months ended March 31, 2026 and 2025, one counterparty accounted for 23% and
15%, respectively, of total revenue.
Revenue by geographic location
The following table presents revenue disaggregated by geography based on domiciles of the
customer or other counterparty (in thousands):
Three Months Ended March 31,
2026 2025
U.S.(1) .......................................................................................................................... $ 1,184,401 $ 1,705,652
International(2) ............................................................................................................ 228,581 328,643
Total revenue........................................................................................................... $ 1,412,982 $ 2,034,295
__________________
(1) Nearly all revenue that is not accounted for as revenue from contracts with customers, as defined in ASC 606, is with
counterparties in the U.S.
(2) No country accounted for more than 10% of Total revenue.
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
5. COLLATERALIZED ARRANGEMENTS AND FINANCING
Lending and related collateral
The following table summarizes the Company’s institutional financing lending arrangements (in
thousands):
March 31, December 31,
2026 2025
Fiat and payment stablecoin loan receivables .................................................... $ 1,392,286 $ 1,340,213
Crypto asset loan receivables ............................................................................... 52,447 14,479
Total loan receivables(1) ........................................................................................ $ 1,444,733 $ 1,354,692
__________________
(1) Includes an immaterial amount of fiat and crypto asset trade finance receivables as of March 31, 2026 and December 31, 2025.
As of each of March 31, 2026 and December 31, 2025, the Company had four counterparties, each of
whom accounted for more than 10% of the Company’s Loan receivables.
As of March 31, 2026 and December 31, 2025, the collateral requirements for all loans outstanding
ranged from 100% to 250% of the fair value of the loan.
The following table summarizes assets the Company held and recognized as collateral relating to
lending activity, with a corresponding obligation to return the collateral to the borrower (in thousands,
except units):
March 31, 2026 December 31, 2025
Units Cost Basis Fair Value Units Cost Basis Fair Value
Fiat and payment stablecoins(1) .......... N/A N/A $ 10,228 N/A N/A $ 4,056
Bitcoin...................................................... 11,340 $ 864,573 $ 773,653 8,479 $ 810,055 $ 747,697
Ethereum ................................................ 16,488 42,289 34,684 16,041 51,023 47,731
Crypto assets held as collateral........ $ 906,862 808,337 $ 861,078 795,428
Total recognized lending collateral $ 818,565 $ 799,484
__________________
(1) Fiat and payment stablecoin collateral held are recognized within Cash and cash equivalents in the Condensed Consolidated
Balance Sheets. Cost basis and units are not required disclosure and are therefore labeled N/A.
The following table summarizes collateral pledged by borrowers in lending arrangements with the
Company, which the Company has not recognized as collateral nor as an obligation to return the
collateral (in thousands):
March 31, December 31,
2026 2025
Fiat and payment stablecoins .......................................................................... $ 242,229 $ 303,983
Crypto assets ...................................................................................................... 1,896,044 1,559,458
Total customer collateral not recognized as collateral ............................... $ 2,138,273 $ 1,863,441
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Borrowings and related collateral
The following table summarizes the units, cost basis, and fair value of Crypto assets borrowed (in
thousands, except units):
March 31, 2026 December 31, 2025
Units Cost Basis Fair Value Units Cost Basis Fair Value
Bitcoin ............................................. 1,395 $ 119,327 $ 95,147 1,920 $ 173,848 $ 167,989
Ethereum ....................................... 63,983 140,818 134,595 43,536 149,374 129,162
Other crypto assets(1) ................... nm 21,297 16,638 nm 27,145 21,698
Total borrowed ............................ $ 281,442 $ 246,380 $ 350,367 $ 318,849
__________________
nm - not meaningful
(1) Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total
Crypto assets borrowed.
The following table summarizes the units, cost basis, and fair value of Short-term borrowings (in
thousands, except units):
March 31, 2026 December 31, 2025
Units Cost Basis Fair Value Units Cost Basis Fair Value
Payment stablecoins ......................... N/A N/A $ 261,520 N/A N/A $ 119,923
Bitcoin.................................................. 2,035 $ 166,210 $ 138,802 2,035 $ 183,882 $ 178,022
Ethereum ............................................ 65,192 143,436 137,138 43,941 150,424 130,363
Other crypto assets(1) ........................ nm 32,480 27,150 nm 29,399 23,797
Total crypto asset borrowings ....... $ 342,126 303,090 $ 363,705 332,182
Total short-term borrowings ........ $ 564,610 $ 452,105
__________________
nm - not meaningful
(1) Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total
crypto asset borrowings.
As of March 31, 2026 and December 31, 2025, the weighted average annual fees on Short-term
borrowings were 3.8% and 3.5%, respectively.
The fair value of the Company’s corporate assets pledged as collateral against Short-term
borrowings, presented in Restricted cash and cash equivalents, consisted of the following (in thousands):
March 31, 2026 December 31, 2025
Payment stablecoins ................................................................................ $ 232,290 $ 236,308
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Derivatives collateral
The Company also has collateralized derivative arrangements, whereby it enters into crypto asset
derivative contracts with customers, primarily to provide liquidity for global derivatives trading. The
following table summarizes customer-pledged derivatives collateral presented in the Condensed
Consolidated Balance Sheets as Crypto assets held as collateral, with a corresponding obligation to
return the collateral to the customer (in thousands, except units):
March 31, 2026 December 31, 2025
Units Cost Basis Fair Value Units Cost Basis Fair Value
Bitcoin.............................................................. 4,844 $433,472 $330,467 100 $ 8,732 $ 8,750
Ethereum ........................................................ 1,345 2,736 2,829 6,286 18,713 18,649
Total recognized derivatives collateral ..... $436,208 $333,296 $ 27,445 $ 27,399
As of March 31, 2026 and December 31, 2025, the collateral requirements for outstanding derivatives
were at least 100% of the derivative notional value.
6. CRYPTO ASSETS HELD FOR OPERATIONS
The following table summarizes Crypto assets held for operations (in thousands, except units):
March 31, 2026 December 31, 2025
Units Cost Basis Fair Value Units Cost Basis Fair Value
Bitcoin ................................................... 457 $ 47,554 $ 31,384 487 $ 48,191 $ 43,282
Ethereum ............................................. 10,787 21,561 23,046 10,499 27,341 31,174
Solana .................................................. 40,875 4,223 3,380 52,933 7,698 6,624
Other crypto assets(1) ......................... nm 54,524 32,851 nm 55,068 39,751
Total held for operations .................. $ 127,862 $ 90,661 $ 138,298 $ 120,831
__________________
nm - not meaningful
(1) Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total
Crypto assets held for operations.
7. ACCOUNTS RECEIVABLE, NET
Accounts receivable, net consisted of the following (in thousands):
March 31, December 31,
2026 2025
Stablecoin revenue receivable.............................................................................. $ 125,223 $ 122,936
Customer accounts receivable ............................................................................. 56,122 54,143
Other accounts receivable ..................................................................................... 119,178 133,202
Gross accounts receivable .................................................................................. 300,523 310,281
Less: allowance for doubtful accounts .............................................................. (4,286) (3,162)
Total accounts receivable, net .......................................................................... $ 296,237 $ 307,119
As of each of March 31, 2026 and December 31, 2025, the Company had two counterparties, each of
whom accounted for more than 10% of the Company’s Accounts receivable, net.
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
8. CRYPTO ASSETS HELD FOR INVESTMENT
The following table summarizes Crypto assets held for investment (in thousands, except units):
March 31, 2026 December 31, 2025
Units Cost Basis Fair Value Units Cost Basis Fair Value
Bitcoin ........................................... 16,492 $1,156,723 $1,123,445 15,389 $1,079,153 $1,346,452
Ethereum ...................................... 150,193 340,834 315,129 151,175 348,975 448,484
Other crypto assets(1) ................. nm 244,557 162,657 nm 323,226 203,935
Total held for investment ......... $1,742,114 $1,601,231 $1,751,354 $1,998,871
__________________
nm - not meaningful
(1) Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total
Crypto assets held for investment.
As of March 31, 2026, the Company held $66.3 million of Crypto assets held for investment subject to
selling restrictions that are time-based and lift between 2026 and 2030.
9. INTANGIBLE ASSETS, NET
Intangible assets, net excludes internally developed software and crypto assets, which are presented
within Software and equipment, net and the various crypto assets held line items in the Condensed
Consolidated Balance Sheets, respectively.
The effects of amortization of Intangible assets, net on the Condensed Consolidated Statements of
Operations was as follows (in thousands):
Three Months Ended March 31,
2026 2025
Technology and development ............................................................................... $ 15,784 $ 1,724
Sales and marketing .............................................................................................. 18,019 —
General and administrative ................................................................................... 1,809 3,381
Total amortization expense ................................................................................. $ 35,612 $ 5,105
There were no material impairment charges associated with these assets during these periods. The
Company estimates no significant residual value related to these amortizing intangible assets.
The expected future amortization expense for amortizing intangible assets for the 12-month period
ending March 31 of the respective year, as of March 31, 2026, is as follows (in thousands):
2027...................................................................................................................................................... $ 137,755
2028...................................................................................................................................................... 130,483
2029...................................................................................................................................................... 125,589
2030...................................................................................................................................................... 123,986
2031...................................................................................................................................................... 123,383
Thereafter ............................................................................................................................................ 695,787
Total expected future amortization expense ............................................................................. $ 1,336,983
10. LONG-TERM DEBT
As of March 31, 2026 and December 31, 2025, the Company had fixed-rate convertible notes and
senior notes with varying maturities for an aggregate carrying amount of $7.2 billion. As of March 31,
2026 and December 31, 2025, the fair value of the Company’s convertible notes and senior notes, based
on Level 2 valuation inputs, was $6.5 billion and $6.9 billion, respectively. See Note 11. Long-Term Debt
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
to the Consolidated Financial Statements included in the Annual Report for more information regarding
the Company’s long-term debt.
11. DERIVATIVES
During the periods presented, the Company’s derivatives were primarily embedded forward contracts
to receive or deliver a fixed amount of crypto assets in the future and crypto asset option contracts with
customers in the U.S. and internationally, entered into to provide liquidity for global derivatives trading.
None were designated as hedging instruments.
Impact of derivatives on the Condensed Consolidated Balance Sheets
The following table summarizes information on derivative instruments by their location in the
Condensed Consolidated Balance Sheets, with amounts representing the portions of the respective line
items denominated in crypto assets, as measured in U.S. dollar equivalents (in thousands):
Embedded Derivative
Gross Gross Aggregate
Derivative Derivative Carrying
Host Assets Liabilities Value
March 31, 2026
Accounts receivable, net........................................................ $ 4,556 $ 18,792 $ 187 $ 23,161
Short-term borrowings............................................................ 342,126 51,931 12,895 303,090
Obligation to return collateral ................................................ 1,343,070 238,668 37,231 1,141,633
Accrued expenses and other current liabilities(1) ............... 13,975 — — 13,975
Total fair value of derivatives .............................................. $ 309,391 $ 50,313
December 31, 2025
Accounts receivable, net........................................................ $ 9,943 $ 22,025 $ 4,399 $ 27,569
Short-term borrowings............................................................ 363,705 32,446 923 332,182
Obligation to return collateral ................................................ 888,523 126,962 61,266 822,827
Accrued expenses and other current liabilities .................. 6,897 — 2 6,899
Total fair value of derivatives .............................................. $ 181,433 $ 66,590
__________________
(1) Includes immaterial gross assets and liabilities of equal amounts, representing the fair values of crypto asset option contracts.
Notional amounts, which are not recorded, totaled $323.2 million for each of the asset and liability, at March 31, 2026.
Derivative notional amounts are reference amounts from which the fair value of derivatives are derived and do not represent a
complete measure of the risk profile of the Company’s exposure to these derivative instruments.
Impact of derivatives on the Condensed Consolidated Statements of Operations
The impacts of gains (losses) on derivative instruments recognized in the Condensed Consolidated
Statements of Operations were as follows (in thousands):
Three Months Ended March 31,
2026 2025
Short-term borrowings(1) ..................................................................................... $ 7,513 $ 51,968
Obligation to return collateral(1) ......................................................................... 135,741 152,106
Other(2) .................................................................................................................. 9,258 (15,249)
Total ..................................................................................................................... $ 152,512 $ 188,825
__________________
(1) Changes in fair value are recognized in Transaction expense in the Condensed Consolidated Statements of Operations. The
impact of changes in fair value of Crypto asset borrowings and Obligation to return collateral derivatives is naturally offset, at
least in part, by the impact of changes in fair value of the associated naturally offsetting positions, which are also recognized in
Transaction expense.
(2) Changes in fair value, including immaterial changes resulting from holding crypto asset option contracts, which have an equal
and offsetting impact, are recognized in Other operating expense (income), net or Other (income) expense, net in the
Condensed Consolidated Statements of Operations depending on the nature of the derivative.
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Notes to Condensed Consolidated Financial Statements
(Unaudited)
12. CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS
The following table presents certain other details of the Condensed Consolidated Balance Sheets (in
thousands):
March 31, December 31,
2026 2025
Other current assets
Prepaid expenses ................................................................................................... $ 133,172 $ 94,886
Income taxes receivable ........................................................................................ 70,390 63,726
Other ......................................................................................................................... 47,181 28,552
Total other current assets .................................................................................... $ 250,743 $ 187,164
Other non-current assets
Software and equipment, net ................................................................................ $ 251,121 $ 264,573
Lease right-of-use assets ...................................................................................... 156,231 141,631
Income taxes receivable ........................................................................................ 62,807 62,233
Other ......................................................................................................................... 44,136 55,514
Total other non-current assets ............................................................................ $ 514,295 $ 523,951
Accrued expenses and other current liabilities
Payroll and payroll related expenses ................................................................... $ 183,192 $ 186,927
Other accrued expenses ........................................................................................ 226,719 238,308
Accounts payable .................................................................................................... 112,206 117,605
Income taxes payable ............................................................................................ 63,693 65,982
Other payables ........................................................................................................ 140,939 196,459
Total accrued expenses and other current liabilities ....................................... $ 726,749 $ 805,281
Other non-current liabilities
Lease liabilities ........................................................................................................ $ 188,129 $ 172,735
Other ......................................................................................................................... 48,572 67,723
Total other non-current liabilities ........................................................................ $ 236,701 $ 240,458
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
13. FAIR VALUE MEASUREMENTS
Assets and liabilities measured and recorded at fair value on a recurring basis
The following table sets forth by level within the fair value hierarchy, the Company’s assets and
liabilities measured and recorded at fair value on a recurring basis (in thousands):
March 31, 2026 December 31, 2025
Level 1 Level 2 Level 1 Level 2
Assets
Cash equivalents(1).......................................... $ 4,571,198 $ — $ 6,088,290 $ —
Restricted cash equivalents(2) ....................... 1,940 — 1,472 —
(3)
Customer custodial funds ........................... 2,987,581 — 3,438,375 —
Crypto assets held for operations ................. 90,661 — 120,831 —
Crypto asset loan receivables ....................... — 52,447 — 14,479
Crypto assets held as collateral .................... 1,141,633 — 822,827 —
Crypto assets borrowed ................................. 246,380 — 318,849 —
Marketable investments(4) .............................. 221,012 11,968 253,468 11,903
Crypto assets held for investment ................ 1,601,231 — 1,998,871 —
(5)
Derivative assets .......................................... — 309,391 — 181,433
Total assets .................................................... $ 10,861,636 $ 373,806 $ 13,042,983 $ 207,815
Liabilities
Derivative liabilities(5) ...................................... $ — $ 50,313 $ — $ 66,590
__________________
(1) Represents money market funds. Excludes cash and cash equivalents of $5.6 billion and $5.2 billion as of March 31, 2026 and
December 31, 2025, respectively.
(2) Represents money market funds. Excludes restricted cash and cash equivalents of $292.9 million and $332.8 million as of
March 31, 2026 and December 31, 2025, respectively.
(3) Represents customer custodial cash equivalents, which comprise money market funds. Excludes customer custodial funds of
$2.5 billion and $1.9 billion as of each of March 31, 2026 and December 31, 2025, respectively.
(4) Primarily represents marketable equity securities. Excludes marketable investments not measured and recorded at fair value,
with none as of March 31, 2026 and $44.4 million as of December 31, 2025.
(5) See Note 11. Derivatives for additional details.
The Company has valued all Level 1 assets and liabilities using quoted prices in active markets that
are accessible at the measurement date for identical, unrestricted assets or liabilities. The Company has
valued all Level 2 assets and liabilities using quoted market prices as an observable input. This includes
prices for underlying crypto assets and, for non-crypto denominated assets and liabilities, prices for
similar assets and liabilities in inactive markets.
Assets and liabilities measured and recorded at fair value on a non-recurring basis
The Company’s non-financial assets, such as software and equipment, goodwill, and other intangible
assets, are adjusted to fair value when an impairment charge is recognized.
The Company’s strategic investments are nearly all accounted for using the measurement alternative,
whereby they are recognized at cost and adjusted to fair value for observable transactions for same or
similar investments of the same issuer or for impairment, on a non-recurring basis. Fair value
measurements for these strategic investments are based predominantly on Level 3 inputs to an Option-
Pricing Model that uses publicly available market data of comparable companies and other unobservable
inputs including expected volatility, expected time to liquidity, adjustments for other company-specific
developments, and the rights and obligations of the securities the Company holds.
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
The impact on the Condensed Consolidated Statements of Operations from remeasurement of
measurement alternative investments was immaterial for all periods presented, as were cumulative
upward adjustments of measurement alternative investments outstanding at March 31, 2026 and
December 31, 2025. Cumulative impairments and downward adjustments as of these dates were $126.2
million and $127.7 million, respectively.
Assets and liabilities not measured and recorded at fair value
Certain of the Company’s financial instruments are not measured and recorded at fair value but their
carrying values approximate fair value due to their liquid or short-term nature. Financial instruments
denominated in fiat or payment stablecoins that would be based on Level 1 valuation inputs if they were
recorded at fair value include cash, restricted cash, payment stablecoins, certain customer custodial
funds and related liabilities, collateral pledged, and obligations to return collateral. Financial instruments
denominated in fiat or payment stablecoins that would be based on Level 2 valuation inputs if they were
recorded at fair value include accounts receivable, loan receivables, and accounts payable.
The Company’s long-term debt is not measured and recorded at fair value and its carrying value
generally does not approximate its fair value. See Note 10. Long-Term Debt for its estimated fair value.
14. CAPITAL STOCK
Share repurchase program
In October 2024, the Board authorized and approved a share repurchase program, which provided for
the repurchase of up to $1.0 billion of the Company’s Class A common stock without expiration and in
October 2025, the Board (i) increased the aggregate repurchase authorization under the program from
$1.0 billion to $2.0 billion and (ii) expanded the scope of the repurchases to include a portion of the
aggregate principal amount of the Company’s outstanding 2026 Convertible Notes, 2029 Convertible
Notes, 2030 Convertible Notes, 2032 Convertible Notes, and both series of Senior Notes (collectively, the
“Notes”) (as modified, the “Repurchase Program”). In January 2026, the Board approved a $2.0 billion
increase in the authorization under the previously announced Repurchase Program from $2.0 billion to
$4.0 billion. Repurchases may be made from time to time in the open market (including through trading
plans intended to qualify under Rule 10b5-1 under the Exchange Act), in privately negotiated transactions,
in a tender offer, or by other methods in accordance with the applicable federal and state laws and
regulations. The timing and amount of any repurchases will depend on market conditions and other
considerations, and will be made at management’s discretion. The Repurchase Program does not
obligate the Company to repurchase any dollar amount or number of shares of the Company’s Class A
common stock or Notes and may be modified, suspended, or discontinued at any time. As of March 31,
2026, $1.9 billion had been utilized to repurchase 6,278,390 shares of Class A common stock under the
Repurchase Program, and $2.1 billion remained available for future repurchases, when considered on a
settlement date basis.
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
15. STOCK-BASED COMPENSATION
Stock options
The following is a summary of stock option activity, including performance-based options (in
thousands, except per share and years data):
Weighted Average
Exercise Remaining Aggregate
Options Price Per Contractual Intrinsic
Outstanding Share Life (Years) Value
Balance at January 1, 2026 ............................................. 19,700 $ 25.58 4.3 $3,950,983
Exercised ......................................................................... (899) 9.77
Balance at March 31, 2026.............................................. 18,801 $ 26.33 4.2 $2,800,734
Exercisable at March 31, 2026 ....................................... 15,120 $ 27.03 4.1 $2,244,443
Vested and expected to vest at March 31, 2026 .......... 15,120 $ 27.03 4.1 $2,244,443
Other awards
A summary of restricted stock units and performance restricted stock units activity is as follows (in
thousands, except per share data):
Performance Restricted
Restricted Stock Units Stock Units
Number of Number of
Shares Fair Value(1) Shares Fair Value(1)
Balance at January 1, 2026 ............................ 2,145 $ 247.04 643 $ 55.42
Granted ......................................................... 5,627 164.90 426 156.92
Vested............................................................ (769) 256.38 (643) 55.70
Forfeited and cancelled .............................. (222) 179.68 — —
Balance at March 31, 2026 ............................. 6,781 $ 180.02 426 $ 156.92
__________________
(1) Represents the weighted-average grant date fair value per share.
Stock-based compensation
The following are the effects of stock-based compensation on the Condensed Consolidated
Statements of Operations and Condensed Consolidated Balance Sheets (in thousands):
Three Months Ended March 31,
2026 2025
Statements of Operations
Technology and development ............................................................................... $ 160,641 $ 108,092
Sales and marketing ............................................................................................... 14,811 14,905
General and administrative .................................................................................... 72,603 67,732
Total stock-based compensation expense ........................................................ $ 248,055 $ 190,729
Balance Sheets
Software and equipment, net(1) ............................................................................. $ 4,397 $ 16,565
_______________
(1) Represents capitalized stock-based compensation that was recorded to Software and equipment, net during the periods
presented. See Note 12. Condensed Consolidated Balance Sheets Details for additional details.
As of March 31, 2026, there was total unrecognized compensation cost of $1.1 billion and $141.3
million related to unvested restricted stock units (excluding performance restricted stock units) and
restricted stock awards, respectively, which is expected to be recognized over a weighted-average of 1.5
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
years and 3.3 years, respectively. Unrecognized compensation cost for all other stock-based
compensation awards was immaterial as of March 31, 2026.
16. OTHER CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DETAILS
Disaggregation of relevant expense captions, as defined in ASU 2024-03, Expense Disaggregation
Disclosures, consisted of the following (in thousands):
Three Months Ended March 31,
2026 2025
Technology and development
Employee-related(1) ................................................................................................. $ 348,123 $ 232,348
Website hosting and infrastructure ....................................................................... 90,639 67,247
Amortization, depreciation, and impairment(2)..................................................... 47,913 32,012
Other(3)....................................................................................................................... 38,973 23,761
Total technology and development ..................................................................... $ 525,648 $ 355,368
Sales and marketing
USDC rewards ......................................................................................................... $ 113,427 $ 100,034
Marketing programs ................................................................................................ 83,907 104,970
Employee-related(1) ................................................................................................. 39,378 33,456
Other(4)....................................................................................................................... 30,014 8,823
Total sales and marketing .................................................................................... $ 266,726 $ 247,283
General and administrative
Employee-related(1) ................................................................................................. $ 193,361 $ 163,137
Professional services .............................................................................................. 49,624 58,176
Customer support(5) ................................................................................................. 33,265 70,455
Other(6)....................................................................................................................... 99,844 102,578
Total general and administrative ......................................................................... $ 376,094 $ 394,346
_______________
(1) Represents employee compensation, including transactions entered into for the benefit of employees such as health and
wellness benefits.
(2) Comprises amortization, depreciation, and intangible asset impairment expenses, none of which are individually material.
(3) Comprises primarily costs of contract resources, consulting, and facilities.
(4) Comprises primarily amortization and costs of contract resources, taxes, licenses, fees, and consulting, as well as depreciation
and intangible asset impairment expenses.
(5) Excludes employee-related and professional services expenses.
(6) Comprises largely costs of taxes, licenses, and fees, contract resources, settlement costs, and travel. Also includes
amortization, depreciation, and intangible asset impairments, none of which are individually material.
Other (income) expense, net consisted of the following (in thousands):
Three Months Ended March 31,
2026 2025
Gains on investments, net(1).................................................................................... $ (46,797) $ (3,327)
Other ........................................................................................................................... (14,844) 9,515
Total other (income) expense, net ....................................................................... $ (61,641) $ 6,188
_______________
(1) Comprises gains on Marketable and Strategic investments, excluding Crypto assets held for investment. For the three months
ended March 31, 2026 and 2025, the amount includes $73.9 million and $(18.3) million, respectively, in realized net gains
(losses), and $39.3 million and $22.4 million, respectively, in unrealized net gains on equity securities still held at the end of
each period. See Note 13. Fair Value Measurements for additional details.
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
17. INCOME TAXES
The Company’s effective tax rate (“ETR”) for the three months ended March 31, 2026 and 2025 was
15.2% and 20.4%, respectively. The ETR of 15.2% for the three months ended March 31, 2026 was lower
than the U.S. statutory rate of 21.0%, primarily due to the impact of non-deductible expenses (including
stock-based compensation and certain non-US losses) on the Company’s pre-tax loss, partially offset by
state taxes.
The following is a supplemental schedule of cash paid for income taxes (in thousands):
Three Months Ended March 31,
2026 2025
Cash paid during the period for income taxes, net of refunds............................ $ 14,375 $ 36,092
As of March 31, 2026, the Company had a net deferred tax asset balance of $647.7 million,
compared to $570.8 million as of December 31, 2025. As of each reporting date, management considers
new evidence, both positive and negative, that could affect its view of the future realization of deferred tax
assets. Management determined that there is sufficient positive evidence to conclude that it is more likely
than not that the Company’s net deferred tax asset will be fully realized.
18. NET (LOSS) INCOME PER SHARE
The computation of Net (loss) income per share, including the weighted-average shares outstanding
(“WASO”) used in the computation, is as follows (in thousands, except per share amounts):
Three Months Ended March 31,
2026 2025
Numerators
Net (loss) income attributable to common shareholders, basic and diluted .... $ (394,117) $ 65,608
Denominators
WASO - basic ............................................................................................................ 264,775 253,878
Weighted-average effect of potentially dilutive shares:
Stock options ........................................................................................................ — 15,823
Other ...................................................................................................................... — 1,550
WASO - diluted.......................................................................................................... 264,775 271,251
Net (loss) income per share attributable to common shareholders:
Basic ......................................................................................................................... $ (1.49) $ 0.26
Diluted ...................................................................................................................... $ (1.49) $ 0.24
The rights, including the liquidation and dividend rights, of the holders of Class A common stock and
Class B common stock are identical, except with respect to voting. As a result, the undistributed earnings
are allocated on a proportionate basis and the resulting income or loss per share will, therefore, be the
same for both Class A common stock and Class B common stock on an individual or combined basis.
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
The following potentially dilutive shares were not included in the calculation of diluted shares
outstanding as the effect would have been anti-dilutive, or in the case of performance awards, as the
issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied
by the end of the reporting period (in thousands):
Three Months Ended March 31,
2026 2025
Equity awards(1) ......................................................................................................... 26,433 8,088
Convertible notes ...................................................................................................... 14,329 7,229
Total .......................................................................................................................... 40,762 15,317
__________________
(1) Includes shares under the Employee Stock Purchase Plan.
19. COMMITMENTS AND CONTINGENCIES
Crypto assets and payment stablecoins on platform
The Company is obligated to securely store all crypto assets and payment stablecoins held or
managed on behalf of customers in digital wallets on the Company’s platform, including those within the
Company’s custody services and all other assets for which the Company holds full keys. As such, the
Company may be liable to its users for losses arising from the Company’s failure to secure these assets
from theft or loss. The Company has not incurred any losses related to such obligations and therefore has
not accrued any liabilities as of March 31, 2026 and December 31, 2025. The Company holds full keys to
crypto assets and payment stablecoins held or managed on behalf of its customers totaling $294.4 billion
and $376.1 billion at fair value at March 31, 2026 and December 31, 2025, respectively. These assets are
not recognized in the Condensed Consolidated Balance Sheets. Similarly, as the Company has an
obligation to securely store all of these assets, it has a corresponding unrecognized liability of $294.4
billion and $376.1 billion at March 31, 2026 and December 31, 2025, respectively. Since the risk of loss is
remote, the Company did not recognize a contingent liability at March 31, 2026 or December 31, 2025.
The Company has no reason to believe it will incur any expense associated with such potential liability
because (i) it has no known or historical experience of claims to use as a basis of measurement, (ii) it
accounts for and continually verifies the amount of crypto assets within its control, and (iii) it has
established security around custodial product private keys to minimize the risk of theft or loss.
Indemnifications
In the event any registrable securities are included in a registration statement, the Company’s
Amended and Restated Investors’ Rights Agreement (the “IRA”) entered into with certain of the
Company’s shareholders provides indemnity to each shareholder, their partners, members, officers,
directors, and shareholders and certain of their advisors; each underwriter, if any; and each person who
controls each shareholder or underwriter, against any damages incurred in connection with investigating
or defending any claim or proceeding arising as a result of such registration from which damages may
result. The Company will reimburse each such party for any legal and any other expenses reasonably
incurred, provided that the Company will not be liable in any such case to the extent the damages arise
out of or are based upon any actions or omissions made in reliance upon and in conformity with written
information furnished by or on behalf of such shareholder or underwriter and stated to be specifically for
use therein.
The Company also has indemnity agreements with certain officers and directors of the Company
pursuant to which the Company must indemnify the officer or director against all expenses, judgments,
fines, and amounts paid in settlement reasonably incurred in connection with a third party proceeding, if
the indemnitee acted in good faith and in a manner reasonably believed to be in or not opposed to the
best interests of the Company, and in the case of a criminal proceeding, had no reasonable cause to
believe the indemnitee’s conduct was unlawful.
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
It is not possible to determine the maximum potential exposure under these indemnification
agreements: (i) because the facts and circumstances involved in each claim are unique and the Company
cannot predict the number or nature of claims that may be made; (ii) due to the unique facts and
circumstances involved in each particular agreement; and (iii) due to the requirement for a registration of
the Company’s securities before any of the indemnification obligations contemplated in the IRA become
effective.
The Company has also provided indemnities or similar commitments on standard commercial terms
in the ordinary course of business.
Legal and regulatory proceedings
The Company has been, currently is, and may from time to time become subject to claims,
arbitrations, individual and class action lawsuits with respect to a variety of matters, including
employment, consumer protection, intellectual property, privacy, information security, data protection,
advertising, and securities. In addition, the Company has been, currently is, and may from time to time
become subject to, government and regulatory investigations, inquiries, actions or requests, other
proceedings and enforcement actions alleging violations of laws, rules, and regulations, both foreign and
domestic. The Company reviews its lawsuits, regulatory investigations, and other legal proceedings on an
ongoing basis and provides disclosure and recognizes loss contingencies in accordance with the loss
contingencies accounting guidance. In accordance with such guidance, the Company establishes
accruals for such matters when potential losses become probable and can be reasonably estimated. If the
Company determines that a loss is reasonably possible and the loss or range of loss can be estimated,
the Company discloses the possible loss in the Financial Statements.
In October 2021, a purported class action captioned Underwood et al. v. Coinbase Global, Inc., was
filed in the U.S. District Court for the Southern District of New York (the “District Court”) against the
Company alleging claims under Sections 5, 15(a)(1) and 29(b) of the Exchange Act, and violations of
certain California and Florida state statutes. On March 11, 2022, plaintiffs filed an amended complaint
adding Coinbase, Inc. and Brian Armstrong as defendants and adding causes of action, including alleging
claims under Sections 5, 12(a)(1) and 15 of the Securities Act and violations of certain New Jersey state
statutes. Among other relief requested, the plaintiffs sought injunctive relief, unspecified damages,
attorneys’ fees and costs. On February 1, 2023, the District Court dismissed all federal claims (with
prejudice) and state law claims (without prejudice) against Coinbase Global, Inc., Coinbase, Inc. and
Brian Armstrong. Subsequently, on February 9, 2023, the plaintiffs appealed that ruling to the U.S. Court
of Appeals for the Second Circuit (the “Court of Appeals”), and the parties completed briefing the appeal
on September 13, 2023. Oral argument took place on February 1, 2024 and on April 5, 2024, the Court of
Appeals issued a Summary Order affirming the District Court’s dismissal order with respect to the claims
alleging violations of the Exchange Act, and reversing the District Court’s dismissal order with respect to
the claims alleging violations of the Securities Act and violations of the state statutes. On June 27, 2024,
defendants filed an answer to the amended complaint, and on July 29, 2024, the defendants filed a
Motion for Judgment on the Pleadings requesting the District Court dismiss the remaining claims. On
February 7, 2025, the District Court denied defendants’ Motion for Judgment on the Pleadings and
allowed the case to proceed to bifurcated discovery, followed by summary judgment motions. The
defendants continue to dispute the claims in this case and intend to vigorously defend against them.
Based on the nature of the proceedings in this case, the outcome of this matter remains uncertain and the
Company cannot estimate the potential impact, if any, on its business or Financial Statements at this time.
In June 2023, the Company and Coinbase, Inc. were issued notices, show-cause orders, and cease-
and-desist letters, and became the subject of various legal actions initiated by U.S. state securities
regulators in the states of Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina,
Vermont, Washington and Wisconsin alleging violations of state securities laws with respect to staking
services provided by Coinbase, Inc. In July 2023, the Company and Coinbase, Inc. entered into
agreements with state securities regulators in California, New Jersey, South Carolina and Wisconsin,
pursuant to which customers in those states will no longer be able to stake new funds, in each case
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
pending final adjudication of the matters. In October 2023, the Company and Coinbase, Inc. entered into
a similar agreement with the Maryland state securities regulator. In March and April 2025, the Alabama,
Kentucky, Illinois, South Carolina, and Vermont state securities regulators dismissed, vacated, rescinded,
and/or withdrew their legal actions. The Company and Coinbase, Inc. dispute the claims of the state
securities regulators and intend to vigorously defend against them. Based on the preliminary nature of
these actions, the final outcome of these matters remains uncertain and the Company cannot estimate
the potential impact on its business or Financial Statements at this time. An adverse resolution in these
state matters could have a material impact on the Company’s business and Financial Statements.
The Company has, from time to time, received investigative subpoenas and requests from regulators
for documents and information, including about certain customer programs, operations, and existing and
intended future products, including the Company’s processes for listing assets, the classification of certain
listed assets, its staking programs, and its stablecoin and yield-generating products.
Except as otherwise disclosed, the Company believes the ultimate resolution of existing legal and
regulatory investigation matters will not have a material adverse effect on the financial condition, results of
operations, or cash flows of the Company. However, in light of the uncertainties inherent in these matters,
it is possible that the ultimate resolution of one or more of these matters may have a material adverse
effect on the Company’s results of operations for a particular period, and future changes in circumstances
or additional information could result in additional accruals or resolution in excess of established accruals,
which could adversely affect the Company’s results of operations, potentially materially.
Tax regulation
Current tax rules related to crypto assets are evolving and require significant judgments to be made in
interpretation of the law, including but not limited to the areas of income tax, information reporting, value
added taxes, digital services tax, transaction level taxes and the withholding of tax at source. Further, it is
possible that additional legislation or guidance may be issued by U.S. and non-U.S. governing bodies that
may differ significantly from the Company’s practices or interpretation of the law, which could have
unforeseen effects on the Company’s financial condition and results of operations, and accordingly, the
Company is unable to determine an estimate of the possible loss or range of loss beyond amounts
already accrued. As a result, the Company may have exposure to additional tax liabilities that could have
an adverse effect on the Company’s operating results and financial condition.
Other commitments
During the three months ended March 31, 2026, the Company completed a strategic equity
investment for total consideration of $180.0 million, reducing its other commitments as of December 31,
2025 accordingly.
20. RELATED PARTY TRANSACTIONS
Related party customer activity
Certain of the Company’s directors, executive officers, and principal owners, including immediate
family members, are users of the Company’s platform. The Company recognized the following from
related party customer activity:
• Total revenue of $1.8 million and $3.6 million during the three months ended March 31, 2026 and
2025, respectively;
• Accounts receivable, net of $0.3 million and $0.4 million as of March 31, 2026 and December 31,
2025, respectively; and
• Customer custodial funds and Customer custodial fund liabilities of each $32.2 million and
$11.0 million as of March 31, 2026 and December 31, 2025, respectively.
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Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Related party investments
The Company made no strategic investments during the three months ended March 31, 2026,
compared to $3.1 million during the comparative period of 2025, in investees in which certain related
parties of the Company held an interest over 10%.
21. SUBSEQUENT EVENT
On May 5, 2026, the Company announced a restructuring plan (the "Restructuring Plan") to (i)
manage its operating expenses in response to current market conditions and (ii) optimize the Company’s
operations for the AI era. The Restructuring Plan involves a reduction of the Company's workforce by
approximately 700 employees. In connection with these actions, the Company estimates that it will incur
approximately $50 million to $60 million in total restructuring expenses, substantially all of which are cash
charges related to employee severance and other termination benefits. The Company expects to
substantially complete execution of the Restructuring Plan, and to incur substantially all of the associated
charges, in the second quarter of 2026.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be
read in conjunction with our Condensed Consolidated Financial Statements (the “Financial Statements”)
and the accompanying notes thereto included elsewhere in this Quarterly Report on Form 10-Q and our
Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”). The following
discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well
as assumptions that, if they never materialize or prove incorrect, could cause our results to differ
materially from those expressed or implied by such forward-looking statements. Factors that could cause
or contribute to these differences include, but are not limited to, those identified below, those set forth
under Special Note About Forward-Looking Statements of this Quarterly Report on Form 10-Q and those
discussed in the section titled Risk Factors in Part I, Item 1A of our Annual Report, together with any
updates in the section titled Risk Factors in Part II, Item 1A of this Quarterly Report on Form 10-Q. Unless
otherwise expressly stated or the context otherwise requires, references to “we,” “our,” “us,” “the
Company,” and “Coinbase” refer to Coinbase Global, Inc. and its consolidated subsidiaries. For all
narrative provided in this Item 2, two numbers presented consecutively represent figures for the three
months ended March 31, 2026 as compared to the three months ended March 31, 2025, respectively,
unless otherwise noted.
Executive Overview
This executive overview of Management’s Discussion and Analysis of Financial Condition and
Results of Operations highlights selected information and does not contain all of the information that is
important to readers of this Quarterly Report on Form 10-Q.
We announced the Everything Exchange in December 2025, and during the first quarter of 2026, we
saw strong growth across derivatives, prediction markets, and decentralized exchange trading. Stablecoin
adoption is accelerating and USDC reached an all-time high in both market capitalization and average
USDC held in Coinbase products.
For the three months ended March 31, 2026, our net revenue was $1.3 billion, including $755.8
million in transaction revenue and $583.5 million in subscription and services revenue. For the three
months ended March 31, 2025, our net revenue was $1.9 billion, including $1.3 billion in transaction
revenue and $674.6 million in subscription and services revenue.
For the three months ended March 31, 2026, our net loss was $394.1 million and Adjusted EBITDA
was $303.3 million. For the three months ended March 31, 2025, our net income was $65.6 million and
Adjusted EBITDA was $929.9 million.
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For 2026, with growing regulatory clarity, we believe we are well-positioned to drive crypto’s role in
the global economy, through the Everything Exchange and by advancing stablecoin adoption with USDC,
including scaling payments. We are working to further grow assets on our platform, and in turn revenue,
as customers discover and adopt more products where their assets already reside. We plan to
dynamically adjust our expense base in order to be responsive to market conditions and revenue
opportunities, increasing or decreasing it as needed, especially with respect to certain variable expenses.
On May 5, 2026, subsequent to quarter end, we announced the Restructuring Plan. We anticipate this
plan will help us better align our operating expenses with current market conditions and optimize our
operations for the AI era. Including reflecting the impact of the Restructuring Plan, in the second quarter of
2026, we expect the aggregate of technology and development and general and administrative expenses
to generally be lower than the first quarter of 2026. Additionally, we expect sales and marketing expenses
to be roughly in line with or lower than those of the first quarter of 2026, also reflecting the Restructuring
Plan and the anticipated timing and scope of marketing opportunities.
Key Business Metrics
In addition to the measures presented in our Financial Statements, we use the key business metrics
listed below to evaluate our business, measure our performance, identify trends affecting our business,
and make strategic decisions:
Three Months Ended March 31, Change
2026 2025 %
MTUs(1) (in millions) .......................................................................... 8.2 9.7 (15)
Assets on Platform(2) (in billions) .................................................... $ 294 $ 328 (10)
Trading Volume(3) (in billions) .......................................................... $ 202 $ 401 (50)
Net (loss) income (in millions) ......................................................... $ (394) $ 66 (697)
Adjusted EBITDA(4) (in millions) ...................................................... $ 303 $ 930 (67)
_____________
(1) Represents quarterly MTUs, which are derived from the average of each month’s MTUs in each respective quarter.
(2) Represents Assets on Platform as of March 31.
(3) Represents the total U.S. Dollar equivalent of Spot Trading Volume transacted through our platform. During the fourth quarter
of 2025, we redefined Trading Volume to add half of the trade value of spot trades that are routed off our platform for fulfillment,
in order to provide a more comprehensive view of Trading Volume that drives our transaction revenue. Prior period amounts
have been recast to conform to the current period’s definition.
(4) See Non-GAAP Financial Measure below for a reconciliation of net (loss) income to Adjusted EBITDA and an explanation for
why we consider Adjusted EBITDA to be a helpful metric for investors.
Monthly Transacting Users
We define a Monthly Transacting User (“MTU”) as a consumer who actively or passively transacts in
one or more products on our platform at least once during the rolling 28-day period ending on the date of
measurement. MTUs engage in transactions that generate transaction revenue or subscription and
services revenue. Revenue-generating transactions include active transactions, such as buying or selling
crypto assets or passive transactions such as earning staking rewards and USDC rewards. MTUs also
engage in transactions that are non-revenue generating, such as consumers sending and receiving crypto
assets between wallets and off-platform accounts on a non-expedited basis. MTUs may overstate the
number of unique consumers due to differences in product architecture or user behavior.
MTUs decreased for the three months ended March 31, 2026 as compared to 2025, primarily due to a
decrease in trading users, influenced by overall market conditions.
Assets on Platform
We define Assets on Platform (“AOP”) as the total United States (“U.S.”) dollar equivalent value of
crypto assets and payment stablecoins held or managed on behalf of customers in digital wallets on our
platform, including our custody services but excluding assets for which the customer holds full or partial
keys, calculated based on the market price on the date of measurement. AOP demonstrates the scale of
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balances held across our suite of products and services, the trust customers place in us to securely store
their assets, and the underlying growth of the onchain economy. AOP also represents a monetization
opportunity through our products and services, including from trading and the adoption and use of
payment stablecoins, staking, custody, and institutional financing, when customers use these assets to
engage with these products and services.
The following table sets forth the value of AOP by asset (in millions, except percentages):
March 31, 2026 March 31, 2025 Value Change
Units Value Units Value %
Bitcoin ............................................................. 3.0 $ 202,335 2.7 $ 219,076 (8)
Ethereum ........................................................ 19.0 40,027 15.8 28,812 39
XRP ................................................................. 9,175.1 12,294 8,507.7 17,776 (31)
USDC .............................................................. N/A 9,289 N/A 7,839 18
Other(1) ............................................................ nm 30,487 nm 54,007 (44)
Total .............................................................. $ 294,432 $ 327,510 (10)
__________________
nm - not meaningful
(1) Includes various other crypto asset and payment stablecoin balances, none of which individually represented more than 5% of
total AOP.
AOP at March 31, 2026 decreased as compared to March 31, 2025, primarily reflecting a $67.4 billion
aggregate decline in prices of most assets, offset in part by growth attributable to units, primarily Bitcoin.
Trading Volume
We define Trading Volume as the total U.S. dollar equivalent value of spot matched trades transacted
between a buyer and seller through our platform, plus half of the trade value of spot trades that are routed
off our platform for fulfillment, during the period of measurement. Trading Volume does not include volume
from other trading products, such as derivatives, equities, or event contracts, but may in the future as
those become more material. Trading Volume represents the product of the quantity of assets transacted
and the trade price at the time the transaction was executed. As trading activity directly impacts
transaction revenue, we believe this measure is a reflection of liquidity on our order books, trading health,
and the underlying growth of the onchain economy. Institutions incur lower fees per transaction than
consumers and, as a result, the impact of changes in consumer Trading Volume on transaction revenue is
more pronounced than the impact of changes in institutional Trading Volume. Within consumer, Advanced
traders incur lower fees per transaction than Simple traders, and therefore a shift in the mix of trading
between these consumers impacts transaction revenue.
Generally, Trading Volume is primarily influenced by overall market dynamics, namely the price of
crypto assets, crypto asset volatility, and macroeconomic conditions, and by our share of total crypto
market spot trading volume. In periods of high crypto asset prices and crypto asset volatility, we have
generally experienced correspondingly high levels of Trading Volume. In recent quarters, we have also
seen market events, product announcements, paid incentives, and competition as influential factors.
Trading activity generally directly impacts transaction revenue. However, during periods when new
products or markets are being introduced or entered, associated Trading Volume may not directly impact
revenue within the same period, or may impact it indirectly.
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Three Months Ended March 31, Change
2026 2025 %
Trading Volume(1) (in billions)
Consumer ........................................................................................... $ 36 $ 79 (54)
Institutional ......................................................................................... 166 322 (48)
Total Trading Volume ...................................................................... $ 202 $ 401 (50)
Trading Volume by crypto asset
Bitcoin ................................................................................................. 40% 27% 48
Ethereum ............................................................................................ 19 11 73
XRP ..................................................................................................... 9 11 (18)
USDT .................................................................................................. 2 13 (85)
Other crypto assets(2) ....................................................................... 30 38 (21)
Total ................................................................................................... 100% 100%
____________________________________
(1) During the fourth quarter of 2025, we redefined Trading Volume to add half of the trade value of spot trades that are routed off
our platform for fulfillment, in order to provide a more comprehensive view of Trading Volume that drives our transaction
revenue. Prior period amounts have been recast to conform to the current period’s definition.
(2) Includes various other crypto assets, none of which individually represented more than 10% of our total Trading Volume.
For the three months ended March 31, 2026 as compared to 2025, Trading Volume decreased
primarily reflecting a decrease of 44% in global crypto market spot trading volume (the USD equivalent
value of all matched trades transacted between buyers and sellers across all exchanges) driven by softer
market conditions.
Results of Operations
Comparison of the three months ended March 31, 2026 and 2025
Revenue
For each of the three months ended March 31, 2026 and 2025, we generated 84% of total revenue in
the U.S., with no other country contributing over 10%. International revenue consisted mainly of
transaction revenue.
Transaction revenue
Three Months Ended March 31, Change
(in thousands, except %) 2026 2025 $ %
Consumer, net .................................................................... $ 566,899 $ 1,095,506 $ (528,607) (48)
Institutional, net .................................................................. 135,726 98,888 36,838 37
Other transaction revenue, net ........................................ 53,200 67,814 (14,614) (22)
Total transaction revenue ............................................... $ 755,825 $ 1,262,208 $ (506,383) (40)
% of net revenue ................................................................ 56 65
Transaction revenue decreased for the three months ended March 31, 2026 as compared to 2025,
primarily reflecting:
• a decrease in consumer transaction revenue driven by $591.6 million attributed to a 54%
decrease in consumer Trading Volume, offset in part by growth in derivatives trading volume and
the launch of prediction markets trading; and
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• an increase in institutional transaction revenue driven by:
◦ an increase of $68.5 million attributed to derivatives trading, due mainly to the acquisition
of Deribit in August 2025; offset in part by
◦ a decrease of $37.5 million attributed to a 48% decrease in institutional Trading Volume.
There were no material changes to note within other.
The percentage of transaction revenue from spot trading on our platform by crypto asset was as
follows:
Three Months Ended March 31, Change
2026 2025 %
Bitcoin .......................................................................................................... 40% 26% 54
XRP ............................................................................................................. 11 18 (39)
Ethereum .................................................................................................... 13 10 30
Solana ......................................................................................................... 7 10 (30)
Other crypto assets(1) ................................................................................ 29 36 (19)
Total ........................................................................................................... 100% 100%
____________________________________
(1) Includes various other crypto assets, none of which individually represented more than 10% of our total transaction revenue
from spot trading on our platform.
Subscription and services revenue
Three Months Ended March 31, Change
(in thousands, except %) 2026 2025 $ %
Stablecoin revenue(1) ............................................................... $ 305,435 $ 274,037 $ 31,398 11
Blockchain rewards .................................................................. 100,849 196,592 (95,743) (49)
Interest and finance fee income ............................................. 67,805 63,086 4,719 7
Other subscription and services revenue ............................. 109,434 140,898 (31,464) (22)
Total subscription and services revenue ............................ $ 583,523 $ 674,613 $ (91,090) (14)
% of net revenue ...................................................................... 44 35
____________________________________
(1) During the first quarter of 2026, we revised the presentation of revenue earned on corporate payment stablecoin balances, now
presenting the amounts in Corporate interest and other income rather than in Stablecoin revenue. Prior period amounts have
been reclassified to conform to current period presentation. For information on the reclassified amounts, please see Note 2.
Summary of Significant Accounting Policies and Note 4. Revenue of the Notes to our Financial Statements included in Part I,
Item 1 of this Quarterly Report on Form 10-Q.
Subscription and services revenue decreased for the three months ended March 31, 2026 as
compared to 2025, reflecting:
• increases in stablecoin revenue of:
◦ $64.2 million due to higher average USDC balances held by customers in eligible
Coinbase products; and
◦ $23.2 million due to higher average USDC off-platform balances; offset in part by
◦ a decrease of $57.5 million due to lower average interest rates, which declined 67 basis
points; and
• decreases in blockchain rewards of:
◦ $74.8 million due to lower average crypto asset prices, driven primarily by Solana; and
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◦ $32.2 million due to lower reward rates, primarily for Solana and Ethereum, offset in part
by
◦ the impact of an increase in staked balances, primarily of Solana and Cosmos.
There were no material changes to note within the other categories in the table above.
Other revenue
Three Months Ended March 31, Change
(in thousands, except %) 2026 2025 $ %
Corporate interest and other income(1) ................................. $ 73,634 $ 97,474 $ (23,840) (24)
Total other revenue ................................................................ $ 73,634 $ 97,474 $ (23,840) (24)
____________________________________
(1) During the first quarter of 2026, we revised the presentation of revenue earned on corporate payment stablecoin balances, now
presenting the amounts in Corporate interest and other income rather than in Stablecoin revenue. Prior period amounts have
been reclassified to conform to current period presentation. For information on the reclassified amounts, please see Note 2.
Summary of Significant Accounting Policies and Note 4. Revenue of the Notes to our Financial Statements included in Part I,
Item 1 of this Quarterly Report on Form 10-Q.
Corporate interest and other income decreased for the three months ended March 31, 2026 as
compared to 2025, reflecting an 81 basis point decline in average interest rates earned.
Operating expenses
Certain prior period amounts have been reclassified to conform to the current period presentation.
Transaction expense
Three Months Ended March 31, Change
(in thousands, except %) 2026 2025 $ %
Blockchain rewards fees ......................................................... $ 64,133 $ 120,021 $ (55,888) (47)
Payment processing and account verification ..................... 40,175 64,645 (24,470) (38)
Transaction reversal losses .................................................... 33,999 46,844 (12,845) (27)
Transaction rebates and commissions ................................. 29,026 59,585 (30,559) (51)
Other........................................................................................... 28,526 11,931 16,595 139
Total transaction expense ..................................................... $ 195,859 $ 303,026 $(107,167) (35)
% of net revenue ...................................................................... 15 16
Transaction expense decreased for the three months ended March 31, 2026 as compared to 2025,
reflecting:
• lower blockchain rewards fees, which moved with blockchain rewards revenue; and
• a decrease in transaction rebates and commissions, primarily those earned by institutional
customers providing liquidity on our international exchange, as we tapered incentive offerings.
There were no material changes to note within the other categories in the table above.
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Technology and development
Three Months Ended March 31, Change
(in thousands, except %) 2026 2025 $ %
Employee-related ..................................................................... $ 348,123 $ 232,348 $ 115,775 50
Website hosting and infrastructure ........................................ 90,639 67,247 23,392 35
Amortization, depreciation, and impairment......................... 47,913 32,012 15,901 50
Other........................................................................................... 38,973 23,761 15,212 64
Total technology and development...................................... $ 525,648 $ 355,368 $ 170,280 48
% of net revenue ...................................................................... 39 18
Technology and development expenses increased for the three months ended March 31, 2026 as
compared to 2025, primarily reflecting an increase in employee-related expenses driven by 23% higher
average headcount supporting product growth, and expanded by acquisition-related compensation.
There were no material changes to note within the other categories in the table above.
Sales and marketing
Three Months Ended March 31, Change
(in thousands, except %) 2026 2025 $ %
USDC rewards .......................................................................... $ 113,427 $ 100,034 $ 13,393 13
Marketing programs ................................................................. 83,907 104,970 (21,063) (20)
Employee-related ..................................................................... 39,378 33,456 5,922 18
Other........................................................................................... 30,014 8,823 21,191 240
Total sales and marketing ..................................................... $ 266,726 $ 247,283 $ 19,443 8
% of net revenue ...................................................................... 20 13
Sales and marketing expenses increased for the three months ended March 31, 2026 as compared to
2025, reflecting:
• a $58.9 million increase in USDC rewards driven by growth in average customer USDC balances
held in Coinbase products as we continue to integrate USDC across our products, offset in part
by a reduction in the rewards rate;
• a decrease in marketing program expenses, reflecting a $43.9 million decrease in digital
advertising spend as a response to softer market conditions, offset in part by an increase in offline
advertising spend, primarily relating to our Super Bowl commercial; and
• an increase in other, primarily due to amortization of intangible assets acquired in the purchase of
Deribit in 2025.
There were no material changes to note within employee-related.
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General and administrative
Three Months Ended March 31, Change
(in thousands, except %) 2026 2025 $ %
Employee-related ..................................................................... $ 193,361 $ 163,137 $ 30,224 19
Professional services ............................................................... 49,624 58,176 (8,552) (15)
Customer support(1) .................................................................. 33,265 70,455 (37,190) (53)
Other........................................................................................... 99,844 102,578 (2,734) (3)
Total general and administrative .......................................... $ 376,094 $ 394,346 $ (18,252) (5)
% of net revenue ...................................................................... 28 20
____________________________________
(1) Excludes employee-related and professional services expenses.
General and administrative expenses decreased for the three months ended March 31, 2026 as
compared to 2025, reflecting:
• an increase in employee-related expenses, primarily due to higher average headcount reflecting,
in part, the shift of certain customer service roles from outsourced resources to employees; offset
by
• a decrease in customer support costs, primarily due to lower Trading Volume and fewer
resources required after certain regulatory projects were completed in the prior year, as well as
reflecting the shift of certain roles to employees.
There were no material changes to note within the other categories in the table above.
Losses on crypto assets held for operations, net
Three Months Ended March 31, Change
(in thousands, except %) 2026 2025 $ %
Losses on crypto assets held for operations, net............... $ 35,151 $ 34,365 $ 786 2
There were no material changes to note within losses on crypto assets held for operations, net.
Other operating expense (income), net
Three Months Ended March 31, Change
(in thousands, except %) 2026 2025 $ %
Other operating expense (income), net ............................... $ 34,925 $ (5,899) $ 40,824 (692)
There were no material changes to note within other operating expense (income), net.
Interest expense
Three Months Ended March 31, Change
(in thousands, except %) 2026 2025 $ %
Interest expense ...................................................................... $ 22,569 $ 20,511 $ 2,058 10
There were no material changes to note within interest expense.
Losses on crypto assets held for investment, net
Three Months Ended March 31, Change
(in thousands, except %) 2026 2025 $ %
Losses on crypto assets held for investment, net .............. $ 482,356 $ 596,651 $(114,295) (19)
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Losses on crypto assets held for investment, net decreased for the three months ended March 31,
2026 as compared to 2025, primarily due to fair value remeasurement. Our overall units held increased
as we actively invested in Bitcoin. However, net losses decreased, as asset prices declined more sharply
in the prior year, primarily for assets other than Bitcoin and Ethereum, than they did in the current year,
primarily for Bitcoin.
Other (income) expense, net
Three Months Ended March 31, Change
(in thousands, except %) 2026 2025 $ %
Gains on investments, net ..................................................... $ (46,797) $ (3,327) $ (43,470) nm
Other ......................................................................................... (14,844) 9,515 (24,359) (256)
Total other (income) expense, net ...................................... $ (61,641) $ 6,188 $ (67,829) nm
__________________
nm - not meaningful
Gains on investments, net changed for the three months ended March 31, 2026 as compared to
2025, primarily due to a gain on the sale of a portion of our investment in Circle Internet Group, Inc. and
fair value remeasurement of our holdings. The change in Other within the table above was largely driven
by fair value remeasurement of certain token-denominated receivables.
(Benefit from) provision for income taxes
Three Months Ended March 31, Change
(in thousands, except %) 2026 2025 $ %
(Benefit from) provision for income taxes ............................ $ (70,588) $ 16,848 $ (87,436) (519)
For the three months ended March 31, 2026 as compared to 2025, the increase in (benefit from)
provision for income taxes was primarily due to lower pre-tax income, partially offset by lower tax benefits
from stock-based compensation.
Non-GAAP Financial Measure
In addition to our results determined in accordance with GAAP, we believe Adjusted EBITDA, a non-
GAAP financial performance measure, is useful information to help investors evaluate our operating
performance because it: enables investors to compare this measure and component adjustments to
similar information provided by peer companies and our past financial performance; provides additional
company-specific adjustments for certain items that may be included in income from operations but that
we do not consider to be normal, recurring, operating expenses (or income) necessary to operate our
business given our operations, revenue generating activities, business strategy, industry, and regulatory
environment; and provides investors with visibility to a measure management uses to evaluate our
ongoing operations and for internal planning and forecasting purposes. For example:
• We believe it is useful to exclude certain non-cash expenses, such as depreciation and
amortization and stock-based compensation, from Adjusted EBITDA because the amounts of
such expenses can vary significantly from period to period and may not directly correlate to the
underlying performance of our business operations.
• We believe it is useful to exclude certain items that we do not consider to be normal, recurring,
cash operating expenses and therefore, not reflective of our ongoing business operations. For
example, we exclude: (i) other (income) expense, net, as the income and expenses recognized in
this line item are not part of our core operating activities and are considered non-operating
activities under GAAP, (ii) gains and losses on crypto assets held for investment because such
investments are considered primarily long-term holdings, and (iii) losses, net of recoveries,
directly related to the data theft incident announced on the Current Report on Form 8-K we filed
with the SEC on May 15, 2025 (the “Data Theft Incident”), including voluntary customer
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reimbursements, direct legal costs, and reward payments, if any, in connection with the threat
actor’s arrest and conviction. We do not plan on engaging in regular trading of crypto assets, and,
as an operating company, our investing activities in crypto are not part of our revenue generating
activities, which are primarily based on transactions on our platform and the sales of
subscriptions and services.
• We believe Adjusted EBITDA is useful to measure a company’s operating performance without
regard to items such as stock-based compensation expense, depreciation and amortization
expense, interest expense, other (income) expense, net, and (benefit from) provision for income
taxes that can vary substantially from company to company depending upon their financing,
capital structures, and the method by which assets were acquired.
Limitations of Adjusted EBITDA
We believe that Adjusted EBITDA may be helpful to investors for the reasons noted above. However,
Adjusted EBITDA is presented for supplemental informational purposes only, has limitations as an
analytical tool, and should not be considered in isolation or as a substitute for financial information
presented in accordance with GAAP. There are a number of limitations related to Adjusted EBITDA rather
than net (loss) income, which is the nearest GAAP equivalent of Adjusted EBITDA. Some of these
limitations are that Adjusted EBITDA excludes:
• (benefit from) provision for income taxes;
• interest expense, or the cash requirements necessary to service interest or principal payments on
our debt, which reduces cash available to us;
• depreciation and amortization expense and, although these are non-cash expenses, the assets
being depreciated and amortized may have to be replaced in the future;
• stock-based compensation expense, which has been, and will continue to be for the foreseeable
future, a significant recurring expense for our business and an important part of our compensation
strategy;
• losses directly related to the Data Theft Incident, net of recoveries;
• net gains or losses on our crypto assets held for investment; and
• other (income) expense, net, which represents net gains or losses on investments and other
financial instruments, and other non-operating income and expense activity.
In addition, other companies, including companies in our industry, may calculate Adjusted EBITDA
differently or may use other measures to evaluate their performance, all of which could reduce the
usefulness of our disclosure of Adjusted EBITDA as a tool for comparison. A reconciliation is provided
below for Adjusted EBITDA to net (loss) income, the most directly comparable financial measure stated in
accordance with GAAP. Investors are encouraged to review the related GAAP financial measure and the
reconciliation of Adjusted EBITDA to net (loss) income, and not to rely on any single financial measure to
evaluate our business.
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The following table provides a reconciliation of net (loss) income to Adjusted EBITDA (in thousands):
Three Months Ended March 31,
2026 2025
Net (loss) income .................................................................................................. $ (394,117) $ 65,608
Adjusted to exclude the following:
(Benefit from) provision for income taxes ....................................................... (70,588) 16,848
Interest expense ................................................................................................. 22,569 20,511
Depreciation and amortization.......................................................................... 68,006 33,333
Stock-based compensation expense .............................................................. 248,055 190,729
Data Theft Incident losses, net ......................................................................... 8,610 —
Losses on crypto assets held for investment, net ......................................... 482,356 596,651
Other (income) expense, net(1) ......................................................................... (61,641) 6,188
Adjusted EBITDA ............................................................................................. $ 303,250 $ 929,868
__________________
(1) See Note 16. Other Condensed Consolidated Statements of Operations Details of the Notes to our Financial Statements
included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional details.
Liquidity and Capital Resources
There have been no material changes to our liquidity and capital resources from those presented in
the Annual Report, other than those described below.
We continue to believe our existing cash, cash equivalents, and marketable investments, which
totaled $10.4 billion as of March 31, 2026, will be sufficient in both the short and long term to meet our
requirements and plans for cash, including meeting our working capital and capital expenditure
requirements. Our ability to meet these requirements and plans for cash will depend on many factors,
including market acceptance of crypto assets and blockchain technology, our growth, our ability to attract
and retain customers on our platform, the continuing market acceptance of our products and services, the
introduction of new subscription products and services on our platform, expansion of sales and marketing
activities, and overall economic conditions. We anticipate satisfying both our short-term and long-term
cash requirements with our existing cash and cash equivalents and with future cash flows from
operations, future sales of marketable investments, and potential future equity or debt financing. The sale
of additional equity would result in additional dilution to our shareholders. The incurrence of additional
debt financing would result in debt service obligations, and the instruments governing such debt could
provide for operating and financing covenants that restrict our operations.
Primary commitments
Long-term debt and other contractual obligations
There have been no material changes to our long-term debt from those presented in the Annual
Report. As of March 31, 2026, our primary contractual obligation remained long-term debt, of which we
held $7.3 billion in aggregate principal amount, including $1.3 billion that is due within the next 12 months
and classified as a current liability. We intend to repay this amount with cash at or prior to maturity.
Our other contractual obligations decreased materially from those as of December 31, 2025, primarily
due to the fulfillment of a strategic equity investment commitment. See Note 19. Commitments and
Contingencies of the Notes to our Financial Statements included in Part I, Item 1 of this Quarterly Report
on Form 10-Q for additional details.
See Notes 12. Condensed Consolidated Balance Sheets Details and 17. Income Taxes of the Notes
to our Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional
details relating to our short- and long-term material cash requirements as of March 31, 2026.
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Short-term borrowings
As of March 31, 2026, we held short-term borrowings of $564.6 million, denominated in crypto assets
and payment stablecoins, which we use to facilitate institutional financing. See Note 5. Collateralized
Arrangements and Financing of the Notes to our Financial Statements included in Part I, Item 1 of this
Quarterly Report on Form 10-Q for additional details.
Repurchase program
As of March 31, 2026, our board of directors had authorized an aggregate $4.0 billion to repurchase,
without expiration, our outstanding Class A common stock and long-term debt (the “Repurchase
Program”). As of March 31, 2026, approximately $2.1 billion remained available, and no long-term debt
has been repurchased under the Repurchase Program. See Issuer Purchases of Equity Securities
included in Part II, Item 2 of this Quarterly Report on Form 10-Q for additional details.
Other resources and commitments
Crypto assets
We hold and use crypto assets for various purposes. Crypto assets held for operations are received
in the ordinary course of business and are converted to cash or used to fulfill expenses, primarily
blockchain rewards, nearly immediately. In order to facilitate institutional financing, we hold crypto assets
we borrow, as well as crypto assets customers pledge as collateral against certain of our loans to them.
We do not use these assets as a source of liquidity otherwise. Crypto assets held for investment are
primarily long-term holdings and in certain cases fulfill capital requirements set by regulators (see also
Capital requirements below). We do not plan to engage in regular trading of these crypto assets but may
purchase additional crypto assets for investment as a buy and hold strategy. In case of a liquidity stress
event, or for other episodic purposes, which may necessitate the use of these assets, we may change our
policy and sell crypto assets held for investment to generate liquidity. During times of instability in the
crypto assets market, we may not be able to sell our crypto assets at reasonable prices or at all. Our
crypto assets held are considered less liquid than our cash and cash equivalents and may not be able to
serve as a source of liquidity for us to the same extent as cash and cash equivalents.
As of March 31, 2026, we held the following crypto assets: $90.7 million held for operations,
$1.1 billion held as collateral, $246.4 million that were borrowed, and $1.6 billion held for investment.
Customer assets and liabilities
Recognized customer assets and liabilities comprise customer custodial funds and corresponding
customer custodial liabilities that represent our obligation to return these assets to the customers. We
also securely store additional customer AOP that we do not recognize in our Condensed Consolidated
Balance Sheets. We do not use customer assets as collateral for any loan, margin, rehypothecation, or
other similar activities to which we or our affiliates are a party, without the customer’s consent.
Our business model does not expose us to liquidity risk if we have excessive redemptions or
withdrawals from customers. As of March 31, 2026, we have not experienced excessive redemptions or
withdrawals, or prolonged suspended redemptions or withdrawals, of crypto assets to date. See the
section titled Risk Factors—Depositing and withdrawing crypto assets into and from our platform involve
risks, which could result in loss of customer assets, customer disputes and other liabilities, which could
adversely affect our business, operating results, and financial condition included in Part I, Item 1A of our
Annual Report for further information.
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Cash flows
The following table summarizes our Condensed Consolidated Statements of Cash Flows (in
thousands):
Three Months Ended March 31,
2026 2025
Net cash provided by operating activities ......................................................... $ 182,744 $ 852,694
Net cash used in investing activities .................................................................. (239,064) (125,335)
Net cash used in financing activities .................................................................. (864,907) (906,913)
Net decrease in cash, cash equivalents, and restricted cash and cash
equivalents .......................................................................................................... $ (921,227) $ (179,554)
Change in customer custodial cash and cash equivalents ............................ $ 160,543 $ (830,946)
Operating activities
Our largest source of cash provided by operating activities are revenues generated from transaction
fees. Our primary uses of cash in operating activities include payments to employees for compensation,
USDC rewards, marketing programs, website hosting and infrastructure services, and professional
services.
Net cash provided by operating activities decreased by $670.0 million for the three months ended
March 31, 2026 as compared to 2025 primarily as a result of the $621.3 million decrease in total revenue.
Investing activities
Net cash used in investing activities increased by $113.7 million for the three months ended March
31, 2026 as compared to 2025 primarily due to:
• a $122.6 million increase in cash and cash equivalents used for the origination of fiat and
payment stablecoin loans, net of repayments, reflecting higher demand for institutional financing
products; and
• a $66.4 million increase in net purchases of strategic and marketable investments; offset in part
by
• a $72.1 million decrease in net purchases of crypto assets held for investment.
Financing activities
Net cash used in financing activities decreased by $42.0 million for the three months ended March 31,
2026 as compared to 2025 primarily due to:
• a $1.0 billion increase in customer custodial fund liabilities; and
• a $154.7 million increase in net proceeds from short-term borrowings; offset in part by
• $1.1 billion in cash used to repurchase approximately 6.3 million shares of our outstanding Class
A common stock.
Regulatory capital requirements
We are a highly regulated business subject to regulations on how we manage our liquidity,
operations, and capital structure. As our primary operating subsidiary, Coinbase Inc. (“CB Inc.”) is subject
to the most significant capital requirements, we seek to minimize surplus capital at other subsidiaries and
hold surplus at CB Inc. See Part I, Item 1 Business—Government Regulation in the Annual Report as well
as Part I, Item 1A Risk Factors in the Annual Report for additional details about these regulations.
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We are required to hold corporate liquid assets at our subsidiaries to meet capital requirements
established by our regulators based on the value of crypto assets and payment stablecoins held in
custody. Our money-transmitting subsidiary, CB Inc., and our custodian subsidiary, Coinbase Custody
Trust Company, LLC (“CCTC”), which is a fiduciary under New York State Law and a qualified custodian
under the Investment Advisers Act of 1940, are required to maintain minimum net capital requirements
under agreements with the New York State Department of Financial Services. These subsidiaries and
other subsidiaries are also subject to maintenance capital requirements by other regulators both within
the United States and internationally. As of March 31, 2026, we were in compliance with these capital
requirements.
As of March 31, 2026, our net capital requirements by subsidiary consisted of the following (in
millions):
Required Net
Net Capital Capital(1) Capital Surplus
CB Inc. ........................................................................................ $ 2,835 $ 1,031 $ 1,804
CCTC .......................................................................................... 532 207 325
Other(2) ........................................................................................ 950 64 886
__________________
(1) Depending on the agreement between the subsidiary and the regulator, may include corporate holdings of cash and cash
equivalents, Bitcoin, and Ethereum. Due to the volatility of crypto assets, Net Capital and Required Net Capital can fluctuate.
(2) Includes subsidiaries that are subject to requirements from regulators that allow for the intermediation of customer orders in
derivatives markets or the operation of a regulated marketplace for the trading of such contracts.
Critical Accounting Estimates
Our Financial Statements and the related notes included elsewhere in this Quarterly Report on Form
10-Q are prepared in accordance with GAAP. The preparation of our Financial Statements also requires
us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue,
costs, and expenses and related disclosures. We base our estimates on historical experience and on
various other assumptions that we believe to be reasonable under the circumstances. Actual results could
differ significantly from our estimates. To the extent that there are differences between our estimates and
actual results, our future financial statement presentation, financial condition, operating results, and cash
flows will be affected.
There have been no material changes to our critical accounting estimates as compared to the critical
accounting estimates disclosed in the Annual Report.
Recent accounting pronouncements
See Note 2. Summary of Significant Accounting Policies—Recent accounting pronouncements of the
Notes to our Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a
discussion about new accounting pronouncements adopted and not yet adopted as of the date of this
report.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is the risk to our Financial Statements associated with the effect of changes in market
factors, including risks associated with interest rates, foreign currency, derivatives, marketable and
strategic investments, and crypto assets. These assets and liabilities are held for purposes other than
trading, except for our marketable investments which are available for trading. There have been no
material changes to our market risk exposures from the information presented in Part II, Item 7A.
“Quantitative and Qualitative Disclosures About Market Risk,” in the Annual Report except for our market
risk exposure on our crypto assets held for investment. Though the nature of this exposure and the
overall implied volatility of the crypto assets underlying this exposure have not changed since December
31, 2025, the number of units we hold and the price of the assets have changed, resulting in a material
change in the output of our sensitivity analysis.
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Crypto assets held for investment are primarily held long term, and historically, we have not attempted
to reduce our market risk exposure associated with these crypto assets. Crypto asset prices have been
volatile, as demonstrated by the one year historical volatility of Bitcoin and Ethereum of approximately
50% implied from the annualized standard deviation of daily price returns observed in the past 24 months.
A hypothetical 50% increase or decrease in crypto assets prices as of March 31, 2026 and December 31,
2025 would result in a $800.6 million and $1.0 billion impact, respectively, to the value of our Crypto
assets held for investment and would have been recognized as a gain or loss in Losses on crypto assets
held for investment, net in our Condensed Consolidated Statements of Operations. The decrease in the
hypothetical gains or losses since December 31, 2025 primarily reflects a decrease in the prices of crypto
assets held for investment.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our disclosure controls and procedures are designed to ensure that information we are required to
disclose in reports that we file or submit under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), is recorded, processed, summarized, and reported within the time periods specified in
SEC rules and forms, and that such information is accumulated and communicated to our management,
including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions
regarding required disclosure.
Our management, with the participation and supervision of our Chief Executive Officer (our principal
executive officer) and our Chief Financial Officer (our principal financial officer), has evaluated the
effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e)
under the Exchange Act) as of March 31, 2026. Based on such evaluation, our Chief Executive Officer
and Chief Financial Officer have concluded that as of March 31, 2026, our disclosure controls and
procedures were, in design and operation, effective at a reasonable assurance level.
Changes in Internal Controls Over Financial Reporting
There were no changes to our internal control over financial reporting (as such term is defined in
Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the most recently completed
fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control
over financial reporting.
Inherent Limitations on the Effectiveness of Controls
The effectiveness of any system of internal control over financial reporting, including ours, is subject
to inherent limitations, including the exercise of judgment in designing, implementing, operating, and
evaluating the controls and procedures, and the inability to eliminate misconduct completely. Accordingly,
in designing and evaluating the disclosure controls and procedures, management recognizes that any
system of internal control over financial reporting, including ours, no matter how well designed and
operated, can only provide reasonable, not absolute assurance of achieving the desired control
objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there
are resource constraints and that management is required to apply its judgment in evaluating the benefits
of possible controls and procedures relative to their costs. Moreover, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
We intend to continue to monitor and upgrade our internal controls as necessary or appropriate for our
business but cannot assure you that such improvements will be sufficient to provide us with effective
internal control over financial reporting.
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PART II
ITEM 1. LEGAL PROCEEDINGS
For a description of material legal proceedings in which we are involved, see Note 19. Commitments
and Contingencies of the Notes to our Financial Statements included in Part I, Item 1 of this Quarterly
Report on Form 10-Q, which is incorporated herein by reference.
We are not presently a party to any other legal or regulatory proceedings that in the opinion of our
management, if determined adversely to us, would individually or taken together have a material adverse
effect on our business, operating results, financial condition, or cash flows. However, we are subject to
regulatory oversight by numerous state, federal, and foreign regulators and we are and we may become
subject to various legal proceedings, inquiries, investigations, and demand letters that arise in the course
of our business. For example, we have received investigative subpoenas and other inquiries from various
state agencies and attorneys general for documents and information pertaining to our business practices
and policies, customer complaints, asset launches, certain ongoing litigation, and certain transfers of
crypto assets. In addition, we have received investigative subpoenas and demand letters from various
regulators for documents and information, including about certain customer programs, operations, and
existing and intended future products, including our processes for listing assets, the classification of
certain listed assets, our staking programs, and our stablecoin and yield-generating products. We intend
to cooperate fully with such investigations. These examples are not exhaustive.
ITEM 1A. RISK FACTORS
There have been no material changes to the risk factors disclosed in Part I, Item 1A. “Risk Factors” of
our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”). You
should carefully consider the risks and uncertainties described in the Annual Report, together with all of
the other information in this Quarterly Report on Form 10-Q, including the section titled “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” and the Financial Statements
and related notes. The risks and uncertainties described in the Annual Report are not the only ones we
face. Additional risks and uncertainties that we are unaware of or that we deem immaterial may also
become important factors that adversely affect our business. If any such risks occur, our business,
operating results, financial condition, and future prospects could be materially and adversely affected.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Unregistered Sales of Equity Securities
In connection with an acquisition, on January 2, 2026, we issued 172,780 shares of our Class A
common stock (the “Shares”) to certain former stockholders of the acquired company, as partial
consideration for our acquisition of the outstanding capital stock of said company. The Shares were
issued in reliance upon an exemption from registration under Section 4(a)(2) of the Securities Act (or
Regulation D or Regulation S promulgated thereunder) in a transaction by an issuer not involving a public
offering. The recipients of the Shares represented their intentions to acquire the securities for investment
only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends
were placed upon the book-entry shares issued in the transaction. All recipients of the Shares either
received adequate information about us or had access, through their relationships with us, to such
information.
Issuer Purchases of Equity Securities
In October 2024, our board of directors authorized and approved a share repurchase program, which
provided for the repurchase of up to $1.0 billion of our outstanding Class A common stock without
expiration. In October 2025, our board of directors (i) increased the aggregate repurchase authorization
under the program from $1.0 billion to $2.0 billion and (ii) expanded the scope of the repurchases to
include a portion of the aggregate principal amount of our outstanding 2026 Convertible Notes, 2029
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Convertible Notes, 2030 Convertible Notes, 2032 Convertible Notes, and both series of Senior Notes
(collectively, the “Notes”). In January 2026, our board of directors approved a $2.0 billion increase in the
authorization of our previously announced repurchase program from $2.0 billion to $4.0 billion (as
modified, the “Repurchase Program”). Repurchases may be made from time to time in the open market
(including through trading plans intended to qualify under Rule 10b5-1 under the Exchange Act), in
privately negotiated transactions, in a tender offer, or by other methods in accordance with the applicable
federal and state laws and regulations. The timing and amount of any repurchases will depend on market
conditions and other considerations, and will be made at management’s discretion. The Repurchase
Program does not obligate us to repurchase any dollar amount or number of shares of our Class A
common stock or Notes and may be modified, suspended, or discontinued at any time.
The following table contains information relating to the repurchases of shares of our Class A common
stock made by us in the three months ended March 31, 2026.
Total Number of Approximate Dollar
Shares Purchased Value of Shares that
Total Number Average Price as Part of Publicly May Yet Be
of Shares Paid per Announced Plans Purchased Under the
Period Purchased Share(1) or Programs(2) Plans or Programs
January 1 – January 31, 2026 1,910,258 $ 210.46 1,910,258 $ 2,807,766,039
February 1 – February 28, 2026 3,610,657 165.97 3,610,657 2,208,495,001
March 1 – March 31, 2026 757,475 159.62 757,475 2,087,588,148
6,278,390 6,278,390
__________________
(1) Average price paid per share includes commissions related to repurchases.
(2) Share counts reported in this table are recognized on a settlement date basis.
The above table excludes shares repurchased to settle employee tax withholding related to the
vesting of stock awards. See the Condensed Consolidated Statements of Changes in Shareholders’
Equity included in Part I, Item 1 of this Quarterly Report on Form 10-Q for quantification of all shares
repurchased by us during the periods presented.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable
ITEM 5. OTHER INFORMATION
Rule 10b5-1 Trading Plans
The Company’s directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) are only
permitted to trade in the Company’s securities pursuant to a prearranged trading plan intended to satisfy
the affirmative defense of Rule 10b5-1(c) under the Exchange Act (a “Rule 10b5-1 Plan”). During the
three months ended March 31, 2026, two of the Company’s non-employee directors terminated previously
adopted Rule 10b5-1 Plans and adopted new Rule 10b5-1 Plans and one of the Company’s officers
adopted a Rule 10b5-1 Plan. All such Rule 10b5-1 Plans were entered into during an open trading
window in accordance with the Company’s Insider Trading Policy and Trading Plan Policy.
On February 17, 2026, Fred Wilson, a member of the Company’s board of directors, terminated a
Rule 10b5-1 Plan he had previously adopted with respect to the sale of up to 64,973 shares of Class A
common stock owned by Mr. Wilson and his spouse (the “Prior Wilson Plan”). The Prior Wilson Plan was
adopted on August 7, 2025 and, prior to its termination by Mr. Wilson, was to expire by its terms on
November 1, 2027, or earlier, upon the completion of all transactions subject to the trading arrangements
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specified in the Prior Wilson Plan or the occurrence of certain events set forth therein. As of the date of
termination of the Prior Wilson Plan, Mr. Wilson had sold 30,000 shares of Class A common stock under
its terms. On February 18, 2026, Mr. Wilson entered into a Rule 10b5-1 Plan (the “Wilson Plan”) providing
for the potential sale of up to 50,000 shares of Class A common stock owned by The Frederick & Joanne
Wilson 2012 DE Trust, of which Mr. Wilson’s spouse is the grantor, so long as the market price of the
Class A common stock satisfies certain threshold prices specified in the Wilson Plan, between an
estimated start date of May 20, 2026 and May 12, 2028, or earlier, upon the completion of all transactions
subject to the trading arrangements specified in the Wilson Plan or the occurrence of certain events set
forth therein.
On March 5, 2026, Frederick Ernest Ehrsam III, a member of the Company’s board of directors,
terminated a Rule 10b5-1 Plan he had previously adopted with respect to the sale of up to 2,543,770
shares of Class A common stock owned by The Frederick Ernest Ehrsam III Living Trust, of which Mr.
Ehrsam is trustee (the “Prior Ehrsam Plan”). The Prior Ehrsam Plan was adopted on August 7, 2025 and,
prior to its termination by Mr. Ehrsam, was to expire by its terms on October 30, 2026, or earlier, upon the
completion of all transactions subject to the trading arrangements specified in the Prior Ehrsam Plan or
the occurrence of certain events set forth therein. As of the date of termination of the Prior Ehrsam Plan,
Mr. Ehrsam had sold 370,564 shares of Class A common stock under its terms. On March 5, 2026, Mr.
Ehrsam entered into a Rule 10b5-1 Plan (the “Ehrsam Plan”) providing for the potential sale of up to
3,585,976 shares of Class A common stock issuable upon the conversion of shares of Class B common
stock owned by The Frederick Ernest Ehrsam III Living Trust, of which Mr. Ehrsam is trustee, so long as
the market price of the Class A common stock satisfies certain threshold prices specified in the Ehrsam
Plan, between an estimated start date of June 4, 2026 and December 4, 2026, or earlier, upon the
completion of all transactions subject to the trading arrangements specified in the Ehrsam Plan or the
occurrence of certain events set forth therein.
On March 6, 2026, Jennifer Jones, the Company’s Chief Accounting Officer, entered into a Rule
10b5-1 Plan (the “Jones Plan”) providing for the potential sale of up to 27,499 shares of Class A common
stock owned by Ms. Jones, plus an additional undetermined number of shares of Class A common stock
to be received by Ms. Jones upon the future grant, vesting, and settlement of restricted stock units
(“RSUs”) for shares of Class A common stock. The Jones Plan provides for the sale of shares of Class A
common stock, including upon the future grant, vesting and settlement of RSUs for shares of Class A
common stock and the exercise of vested stock options for shares of Class A common stock, so long as
the market price of the Class A common stock satisfies certain threshold prices specified in the Jones
Plan. Sales under the Jones Plan may occur between an estimated start date of June 5, 2026 and
June 4, 2027, or earlier, upon the completion of all transactions subject to the trading arrangements
specified in the Jones Plan or the occurrence of certain events set forth therein. The Jones Plan provides
for the sale of shares of Class A common stock to be received upon the future vesting and settlement of
RSUs, net of any shares withheld or mandatorily sold by the Company to satisfy applicable tax
obligations. The numbers of shares (i) to be received by Ms. Jones upon the future grant, vesting, and
settlement of RSUs for shares of Class A common stock and (ii) to be withheld or mandatorily sold by the
Company, and therefore the exact number of shares to be sold pursuant to the Jones Plan, can only be
determined upon the occurrence of future events. For purposes of this disclosure, we have included the
maximum aggregate number of shares to be sold without (i) including any shares to be sold upon the
future vesting and settlement of any RSUs that have not yet been granted and (ii) subtracting any shares
to be withheld or mandatorily sold by the Company upon the future vesting and settlement of outstanding
RSUs.
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ITEM 6. EXHIBITS
Incorporated by Reference Filed or
Exhibit Filing Furnished
Number Description Form File No. Exhibit Date Herewith
31.1 Certification of Principal Executive Officer X
pursuant to Rules 13a-14(a) and 15d-14(a)
under the Exchange Act, as adopted
pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002
31.2 Certification of Principal Financial Officer X
pursuant to Rules 13a-14(a) and 15d-14(a)
under the Exchange Act, as adopted
pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002
32.1 Certification of Principal Executive Officer X
pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
32.2 Certification of Principal Financial Officer X
pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
101.INS Inline XBRL Instance Document (the X
instance document does not appear in the
Interactive Data File because its XBRL tags
are embedded within the Inline XBRL
document)
101.SCH Inline XBRL Taxonomy Extension Schema X
With Embedded Linkbase Documents
104 Cover Page Interactive Data File - the cover X
page from the registrant’s Quarterly Report
on Form 10-Q for the quarter ended March
31, 2026 is formatted as Inline XBRL and
contained in Exhibit 101
The certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly
Report on Form 10-Q and are not deemed “filed” for purposes of Section 18 of the Exchange Act, or
otherwise subject to the liability of that section, nor shall they be deemed incorporated by reference into
any filing under the Securities Act or the Exchange Act.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has
duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto
duly authorized.
COINBASE GLOBAL, INC.
Date: May 7, 2026 By: /s/ Brian Armstrong
Brian Armstrong
Chief Executive Officer and Director
(Principal Executive Officer)
Date: May 7, 2026 By: /s/ Alesia J. Haas
Alesia J. Haas
Chief Financial Officer
(Principal Financial Officer)
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