Coinbase Global, Inc.

Listed Company

COINCIK 0001679788NasdaqLarge AcceleratedFinance ServicesTexasFY ends Dec 31

Period

FY 2025

Revenue

$7.18B

Net Income

$1.26B

Total Assets

$29.67B

Equity

$14.79B

Shares Out

267.84M

Op. Cash Flow

$2.43B

Business

Coinbase Global, Inc. operates a trusted crypto platform that enables customers to engage with crypto assets and provides infrastructure for the onchain economy. It offers consumer and institutional trading, prime brokerage, custody, staking, stablecoins, a self‑custodial wallet, a developer platform, an L2 blockchain (Base), subscription services, markets, and institutional financing products. The company’s business is organized around three customer groups—consumers, institutions, and developers—and includes transaction products, subscription products, custody, markets, and developer tools. Coinbase serves customers globally via web and mobile platforms, APIs, regulated trading venues, custody services, and licensed entities across multiple jurisdictions.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	7,181	6,564	3,108	3,194	7,839
Transaction expense	1,020	898	421	630	1,268
Technology and development	1,671	1,468	1,325	2,326	1,292
Sales and marketing	1,059	654	332	510	664
General and administrative	1,620	1,300	1,074	1,601	909
Losses (gains) on crypto assets held for operations, net	21	−72	0	0	—
Crypto asset impairment, net	0	0	−35	722	153
Restructuring	0	0	143	41	0
Other operating expense, net	356	8	10	75	477
Total operating expenses	5,746	4,257	3,270	5,904	4,763
Operating income (loss)	1,435	2,307	−162	−2,710	3,077
Interest expense	85	81	83	89	—
Losses (gains) on crypto assets held for investment, net	529	−687	0	0	—
Other income, net	−701	−29	−168	265	20
Income (loss) before income taxes	1,522	2,943	−77	−3,065	3,027
Provision for (benefit from) income taxes	262	364	−172	−440	−597
Net income	1,260	2,579	95	−2,625	3,624
Basic	1,260	2,578	95	−2,625	3,097
Diluted	1,277	2,591	95	−2,631	3,190
Basic (in dollars per share)	4.85	10.42	0.4	−11.81	17.47
Diluted (in dollars per share)	4.45	9.48	0.37	−11.83	14.5
Basic (in shares)	260	247	236	222	177
Diluted (in shares)	287	273	254	222	220

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	11,285	9,308	5,489	4,425	7,123
Restricted cash and cash equivalents	334	347	44	26	—
Customer custodial funds	5,347	6,159	4,571	—	10,526
Crypto assets held for operations	121	83	—	—	—
Loan receivables	1,355	644	193	—	—
Crypto assets held as collateral	823	767	354	—	—
Crypto assets borrowed	319	261	45	—	—
Accounts receivable, net	307	265	168	—	—
Marketable investments	310	0	—	—	—
Other current assets	187	278	213	—	—
Total current assets	20,388	18,113	11,357	86,448	18,374
Crypto assets held for investment	1,999	1,553	—	—	—
Strategic investments	623	374	—	—	—
Deferred tax assets	571	941	1,272	1,047	—
Software and equipment, net	265	200	—	—	—
Goodwill	4,169	1,140	1,140	1,074	626
Intangible assets, net	1,398	47	—	—	—
Other non-current assets	259	174	376	355	952
Total assets	29,672	22,542	14,754	89,725	21,274
Customer custodial fund liabilities	5,347	6,159	4,571	4,830	—
Accounts payable	118	63	39	56	40
Current portion of long-term debt	1,270	0	—	—	—
Short-term borrowings	452	374	—	—	—
Obligation to return collateral	827	792	355	—	—
Accrued expenses and other current liabilities	688	553	457	331	440
Total current liabilities	8,701	7,941	5,485	80,815	11,419
Long-term debt	5,937	4,234	2,980	3,393	3,385
Other non-current liabilities	240	90	7	20	15
Total liabilities	14,879	12,265	8,472	84,270	14,893
Commitments and contingencies (Note 21.)	—	—	—	—	—
Preferred stock, $0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of December 31, 2025 and December 31, 2024	0	0	0	0	0
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 December 31, 2025 and December 31, 2024; 267,836 (Class A 226,797, Class B 41,039) shares issued and outstanding at December 31, 2025 and 253,640 (Class A 209,762, Class B 43,878) shares issued and outstanding at December 31, 2024	3,000	2,000	—	—	—
Additional paid-in capital	8,567	5,366	4,492	3,768	2,035
Accumulated other comprehensive income (loss)	5	−50	−30	−39	−3
Retained earnings	6,221	4,961	1,820	1,725	4,350
Total shareholders equity	14,793	10,277	6,282	5,455	6,382
Total liabilities and shareholders equity	29,672	22,542	14,754	89,725	21,274

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	188	123	140	154	64
Stock-based compensation expense	839	913	781	1,566	821
Deferred income taxes	238	151	−216	−468	−558
(Gains) losses on investments, net	−681	12	−24	3	−20
Gains on extinguishment of long-term debt, net	0	0	−117	0	0
Gains on crypto assets held, net (pre ASU 2023-08)	—	—	−118	−37	−178
Crypto asset impairment expense (pre ASU 2023-08)	—	—	97	757	329
Crypto assets received as revenue (pre ASU 2023-08)	—	—	−461	−471	−1,016
Crypto asset payments for expenses (pre ASU 2023-08)	—	—	298	383	816
Other operating activities, net	62	11	151	84	6
Accounts receivable, net	−2	−101	84	—	—
Customer custodial funds in transit	57	47	−115	—	—
Income taxes, net	−147	77	9	2	−62
Other current and non-current assets	−47	49	28	19	−20
Other current and non-current liabilities	108	−3	43	−101	302
Net cash provided by operating activities	2,426	3,104	673	−1,585	4,038
Loans originated	−12,453	−7,364	−923	—	—
Proceeds from repayment of loans	11,665	7,189	647	328	125
Assets pledged as collateral	−16	−101	−160	—	—
Return of assets pledged as collateral	16	147	196	—	—
Business combinations, net of cash and cash equivalents acquired	−742	0	−31	−186	−71
Purchases of crypto assets held for investment	−788	−35	−280	−1,400	−3,009
Dispositions of crypto assets held for investment	267	92	466	969	2,574
Purchase of investments	−377	−60	−19	—	—
Dispositions of investments	490	5	4	—	—
Other investing activities, net	−111	−74	−107	−167	2
Net cash used in investing activities	−2,050	−201	−206	−664	−1,125
Issuance of common stock upon exercise of stock options, net of repurchases	78	126	48	51	217
Issuances of convertible senior notes, net	2,957	1,246	0	0	1,404
Repurchase of common stock	−790	0	0	—	—
Repayment of long-term debt	0	0	−304	0	0
Purchases of capped calls	−224	−104	0	0	—
Customer custodial fund liabilities	−936	1,638	−275	−5,563	6,692
Customer collateral received	871	568	321	0	0
Return of customer collateral	−892	−544	−347	0	0
Taxes paid related to net share settlement of equity awards	−403	−117	−278	−352	−263
Proceeds from short-term borrowings	626	123	32	191	—
Repayments of short-term borrowings	−581	−48	−52	−191	0
Other financing activities, net	33	16	16	25	433,000
Net cash provided by (used in) financing activities	740	2,903	−838	−5,839	9,976
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents	1,117	5,806	−371	−8,088	12,890
Effect of exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	93	−48	9	−163	−65

Filings

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