Coinbase Global, Inc.
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 31, 2025
COIN$134.76-1.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001679788-25-000089
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001679788-25-000154
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 157 previous paragraphs and 167 current paragraphs.
79 unchanged; 55 reworded; 30 added; 21 removed; 2 previous and 3 current paragraphs rearranged.
Tables are not compared: 21 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (30)
Current report
During the second quarter of 2025, we continued to make progress towards our mission by expanding access to trading through innovative derivative products, listing more spot assets, and expanding our offerings in markets globally. We also deepened financial utility with payment focused innovations like Coinbase Business, USDC integration with Shopify, and the announcement of the Coinbase One Card. Infrastructure upgrades included Base Chain’s decentralization milestones, faster transaction speeds, and expanded stablecoin distribution. During the second quarter, we also reached significant milestones in advancing crypto policy and regulation both domestically and internationally, and we secured our Markets in Crypto-Assets Regulation (“MiCA”) license.
Current report
*Amount is below the reporting threshold of 10%
Current report
◦an increase of $98.8 million and $465.4 million attributed to a 16% and 30% increase in consumer Trading Volume; offset by
Current report
•an increase in institutional transaction revenue for the six months ended comparative period primarily driven by:
Current report
◦the impact of 14% growth in institutional Trading Volume; and
Current report
◦an increase of $13.8 million from derivatives trading on our international exchange reflecting growth in trading volume; offset in part by
Current report
*Amount is below the reporting threshold of 10%
Current report
•increases in stablecoin revenue of:
Current report
◦a decrease of $77.3 million and $145.8 million due to lower average interest rates, which declined 97 and 96 basis points;
Current report
•changes in blockchain rewards, primarily consisting of:
Current report
◦a decrease of $43.5 million and $23.0 million due to changes in average crypto asset prices; offset in part by
Current report
◦an increase of $14.8 million and $22.5 million due to higher staked balances;
Current report
•an increase in payment processing fees for the six months ended comparative period, due primarily to increased volumes of transactions processed;
Current report
Technology and development expenses increased for the three and six months ended June 30, 2025 as compared to 2024, reflecting:
Current report
•within other, a decrease of $31.6 million in legal costs for the six months ended comparative period, with no additional material changes to note.
Current report
Other operating expense, net
Current report
Other operating expense, net increased for the three and six months ended June 30, 2025 as compared to 2024, primarily due to losses directly associated with the incident announced on the Current Report on Form 8-K we filed with the SEC on May 15, 2025 (the “Data Theft Incident”), comprising voluntary customer reimbursements and direct legal costs. There were no other material changes to note within other operating expense, net.
Current report
Changes in (gains) losses on crypto assets held for investment, net during all periods presented resulted primarily from fair value remeasurement of these assets, mainly Bitcoin and Ethereum. The impact of these changes in fair value expanded late in the first quarter and during the second quarter of 2025, as we actively increased our investment in these assets during these periods.
Current report
Other (income) expense, net
Current report
Other (income) expense, net changed for the three and six months ended June 30, 2025 as compared to 2024, due primarily to:
Current report
•a gain on the fair value remeasurement of our investment in Circle Internet Group, Inc. following its initial public offering in June 2025;
Current report
•gains on the fair value remeasurement of certain other crypto asset-denominated financial instruments; and
Current report
•losses on the fair value remeasurement of loan receivables originated from our crypto assets held for investment portfolio for the three months ended June 30, 2024, which did not recur in 2025.
Current report
Provision for (benefit from) income taxes
Current report
On July 4, 2025, the One Big Beautiful Bill Act (“OBBB”) was signed into law in the United States. The OBBB includes significant changes to U.S. federal tax law, such as an elective deduction for domestic research and experimental expenditures, and changes to the tax rate on income from non-U.S. sources and subsidiaries. We are evaluating the impact of the OBBB but do not expect it to have a material impact on our effective tax rate and net deferred tax asset balance in 2025.
Current report
•provision for (benefit from) income taxes;
Current report
•losses directly related to the Data Theft Incident;
Current report
Our other contractual obligations increased materially over those as of December 31, 2024, primarily due to entry into office lease, multi-year contract renewal, and business combination agreements. These obligations arise in the normal course of business and represent a material cash requirement. See Note 10. Other Condensed Consolidated Balance Sheets Details, for additional details on leases, and Note 16. Commitments and Contingencies, for additional details on non-cancelable purchase obligations and the business combination, of the Notes to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Current report
Net cash provided by operating activities decreased by $749.9 million for the six months ended June 30, 2025 as compared to 2024 primarily due to:
Current report
•$253.4 million in cash used in 2025 related to the Data Theft Incident, for which impacted customers were voluntarily reimbursed; and
Removed paragraphs (21)
Previous report
During the first quarter of 2025, we continued to make progress against our mission by launching advanced trading tools, scaling derivatives globally, and growing our institutional and consumer user base. We also expanded access to financial services and implemented key infrastructure updates by upgrading Base to support the next generation of onchain apps and driving stablecoin adoption at scale, both of which are key to expanding global crypto usage.
Previous report
•an increase in blockchain rewards of $20.5 million due to changes in average crypto asset prices, and $13.9 million due to changes in reward rates primarily for Solana and Ethereum; and
Previous report
•an increase in payment processing fees of $18.7 million, due to 26% Trading Volume growth and expanding international payment methods. Account verification fees also rose with more new users verified;
Previous report
Technology and development expenses decreased for the three months ended March 31, 2025 as compared to 2024, primarily due to:
Previous report
◦$20.5 million lower stock-based compensation expense attributed to the roll-off of non-recurring multi-year stock-based compensation awards;
Previous report
◦$17.3 million higher capitalization of costs of internally developed technology; and
Previous report
◦a $10.3 million decrease due to updates made in late 2024 to our vesting schedule for new awards to achieve linear expense recognition; offset in part by
Previous report
•a $27.8 million increase in policy spend within other as we increased our crypto advocacy efforts, offset in part by a decrease of $20.1 million in legal costs. The remaining variance in other was due to increases across various expenses, with no material changes to note.
Previous report
Other operating (income) expense, net
Previous report
There were no material changes to note within Other operating (income) expense, net.
Previous report
Losses on crypto assets held for investment, net during the three months ended March 31, 2025 were primarily due to fair value remeasurement of these assets, mainly Bitcoin and Ethereum, as asset prices decreased, offset in part by increased investment purchases during the period. Gains on crypto assets held for investment, net during the three months ended March 31, 2024 were primarily due to fair value remeasurement of these assets, mainly Bitcoin and Ethereum, during a period when the asset prices increased.
Previous report
Other expense (income), net
Previous report
Other expense (income), net changed for the three months ended March 31, 2025 as compared to 2024, primarily reflecting changes in the prices of crypto assets underlying certain of our investments, as prices increased in 2024 and decreased in 2025. There were no material changes to note within other.
Previous report
Provision for income taxes
Previous report
•provision for income taxes;
Previous report
Net cash used in operating activities increased by $594.2 million for the three months ended March 31, 2025 as compared to 2024 primarily due to:
Previous report
•a $31.5 million increase in cash used to pay income taxes;
Previous report
•a $27.8 million increase in cash used in policy spend as we increased our crypto advocacy efforts; and
Previous report
•a $36.0 million decrease in cash used as a result of higher annual employee performance compensation payouts during the prior year.
Previous report
•an increase of $19.7 million in cash used for purchases of strategic investments; offset in part by
Previous report
•a $200.8 million net decrease in recognized fiat collateral pledged by institutional customers related to Prime Financing loans reflecting changes in demand.
Reworded paragraphs (55)
Previous wording
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Condensed Consolidated Financial Statements and the accompanying notes thereto included elsewhere in this Quarterly Report on Form 10-Qand our Annual Report on Form 10-K for the year ended December 31, 2024 (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 and those discussed 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, 2025 as compared to the corresponding period in 2024, respectively, unless otherwise noted.
Current wording
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Condensed Consolidated Financial Statements and the accompanying notes thereto included elsewhere in this Quarterly Report on Form 10-Qand our Annual Report on Form 10-K for the year ended December 31, 2024 (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 and those discussed 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 and six months ended June 30, 2025 as compared to the corresponding periods in 2024, respectively, unless otherwise noted.
Previous wording
For the three months ended March 31, 2025, our net revenue was $2.0 billion, including $1.3 billion in transaction revenue and $0.7 billion in subscription and services revenue. For the three months ended March 31, 2024, our net revenue was $1.6 billion, including $1.1 billion in transaction revenue and $0.5 billion in subscription and services revenue.
Current wording
For the three and six months ended June 30, 2025, our net revenue was $1.4 billion and $3.4 billion, respectively, including $764.3 million and $2.0 billion in transaction revenue and $655.8 million and $1.4 billion in subscription and services revenue. For the same periods in 2024, our net revenue was $1.4 billion and $3.0 billion, respectively, including $780.9 million and $1.9 billion in transaction revenue and $599.0 million and $1.1 billion in subscription and services revenue.
Previous wording
For the three months ended March 31, 2025, our net income was $65.6 million and Adjusted EBITDA was $0.9 billion. For the three months ended March 31, 2024, our net income was $1.2 billion and Adjusted EBITDA was $1.0 billion.
Current wording
For the three and six months ended June 30, 2025, our net income was $1.4 billion and $1.5 billion, and Adjusted EBITDA was $512.1 million and $1.4 billion. For the same periods in 2024, our net income was $36.2 million and $1.2 billion, and Adjusted EBITDA was $595.6 million and $1.6 billion.
Previous wording
Despite multiple Federal Funds Rate decreases in late 2024, future interest rate decreases are not certain. If interest rates continue to decline, they may materially impact our subscription and services and other revenue. 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. In the second quarter of 2025, we expect technology and development and general and administrative expenses to decline as compared to the first quarter of 2025, driven by lower variable customer support expenses and seasonally lower payroll taxes. Additionally, we expect sales and marketing expenses to grow modestly, as compared to the first quarter of 2025, primarily due to expected higher USDC rewards expense and brand marketing spend seasonality.
Current wording
Despite multiple Federal Funds Rate decreases in late 2024, future interest rate decreases are not certain. If interest rates continue to decline, they may materially impact our subscription and services and other revenue. 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. In the third quarter of 2025, we expect technology and development and general and administrative expenses to increase as compared to the second quarter of 2025, driven by headcount growth. Additionally, we expect sales and marketing expenses to be in line with the second quarter of 2025, dependent on USDC balances in Coinbase products and performance marketing opportunities throughout the quarter.
Previous wording
(1)Represents quarterly MTUs, which are derived from the average of each month’s MTUs in each respective quarter.
Current wording
(1)MTUs for the three month period represent quarterly MTUs, which are calculated as the average of each month’s MTUs in each respective quarter. MTUs for the six month period are calculated as the average of the quarterly MTUs within the period.
Previous wording
MTUs increased for the three months ended March 31, 2025 as compared to 2024, primarily due to an increase in trading users, influenced by overall crypto market sentiment and activity, including higher average prices for certain crypto assets.
Current wording
MTUs increased for the three and six months ended June 30, 2025 as compared to 2024, primarily due to an increase in trading users, influenced by overall crypto market sentiment and activity, including higher average prices for certain crypto assets.
Previous wording
AOP at March 31, 2025 remained relatively flat as compared to March 31, 2024, reflecting increases of $37.9 billion due to higher Bitcoin units on platform and $24.7 billion due to increases in the price of Bitcoin, largely offset by the impact of net decreases in the prices of Ethereum and other crypto assets. Separately, we attribute the growth in USDC AOP primarily to our USDC rewards program, combined with deeper integration of USDC across our products.
Current wording
AOP at June 30, 2025 increased as compared to June 30, 2024, primarily reflecting higher Bitcoin AOP, including $65.7 billion of growth attributable to units and $97.6 billion of growth attributable to price. Separately, we attribute the growth in USDC AOP primarily to our USDC rewards program, combined with deeper integration of USDC across our products.
Previous wording
(1)Includes various other crypto asset balances, none of which individually represented more than 10% of our total Trading Volume.
Current wording
(1)Includes various other crypto assets, none of which individually represented more than 10% of our total Trading Volume.
Previous wording
For the three months ended March 31, 2025 as compared to 2024, Trading Volume increased reflecting an increase in both the total market and our market share in the U.S., where our business is concentrated:
Current wording
For the three and six months ended June 30, 2025 as compared to 2024, Trading Volume increased reflecting an increase in the total market and changes in our market share in the U.S., where our business is concentrated:
Previous wording
•Total market — Crypto Asset Volatility 1 increased 15% and average total crypto market capitalization increased 56%. These two macro inputs have historically been highly correlated with Trading Volume and are typically influenced by overall crypto market sentiment, activity in the crypto market, and changes in average crypto asset prices; and
Current wording
•Total market — Crypto Asset Volatility 1 increased 11% and 13% and average total crypto market capitalization increased 29% and 36%. These two macro inputs have historically been highly correlated with Trading Volume and are typically influenced by overall crypto market sentiment, activity in the crypto market, and changes in average crypto asset prices.
Previous wording
•Market share — Trading Volume growth outpaced the 17% growth in overall U.S. spot market trading volume, as we were able to capture a larger portion of the trading activity due to our competitive position and product strategy.
Current wording
•Market share — For the three months ended comparative period, Trading Volume growth fell short of the 12% growth in overall U.S. spot market trading volume, as we saw a decrease in market share resulting primarily from lower USDT Trading Volume driven by an intentional pricing change made in March as we evolved our stablecoin strategy. For the six months ended comparative period, our Trading Volume outpaced the 15% growth in the overall U.S. spot market trading volume as we were able to capture a larger portion of the trading activity during the three months ended March 31, 2025.
Previous wording
Comparison of the three months ended March 31, 2025 and 2024
Current wording
Comparison of the three and six months ended June 30, 2025 and 2024
Previous wording
For the three months ended March 31, 2025 and 2024 we generated 84% and 83%, respectively, of total revenue in the U.S. No other country accounted for more than 10% of total revenue during the periods presented. International revenue comprised mainly transaction revenue in both periods presented.
Current wording
For the three and six months ended June 30, 2025, we generated 86% and 85% of total revenue in the U.S. For the three and six months ended June 30, 2024, we generated 85% and 84% of total revenue in the U.S. No other country accounted for more than 10% of total revenue during the periods presented. International revenue comprised mainly transaction revenue in all periods presented.
Previous wording
Transaction revenue increased for the three months ended March 31, 2025 as compared to 2024, due to:
Current wording
Transaction revenue changed for the three and six months ended June 30, 2025 as compared to 2024, due to:
Previous wording
•an increase in consumer transaction revenue of $366.5 million due to a 39% increase in consumer Trading Volume. This increase was offset in part by a decrease of $206.2 million attributed to a lower average blended fee rate, primarily due to changes in the mix of Trading Volume from Simple to Advanced trading, as well as growth in Trading Volume from Coinbase One users.
Current wording
◦a decrease of $113.7 million and $319.9 million attributed to a lower average blended fee rate, primarily due to changes in the mix of Trading Volume from Simple to Advanced trading, as well as growth in Trading Volume from Coinbase One users; and
Previous wording
•an increase in institutional transaction revenue primarily driven by growth in derivatives trading volume on our international exchange. Separately, the impact of a 23% increase in institutional Trading Volume was offset by a lower average blended fee rate resulting primarily from reduced fees at higher volumes; and
Current wording
◦a $22.2 million decrease due to a lower average blended fee rate resulting primarily from reduced fees at higher Trading Volumes; and
Previous wording
The percentage of transaction revenue from trading on our platform broken down by crypto asset was as follows:
Current wording
The percentage of transaction revenue from trading on our platform by crypto asset was as follows:
Previous wording
(1)Includes various other crypto asset balances, none of which individually represented more than 10% of our total transaction revenue.
Current wording
(1)Includes various other crypto assets, none of which individually represented more than 10% of our total transaction revenue.
Previous wording
Subscription and services revenue increased for the three months ended March 31, 2025 as compared to 2024, primarily due to:
Current wording
Subscription and services revenue increased for the three and six months ended June 30, 2025 as compared to 2024, reflecting:
Previous wording
•increases in stablecoin revenue of $105.1 million due to higher average USDC balances held in Coinbase products 2, on which we earn the vast majority of the interest on the associated reserves, and $67.9 million due to higher average USDC off-platform balances, on which we earn varying percentages depending on where the USDC is held. This revenue growth was partially offset by a decrease of $68.5 million due to lower average interest rates, which declined 96 basis points;
Current wording
◦$98.1 million and $203.3 million due to higher average USDC balances held in Coinbase products 2, on which we earn the vast majority of the interest on the associated reserves; and
Previous wording
There were no material changes to note within interest and finance fee income.
Current wording
•lower interest and finance fee income, primarily reflecting a decrease of $15.2 million and $26.6 million in interest income on customer custodial cash attributable to lower average earned interest rates, which declined 116 and 103 basis points; and
Previous wording
Other revenue increased for the three months ended March 31, 2025 as compared to 2024, primarily reflecting an increase of $35.2 million due to higher average cash and cash equivalents balances, partially offset by lower average interest rates earned on these balances, which declined 77 basis points.
Current wording
Other revenue increased for the three and six months ended June 30, 2025 as compared to 2024, largely reflecting an increase of $15.8 million and $51.0 million due to higher average cash and cash equivalents balances, partially offset by lower average interest rates earned on these balances, which declined 105 and 93 basis points.
Previous wording
Transaction expense increased for the three months ended March 31, 2025 as compared to 2024, primarily due to:
Current wording
Transaction expense increased for the three and six months ended June 30, 2025 as compared to 2024, reflecting:
Previous wording
•higher blockchain rewards fees, which rose with blockchain rewards revenue, partially offset by the impact of adjustments to our fee structures;
Current wording
•lower blockchain rewards fees, which moved with blockchain rewards revenue, in addition to the impact of adjustments to our fee structures;
Previous wording
•higher transaction rebates and commissions, primarily reflecting an increase in rebates earned by institutional customers providing liquidity on our international exchange, driven by growth in volume; and
Current wording
•higher transaction rebates and commissions, primarily reflecting an increase in rebates earned by institutional customers providing liquidity on our international exchange, driven by growth in volume;
Previous wording
•an increase in transaction reversal losses primarily driven by higher transaction volume; offset in part by
Current wording
•an increase in transaction reversal losses primarily driven by higher transaction volume; and
Previous wording
•a decrease in blockchain transaction fees primarily due to lower average gas and asset prices for Ethereum.
Current wording
•a decrease in blockchain transaction fees within other, primarily due to lower average gas and asset prices for Ethereum.
Previous wording
•a decrease in personnel-related expenses reflecting:
Current wording
•a decrease in personnel-related expenses due to lower stock-based compensation expense (see Note 12. Stock-Based Compensation) primarily associated with non-recurring awards, offset in part by an increase due to higher average headcount; and
Previous wording
Sales and marketing expenses increased for the three months ended March 31, 2025 as compared to 2024, primarily due to:
Current wording
Sales and marketing expenses increased for the three and six months ended June 30, 2025 as compared to 2024, primarily due to:
Previous wording
•an increase in marketing program expenses due to higher digital advertising spend as we capitalized on market momentum during the quarter; and
Current wording
•an increase in marketing program expenses largely due to higher digital advertising spend; and
Previous wording
•an increase in USDC rewards payouts of $53.2 million primarily due to growth in average customer USDC balances held in Coinbase products 3, with the remainder primarily due to higher reward rates offered to customers in an effort to enhance customer acquisition, retention, and platform engagement.
Current wording
•an increase in USDC rewards payouts primarily reflecting growth in average customer USDC balances held in Coinbase products 3.
Previous wording
General and administrative expenses increased for the three months ended March 31, 2025 as compared to 2024, primarily due to:
Current wording
General and administrative expenses increased for the three and six months ended June 30, 2025 as compared to 2024, primarily due to:
Previous wording
•an increase in professional services primarily due to higher costs of legal advisory services; and
Current wording
•an increase in professional services due to higher costs of legal advisory services;
Previous wording
•an increase in customer support costs as a result of increased capacity needs. Our capacity needs typically increase in periods following higher Trading Volumes;
Current wording
•an increase in customer support costs as a result of increased capacity needs. Our capacity needs typically increase in periods following higher Trading Volumes; and
Previous wording
Losses (gains) on crypto assets held for operations, net
Current wording
(Gains) losses on crypto assets held for operations, net
Previous wording
Changes in losses (gains) on crypto assets held for operations, net resulted primarily from holding these assets during a period of declining crypto asset prices in 2025 as compared to a period of rising crypto asset prices in 2024. Though gross inflows and outflows of these assets were both $0.3 billion during each of the three months ended March 31, 2025 and 2024, respectively, losses and gains on changes in the fair value of the assets were limited as these assets are converted to cash or used for expenses nearly immediately after receipt.
Current wording
Changes in (gains) losses on crypto assets held for operations, net resulted primarily from holding these assets during periods of increasing and decreasing crypto asset prices, respectively. Though both gross inflows and outflows of these assets were $0.6 billion and $0.9 billion during the three and six months ended June 30, 2025, and$0.8 billion and$1.1 billion during the same periods in 2024, gains and losses on changes in the fair value of the assets were limited as these assets are converted to cash or used for expenses nearly immediately after receipt.
Previous wording
Losses (gains) on crypto assets held for investment, net
Current wording
(Gains) losses on crypto assets held for investment, net
Previous wording
For the three months ended March 31, 2025 as compared to 2024, the decrease in provision for income taxes was primarily due to lower pretax income, partially offset by lower tax benefits from stock-based compensation.
Current wording
For the three months ended June 30, 2025 as compared to 2024, the increase in provision for (benefit from) income taxes was primarily due to higher pretax income, and lower tax benefits from stock-based compensation. For the six months ended June 30, 2025 as compared to 2024, the increase in provision for (benefit from) income taxes was primarily due to higher pretax income, and lower tax benefits from stock-based compensation and research and development credits, as well as a valuation allowance on non-U.S. losses for the six months ended June 30, 2025.
Previous wording
•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 and (ii) gains and losses on crypto assets held for investment because such investments are considered primarily long-term holdings. 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 based on transactions on our platform and the sales of subscriptions and services.
Current wording
•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 directly related to the Data Theft Incident, including voluntary customer 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 based on transactions on our platform and the sales of subscriptions and services.
Previous wording
•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 expense (income), net, and benefit from or 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.
Current wording
•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 provision for (benefit from) income taxes that can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired.
Showing the first 40 of 55 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
•changes in consumer transaction revenue driven by:
Current report — wording carried from elsewhere
◦$71.4 million and $139.3 million due to higher average USDC off-platform balances, on which we earn varying percentages depending on where the USDC is held; offset in part by
Current report — wording carried from elsewhere
Our Condensed Consolidated 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 Condensed Consolidated 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.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
◦$15.6 million higher personnel-related expenses due to higher average headcount.
Previous report — wording carried elsewhere
Balance Sheets. We do not use customer crypto 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.