Coinbase Global, Inc.
For the period ended Sep 30, 2025. Filed Oct 30, 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.
Sep 30, 2025 · Filed Oct 30, 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 2025-06-30; filed 2025-07-31.
0001679788-25-000154
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001679788-25-000208
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 167 previous paragraphs and 154 current paragraphs.
76 unchanged; 66 reworded; 12 added; 24 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 21 previous and 20 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 (12)
Current report
During the third 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 completed the acquisition of Deribit in August, which we believe will play a key role in our goal to be the premier global platform for crypto derivatives, and we launched U.S. perpetual futures. We continue to scale payments with USDC, which reached an all-time high in market capitalization, new partnerships, and crypto rewards for purchases through the Coinbase One Card.
Current report
For the three and nine months ended September 30, 2025 as compared to 2024, Trading Volume increased primarily reflecting an increase of 66% and 27% in global crypto market spot trading volume (the USD equivalent value of all matched trades transacted between buyers and sellers across all exchanges), as well as due to increases in our share of this market volume for the crypto assets that comprise the majority of our Trading Volume. These increases were offset in part by a decrease of $39.7 billion and $34.9 billion attributed to a decline in our share of stablecoin pair market volume driven by an intentional pricing change made in March of 2025 as we evolved our stablecoin strategy.
Current report
◦an increase of $55.1 million and $69.1 million attributed to derivatives trading, due mainly to the acquisition of Deribit; and
Current report
•increases in blockchain rewards for the three months ended comparative period, driven by higher average crypto asset prices, primarily for Ethereum and Solana; and
Current report
There were no material changes to note within blockchain rewards fees.
Current report
There were no material changes to note within employee-related or other.
Current report
•an increase in employee-related expenses primarily due to higher average headcount;
Current report
Other operating expense (income), net
Current report
Other expense (income), net
Current report
In August 2025, we issued an aggregate principal amount of $1.5 billion convertible senior notes that mature on October 1, 2032, unless converted, repurchased, or redeemed on an earlier date, and an aggregate principal amount of $1.5 billion convertible senior notes that mature on October 1, 2029, unless converted or repurchased on an earlier date. See Note 10. Long-Term Debt of the Notes to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional details. In August 2025, Moody’s Ratings announced an upgrade of our ratings from B2 to B1 for corporate family and from B1 to Ba2 for guaranteed senior unsecured notes. As of September 30, 2025, 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.
Current report
•$687.6 million in net cash used for business combinations in 2025, primarily due to the completion of the Deribit acquisition in August;
Current report
•a $191.6 million increase in cash used to pay taxes related to net share settlement of equity awards.
Removed paragraphs (24)
Previous 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.
Previous report
*Amount is below the reporting threshold of 10%
Previous report
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 report
•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 report
•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 report
The following table presents the Condensed Consolidated Statements of Operations (in thousands), as well as each component as a percentage of total revenue:
Previous report
(1)Figures presented above may not sum precisely due to rounding.
Previous report
1 Crypto Asset Volatility represents our internal measure of crypto asset volatility in the market relative to prior periods. The volatility is based on intraday returns of a volume-weighted basket of all assets listed on our trading platform. These returns are used to compute the basket’s intraday volatility which is then scaled to a daily window. These daily volatility values are then averaged over the applicable time period as needed.
Previous report
Transaction revenue changed for the three and six months ended June 30, 2025 as compared to 2024, due to:
Previous report
◦an increase of $13.8 million from derivatives trading on our international exchange reflecting growth in trading volume; offset in part by
Previous report
◦a $22.2 million decrease due to a lower average blended fee rate resulting primarily from reduced fees at higher Trading Volumes; and
Previous report
*Amount is below the reporting threshold of 10%
Previous report
•changes in blockchain rewards, primarily consisting of:
Previous report
◦a decrease of $43.5 million and $23.0 million due to changes in average crypto asset prices; offset in part by
Previous report
◦an increase of $14.8 million and $22.5 million due to higher staked balances;
Previous report
•lower blockchain rewards fees, which moved with blockchain rewards revenue, in addition to the impact of adjustments to our fee structures;
Previous report
There were no material changes to note within personnel-related or other.
Previous 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.
Previous report
There were no material changes to note within personnel-related.
Previous report
Other operating expense, net
Previous report
Other (income) expense, net
Previous report
•gains on the fair value remeasurement of certain other crypto asset-denominated financial instruments; and
Previous 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.
Previous report
•a $783.2 million decrease in customer custodial funds, as we saw an increase in average customer USDC balances held in Coinbase products, which offer a higher yield.
Reworded paragraphs (66)
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 and six months ended June 30, 2025 as compared to the corresponding periods 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 nine months ended September 30, 2025 as compared to the corresponding periods in 2024, respectively, unless otherwise noted.
Previous 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.
Current wording
For the three and nine months ended September 30, 2025, our net revenue was $1.8 billion and $5.2 billion, respectively, including $1.0 billion and $3.1 billion in transaction revenue and $746.7 million and $2.1 billion in subscription and services revenue. For the same periods in 2024, our net revenue was $1.1 billion and $4.1 billion, respectively, including $572.5 million and $2.4 billion in transaction revenue and $556.1 million and $1.7 billion in subscription and services revenue.
Previous 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.
Current wording
For the three and nine months ended September 30, 2025, our net income was $432.6 million and $1.9 billion, and Adjusted EBITDA was $800.7 million and $2.2 billion. For the same periods in 2024, our net income was $75.5 million and $1.3 billion, and Adjusted EBITDA was $448.6 million and $2.1 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 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.
Current wording
Despite multiple Federal Funds Rate decreases in late 2024 and 2025, 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 fourth quarter of 2025, we expect technology and development and general and administrative expenses to increase as compared to the third quarter of 2025, primarily driven by a full fourth quarter of Echo and Deribit expenses and headcount growth. Additionally, we expect sales and marketing expenses to generally be in line with the third quarter of 2025, reflecting inclusion of a full fourth quarter of Deribit expenses, and dependent on USDC balances in Coinbase products and performance marketing opportunities throughout the quarter.
Previous 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.
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 nine month period are calculated as the average of the quarterly MTUs within the period.
Previous 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.
Current wording
MTUs increased for the three and nine months ended September 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
We define Assets on Platform (“AOP”) as the total United States (“U.S.”) dollar equivalent value of USDC and crypto assets 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 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 cryptoeconomy. AOP also represents a monetization opportunity through our products and services, including from trading and the adoption and use of USDC, staking, custody, and Prime Financing, when customers use these assets to engage with these products and services.
Current wording
We define Assets on Platform (“AOP”) as the total United States (“U.S.”) dollar equivalent value of USDC and crypto assets 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 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 cryptoeconomy. AOP also represents a monetization opportunity through our products and services, including from trading and the adoption and use of USDC, staking, custody, and institutional financing, when customers use these assets to engage with these products and services.
Previous 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.
Current wording
AOP at September 30, 2025 increased as compared to September 30, 2024, primarily reflecting higher Bitcoin AOP, including $114.8 billion of growth attributable to price and $73.9 billion of growth attributable to units. 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
Generally, Trading Volume on our platform 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 experienced correspondingly high levels of Trading Volume.
Current wording
Generally, Trading Volume on our platform 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, and competition as influential factors.
Previous wording
Comparison of the three and six months ended June 30, 2025 and 2024
Current wording
Comparison of the three and nine months ended September 30, 2025 and 2024
Previous 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.
Current wording
For the three and nine months ended September 30, 2025, we generated 81% and 84% of total revenue in the U.S. For the three and nine months ended September 30, 2024, we generated 86% 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
Other (income) expense, net changed for the three and six months ended June 30, 2025 as compared to 2024, due primarily to:
Current wording
Transaction revenue increased for the three and nine months ended September 30, 2025 as compared to 2024, due primarily to:
Previous wording
•changes in consumer transaction revenue driven by:
Current wording
•an increase in consumer transaction revenue driven by:
Previous wording
◦an increase of $98.8 million and $465.4 million attributed to a 16% and 30% increase in consumer Trading Volume; offset by
Current wording
◦an increase of $373.7 million and $839.0 million attributed to a 74% and 42% increase in consumer Trading Volume; which for the nine month comparative period, was offset in part by
Previous 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
Current wording
◦a decrease of $333.3 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 for the six months ended comparative period primarily driven by:
Current wording
•an increase in institutional transaction revenue driven primarily by:
Previous wording
◦the impact of 14% growth in institutional Trading Volume; and
Current wording
◦an increase of $26.3 million and $45.5 million attributed to 56% and 25% growth in institutional Trading Volume.
Previous wording
•an increase in other transaction revenue primarily driven by higher revenue from instant transfer withdrawals.
Current wording
There were no material changes to note within other transaction revenue.
Previous wording
Subscription and services revenue increased for the three and six months ended June 30, 2025 as compared to 2024, reflecting:
Current wording
Subscription and services revenue increased for the three and nine months ended September 30, 2025 as compared to 2024, reflecting:
Previous 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
Current wording
◦$107.1 million and $310.4 million due to higher average USDC balances held in Coinbase products 1, on which we earn the vast majority of the interest on the associated reserves; and
Previous wording
◦$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 wording
◦$79.6 million and $218.9 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
Previous wording
2 Includes corporate USDC balances and USDC held on behalf of customers in eligible Coinbase products.
Current wording
1 Includes corporate USDC balances and USDC held on behalf of customers in eligible Coinbase products.
Previous wording
◦a decrease of $77.3 million and $145.8 million due to lower average interest rates, which declined 97 and 96 basis points;
Current wording
◦a decrease of $79.8 million and $225.6 million due to lower average interest rates, which declined 93 and 95 basis points;
Previous 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
Current wording
There were no material changes to note within interest and finance fee income.
Previous 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.
Current wording
Other revenue changed for the three and nine months ended September 30, 2025 as compared to 2024, largely reflecting an increase of $22.7 million and $73.7 million due to higher average cash and cash equivalents balances, offset by lower average interest rates earned on these balances, which declined 114 and 98 basis points.
Previous wording
Transaction expense increased for the three and six months ended June 30, 2025 as compared to 2024, reflecting:
Current wording
Transaction expense increased for the three and nine months ended September 30, 2025 as compared to 2024, reflecting:
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•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;
Current wording
•higher transaction rebates and commissions, primarily those earned by institutional customers providing liquidity on our international exchange, driven by growth in volume;
Previous wording
•an increase in payment processing fees for the six months ended comparative period, due primarily to increased volumes of transactions processed;
Current wording
•an increase in payment processing fees, due primarily to increased volumes of payments processed; and
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•an increase in transaction reversal losses primarily driven by higher transaction volume; and
Current wording
•an increase in transaction reversal losses primarily driven by higher transaction volume; which for the nine month comparative period, was offset in part by
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•a decrease in blockchain transaction fees within other, 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 Ethereum gas fees.
Previous wording
Technology and development expenses increased for the three and six months ended June 30, 2025 as compared to 2024, reflecting:
Current wording
Technology and development expenses increased for the three and nine months ended September 30, 2025 as compared to 2024, reflecting:
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•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
Current wording
•changes in employee-related expenses driven by lower stock-based compensation expense (see Note 14. Stock-Based Compensationof the Notes to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional details) primarily associated with non-recurring awards, offset in part by an increase due to higher average headcount supporting international expansion and new product initiatives; and
Previous wording
•an increase in website hosting and infrastructure expenses driven by increased activity on our platform.
Current wording
•an increase in website hosting and infrastructure expenses driven by increased capacity to support activity on our platform.
Previous wording
Sales and marketing expenses increased for the three and six months ended June 30, 2025 as compared to 2024, primarily due to:
Current wording
Sales and marketing expenses increased for the three and nine months ended September 30, 2025 as compared to 2024, primarily due to:
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•an increase in marketing program expenses largely due to higher digital advertising spend; and
Current wording
•an increase in marketing program expenses largely due to higher digital advertising and brand spend, including corporate sponsorships and go-to-market efforts; and
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•an increase in USDC rewards payouts primarily reflecting growth in average customer USDC balances held in Coinbase products 3.
Current wording
•an increase in USDC rewards primarily reflecting growth in average customer USDC balances held in Coinbase products 2 as we continue to integrate USDC across our products.
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3 Comprises USDC held on behalf of customers in eligible Coinbase products.
Current wording
2 Comprises USDC held on behalf of customers in eligible Coinbase products.
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(1)Excludes personnel-related and professional services expenses.
Current wording
(1)Excludes employee-related and professional services expenses.
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General and administrative expenses increased for the three and six months ended June 30, 2025 as compared to 2024, primarily due to:
Current wording
General and administrative expenses increased for the three and nine months ended September 30, 2025 as compared to 2024, primarily due to:
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•an increase in professional services due to higher costs of legal advisory services;
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•an increase in professional services due to increased use of legal advisory services, including those relating to business combinations and strategic investments; and
Showing the first 40 of 66 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (1)
Previous report — wording carried 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.