Coinbase Global, Inc.
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
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12. Derivatives
- 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 none were designated as hedging instruments.
Impact of derivatives on the Consolidated Balance Sheets
The following table summarizes information on derivative instruments by their location in the 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 | ||||||
|---|---|---|---|---|---|---|
| Host · Gross Derivative Assets · Gross Derivative Liabilities · Aggregate Carrying Value | ||||||
| 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 | ||||
| Accounts receivable, net | $16,264 | $20,368 | $1,811 | $34,821 | ||
| Other current assets | 99,265 | 61,304 | — | 160,569 | ||
| Short-term borrowings | 310,040 | 18,030 | 8,100 | 300,110 | ||
| Obligation to return collateral | 526,337 | 2,149 | 243,296 | 767,484 | ||
| Accrued expenses and other current liabilities | 37,428 | 6,814 | 2,708 | 33,322 | ||
| Total fair value of derivatives | $108,665 | $255,915 | ||||
Impact of derivatives on the Consolidated Statements of Operations
The impacts of gains (losses) on derivative instruments recognized in the Consolidated Statements of Operations were as follows (in thousands):
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Short-term borrowings(1) | $21,593 | $28,304 |
| Obligation to return collateral(1) | 306,843 | (142,825) |
| Other(2) | (11,053) | 83,269 |
| Total | $317,383 | $(31,252) |
(1)Changes in fair value are recognized in Transaction expense in the 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 are recognized in Other operating expense, net or Other income, net in the Consolidated Statements of Operations depending on the nature of the derivative.
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