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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5. Collateralized Arrangements and Financing
- COLLATERALIZED ARRANGEMENTS AND FINANCING
Lending and related collateral
The following table summarizes the Company’s institutional financing lending arrangements (in thousands):
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Fiat and payment stablecoin loan receivables | $1,340,213 | $551,546 |
| Crypto asset loan receivables | 14,479 | 92,619 |
| Total loan receivables(1) | $1,354,692 | $644,165 |
(1)Includes an immaterial amount of fiat and crypto asset trade finance receivables as of December 31, 2025 and 2024.
As of December 31, 2025 and 2024, the Company had four and three counterparties, respectively, each of whom accounted for more than 10% of the Company’s Loan receivables.
As of December 31, 2025 and 2024, the collateral requirements for all loans outstanding ranged from 100% to 300% of the fair value of the loan.
The following table summarizes assets the Company holds and has recognized as collateral with a corresponding obligation to return the collateral to the borrower (in thousands, except units):
| December 31, 2025 · December 31, 2024 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units · Cost Basis · Fair Value · Units · Cost Basis · Fair Value | ||||||||||||||
| Fiat and payment stablecoins(1) | N/A | N/A | $4,056 | N/A | N/A | $24,641 | ||||||||
| Bitcoin | 8,579 | $818,787 | 756,447 | 6,918 | $414,745 | 647,568 | ||||||||
| Ethereum | 22,327 | 69,736 | 66,380 | 33,130 | 98,787 | 111,445 | ||||||||
| Other crypto assets(2) | — | — | — | nm | 8,065 | 8,471 | ||||||||
| Crypto assets held as collateral | $888,523 | 822,827 | $521,597 | 767,484 | ||||||||||
| Total recognized held as collateral | $826,883 | $792,125 | ||||||||||||
(1)Fiat and payment stablecoin collateral held are recognized within Cash and cash equivalents in the Consolidated Balance Sheets. Cost basis and units are not required disclosure and are therefore labeled N/A.
(2)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held as collateral.
The following table provides a reconciliation of Crypto assets held as collateral (in thousands):
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Beginning balance | $767,484 | $354,008 |
| Collateral received | 3,117,616 | 3,030,311 |
| Collateral returned | (2,755,431) | (2,759,660) |
| Gains | 1,338 | 175,480 |
| Losses | (308,180) | (32,655) |
| Ending balance | $822,827 | $767,484 |
No cumulative realized gains or losses occurred during the period presented as no Crypto assets held as collateral were sold or rehypothecated.
The following table summarizes collateral pledged by customers in financing arrangements with the Company, which the Company has not recognized as collateral nor as an obligation to return the collateral (in thousands):
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Fiat and payment stablecoins | $303,983 | $109,982 |
| Crypto assets | 1,559,458 | 178,619 |
| Total customer collateral not recognized as collateral | $1,863,441 | $288,601 |
Borrowings and related collateral
The following table summarizes the units, cost basis, and fair value of Crypto assets borrowed (in thousands, except units):
| December 31, 2025 · December 31, 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Units · Cost Basis · Fair Value · Units · Cost Basis · Fair Value | |||||||||||
| Bitcoin | 1,920 | $173,848 | $167,989 | 1,923 | $191,986 | $179,480 | |||||
| Ethereum | 43,536 | 149,374 | 129,162 | 17,413 | 65,213 | 57,989 | |||||
| Other crypto assets(1) | nm | 27,145 | 21,698 | nm | 18,701 | 23,583 | |||||
| Total borrowed | $350,367 | $318,849 | $275,900 | $261,052 | |||||||
(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 provides a reconciliation of Crypto assets borrowed (in thousands):
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Beginning balance | $261,052 | $45,212 |
| Borrowing activity: | ||
| Borrowings | 4,293,287 | 844,717 |
| Repayment of borrowings | (4,239,621) | (579,210) |
| Lending activity: | ||
| Origination of loan receivables(1) | (2,205,275) | (1,346,485) |
| Customer repayment of loan receivables(1) | 2,226,076 | 1,322,636 |
| Gains | 15,996 | 4,023 |
| Losses | (32,666) | (29,841) |
| Ending balance | $318,849 | $261,052 |
(1)Represents loans originated from borrowed assets. See Note 8. Crypto Assets Held for Investment for loans originated from assets held for investment.
No cumulative realized gains or losses occurred during the periods presented as no Crypto assets borrowed were sold.
The following table summarizes the units, cost basis, and fair value of Short-term borrowings (in thousands, except units):
| December 31, 2025 · December 31, 2024 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units · Cost Basis · Fair Value · Units · Cost Basis · Fair Value | ||||||||||||||
| Payment stablecoins | N/A | N/A | $119,923 | N/A | N/A | $74,158 | ||||||||
| Bitcoin | 2,035 | $183,882 | 178,022 | 2,178 | $213,096 | 203,370 | ||||||||
| Ethereum | 43,941 | 150,424 | 130,363 | 19,133 | 68,803 | 63,720 | ||||||||
| Other crypto assets(1) | nm | 29,399 | 23,797 | nm | 28,141 | 33,020 | ||||||||
| Total crypto asset borrowings | $363,705 | 332,182 | $310,040 | 300,110 | ||||||||||
| Total short-term borrowings | $452,105 | $374,268 | ||||||||||||
(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 December 31, 2025 and 2024, the weighted average annual fees on Short-term borrowings were 3.5% and 2.7%, respectively.
The fair value of the Company’s corporate assets pledged as collateral against Short-term borrowings are recorded in Restricted cash and cash equivalents and consisted of the following (in thousands):
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Payment stablecoins | $236,308 | $308,650 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.