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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8. Crypto Assets Held for Investment
- CRYPTO ASSETS HELD FOR INVESTMENT
The following table summarizes Crypto assets held for investment (in thousands, except units):
| December 31, 2025 · December 31, 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Units · Cost Basis · Fair Value · Units · Cost Basis · Fair Value | |||||||||||
| Bitcoin | 15,389 | $1,079,153 | $1,346,452 | 6,885 | $272,164 | $642,738 | |||||
| Ethereum | 151,175 | 348,975 | 448,484 | 115,700 | 260,674 | 385,314 | |||||
| Other crypto assets(1) | nm | 323,226 | 203,935 | nm | 347,827 | 524,943 | |||||
| Total held for investment | $1,751,354 | $1,998,871 | $880,665 | $1,552,995 | |||||||
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held for investment.
The following table provides a reconciliation of Crypto assets held for investment (in thousands):
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Beginning balance | $1,552,995 | $330,610 |
| Cumulative-effect adjustment upon adoption of ASU 2023-08 | — | 717,373 |
| Additions(1) | 1,195,708 | 107,580 |
| Dispositions | (265,373) | (243,595) |
| Lending activity: | ||
| Origination of loan receivables(2) | (160,095) | (213,232) |
| Customer repayment of loan receivables(2) | 204,493 | 167,204 |
| Gains(3) | 168,641 | 799,804 |
| Losses(3) | (697,498) | (112,749) |
| Ending balance | $1,998,871 | $1,552,995 |
(1)Additions represent purchases of, and staking rewards earned on, Crypto assets held for investment.
(2)Represents loans originated from Crypto assets held for investment. See Note 5. Collateralized Arrangements and Financing for loans originated from borrowed assets.
(3)The Company measures gains and losses by each asset held. These amounts include cumulative realized gains of $75.2 million and $153.4 million, and unrealized losses of $604.0 million and gains of $533.7 million, during the years ended December 31, 2025 and 2024, respectively.
As of December 31, 2025, the Company held $68.3 million of Crypto assets held for investment subject to selling restrictions that are time-based and lift between 2026 and 2029.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.