Coinbase Global, Inc.
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
COIN$136.10+1.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
(In thousands, except per share data)
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $11,285,452 | $9,308,266 |
| Restricted cash and cash equivalents | 334,318 | 347,169 |
| Customer custodial funds | 5,347,428 | 6,158,949 |
| Crypto assets held for operations | 120,831 | 82,781 |
| Loan receivables | 1,354,692 | 644,165 |
| Crypto assets held as collateral | 822,827 | 767,484 |
| Crypto assets borrowed | 318,849 | 261,052 |
| Accounts receivable, net | 307,119 | 265,251 |
| Marketable investments | 309,765 | — |
| Other current assets | 187,164 | 277,536 |
| Total current assets | 20,388,445 | 18,112,653 |
| Crypto assets held for investment | 1,998,871 | 1,552,995 |
| Strategic investments | 622,985 | 374,161 |
| Deferred tax assets | 570,819 | 941,298 |
| Software and equipment, net | 264,573 | 200,080 |
| Goodwill | 4,168,967 | 1,139,670 |
| Intangible assets, net | 1,397,794 | 46,804 |
| Other non-current assets | 259,378 | 174,290 |
| Total assets | $29,671,832 | $22,541,951 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities: | ||
| Customer custodial fund liabilities | $5,347,428 | $6,158,949 |
| Accounts payable | 117,605 | 63,316 |
| Current portion of long-term debt | 1,269,585 | — |
| Short-term borrowings | 452,105 | 374,268 |
| Obligation to return collateral | 826,883 | 792,125 |
| Accrued expenses and other current liabilities | 687,676 | 552,662 |
| Total current liabilities | 8,701,282 | 7,941,320 |
| Long-term debt | 5,937,034 | 4,234,081 |
| Other non-current liabilities | 240,458 | 89,708 |
| Total liabilities | 14,878,774 | 12,265,109 |
| Commitments and contingencies (Note 21) | ||
| Shareholders’ equity: | ||
| Preferred stock, $0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of December 31, 2025 and December 31, 2024 | — | — |
| Class A and B common stock, $0.00001 par value; 10,500,000 (Class A 10,000,000, Class B 500,000) shares authorized at December 31, 2025 and December 31, 2024; 267,836 (Class A 226,797, Class B 41,039) shares issued and outstanding at December 31, 2025 and 253,640 (Class A 209,762, Class B 43,878) shares issued and outstanding at December 31, 2024 | 3 | 2 |
| Additional paid-in capital | 8,566,854 | 5,365,990 |
| Accumulated other comprehensive income (loss) | 4,973 | (50,051) |
| Retained earnings | 6,221,228 | 4,960,901 |
| Total shareholders’ equity | 14,793,058 | 10,276,842 |
| Total liabilities and shareholders’ equity | $29,671,832 | $22,541,951 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.