Coinbase Global, Inc.

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 (the “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, 2025 (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, those set forth under Special Note About Forward-Looking Statements of this Quarterly Report on Form 10-Q and those discussed in the section titled Risk Factors in Part I, Item 1A of our Annual Report, together with any updates 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, except the Executive Overview, two numbers presented consecutively represent figures for the three and six months ended June 30, 2026 as compared to the same periods in 2025, respectively, unless otherwise noted. In the Executive Overview, consecutive pairs represent the three and six month periods ended June 30 of the applicable year, respectively.

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 (the “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, 2025 (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, those set forth under Special Note About Forward-Looking Statements of this Quarterly Report on Form 10-Q and those discussed in the section titled Risk Factors in Part I, Item 1A of our Annual Report, together with any updates 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, except the Executive Overview, two numbers presented consecutively represent figures for the three and nine months ended September 30, 2026 as compared to the same periods in 2025, respectively, unless otherwise noted. In the Executive Overview, consecutive pairs represent the three and nine month periods ended September 30 of the applicable year, respectively.

Previous wording

Our top three product priorities for 2026 are to grow the everything exchange, scale stablecoins and payments, and expand onchain adoption. During 2026, we continued to execute against our top product priorities. We saw resilience in crypto derivatives trading volume against the market backdrop, expanded tradable assets on our platform, grew volume in equities and prediction markets, increased average USDC held in Coinbase products to an all-time high, and grew decentralized exchange trading and balances borrowed and lent through Coinbase. With growing regulatory clarity, we believe we are well-positioned to drive crypto’s role in the global economy. We are working to further grow assets on our platform, and in turn revenue, as customers discover and adopt more products where their assets already reside.

Current wording

Our top three product priorities for 2026 are to grow the everything exchange, scale stablecoins and payments, and expand onchain adoption. During 2026, we continued to execute against our top product priorities. We saw resilience in crypto derivatives trading volume against the market backdrop, expanded tradable assets on our platform, grew volume in equities and prediction markets, increased average USDC held in Coinbase products to an all-time high, renewed our arrangement with Circle Internet Financial, LLC on the same terms, and grew decentralized exchange trading and balances borrowed and lent through Coinbase. With growing regulatory clarity, we believe we are well-positioned to drive crypto’s role in the global economy. We are working to further grow assets on our platform, and in turn revenue, as customers discover and adopt more products where their assets already reside.

Previous wording

For the three and six months ended June 30, 2026, our net revenue was $1.2 billion and $2.5 billion, including $599.2 million and $1.4 billion in transaction revenue and $555.1 million and $1.1 billion in subscription and services revenue. For the same periods in 2025, our net revenue was $1.4 billion and $3.3 billion, including $764.3 million and $2.0 billion in transaction revenue and $632.2 million and $1.3 billion in subscription and services revenue.

Current wording

For the three and nine months ended September 30, 2026, our net revenue was $1.2 billion and $3.7 billion, including $590.2 million and $1.9 billion in transaction revenue and $570.2 million and $1.7 billion in subscription and services revenue. For the same periods in 2025, our net revenue was $1.8 billion and $5.1 billion, including $1.0 billion and $3.1 billion in transaction revenue and $716.6 million and $2.0 billion in subscription and services revenue.

Previous wording

For the three and six months ended June 30, 2026, our net loss was $359.5 million and $753.6 million, and Adjusted EBITDA was $207.8 million and $511.1 million. For the same periods in 2025, our net income was $1.4 billion and $1.5 billion, and Adjusted EBITDA was $512.1 million and $1.4 billion.

Current wording

For the three and nine months ended September 30, 2026, our net income was $718.7 million and net loss was $34.9 million, and Adjusted EBITDA was $332.9 million and $843.9 million. For the same periods in 2025, our net income was $432.6 million and $1.9 billion, and Adjusted EBITDA was $800.7 million and $2.2 billion.

Previous wording

Assets on Platform (“AOP”) were $245.9 billion and $425.0 billion at June 30, 2026 and 2025, respectively. The decrease in AOP primarily reflects a $196.5 billion decline driven primarily by the decline in prices of certain crypto assets held on our platform, offset in part by growth in units, both largely attributable to Bitcoin.

Current wording

Assets on Platform (“AOP”) were $376.6 billion and $515.9 billion at September 30, 2026 and 2025, respectively. The decrease in AOP primarily reflects a $160.5 billion decline driven primarily by the decline in prices of certain crypto assets held on our platform, offset in part by growth in units, both largely attributable to Bitcoin.

Previous wording

For the three and six months ended June 30, 2026, Monthly Transacting Users (“MTUs”) were 7.6 million and 7.9 million. For the same periods in 2025, MTUs were 8.7 million and 9.2 million. The decrease in MTUs was primarily due to a decrease in trading users, influenced by overall market conditions.

Current wording

For the three and nine months ended September 30, 2026, Monthly Transacting Users (“MTUs”) were 7.4 million and 7.7 million. For the same periods in 2025, MTUs were 9.3 million and 9.2 million. The decrease in MTUs was primarily due to a decrease in trading users, influenced by overall market conditions.

Previous wording

Beginning in the second quarter of 2026, we no longer include Trading Volume as a key metric. As our business has evolved to support multiple asset classes, we believe the prior Trading Volume metric which focused on spot crypto volume no longer reflects the breadth of our business. Additionally, we do not believe that a total trading volume metric would fully represent the business given the differences in economics across our diversified trading products. We believe that net income (loss) and Adjusted EBITDA best reflect the financial health of our business, and we believe that metrics focused on users and assets are better operational indicators as they measure the trust customers place in Coinbase and our ability to attract and retain users. See the section titled Non-GAAP and Other Measures for definitions of Adjusted EBITDA, AOP, and MTUs, as well as a reconciliation of net income (loss) to Adjusted EBITDA.

Current wording

We believe that net revenue, net income (loss), and Adjusted EBITDA best reflect the financial health of our business, and we believe that AOP and MTUs are strong operational indicators as they measure the trust customers place in Coinbase and our ability to attract and retain users. See the section titled Non-GAAP and Other Measures for definitions of Adjusted EBITDA, AOP, and MTUs, as well as a reconciliation of net income (loss) to Adjusted EBITDA.

Previous wording

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. We anticipate the restructuring plan announced in May 2026 (the “Restructuring”) will help us better align our operating expenses with current market conditions and optimize our operations for the AI era. See Note 3. Restructuringof the Notes to our Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional details on the Restructuring. For the year ending December 31, 2026, we anticipate the aggregate of technology and development, general and administrative, and sales and marketing expenses, excluding amortization of intangible assets, to be slightly higher than for the year ended December 31, 2025, driven by USDC rewards.

Current wording

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. We anticipate the restructuring plan announced in May 2026 (the “Restructuring”) will help us better align our operating expenses with current market conditions and optimize our operations for the AI era. See Note 3. Restructuringof the Notes to our Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional details on the Restructuring. For the year ending December 31, 2026, we anticipate the aggregate of technology and development, general and administrative, and sales and marketing expenses, excluding amortization of intangible assets, to be slightly lower than for the year ended December 31, 2025.

Previous wording

Comparison of the three and six months ended June 30, 2026 and 2025

Current wording

Comparison of the three and nine months ended September 30, 2026 and 2025

Previous wording

For the three and six months ended June 30, 2026, we generated 85% and 84% of total revenue in the U.S. For the three and six months ended June 30, 2025, we generated 86% and 85% of total revenue in the U.S. No other country accounted for more than 10% of total revenue during the periods presented. International revenue consisted mainly of transaction revenue in all periods presented.

Current wording

For both the three and nine months ended September 30, 2026, we generated 84% of total revenue in the U.S. For the three and nine months ended September 30, 2025, we generated 81% and 84% of total revenue in the U.S. No other country accounted for more than 10% of total revenue during the periods presented. In all periods presented, international revenue consisted mainly of transaction revenue. Stablecoin revenue is substantially all attributed to the U.S.

Previous wording

Transaction revenue decreased for the three and six months ended June 30, 2026 as compared to 2025, primarily reflecting:

Current wording

Transaction revenue decreased for the three and nine months ended September 30, 2026 as compared to 2025, primarily due to:

Previous wording

•a decrease in consumer transaction revenue driven by $230.4 million and $822.0 million, reflecting a 38% and 48% decrease in consumer Crypto Spot Trading Volume 1, offset in part by growth in derivatives trading volume and the launch of prediction markets trading; and

Current wording

•a decrease in consumer transaction revenue, reflecting a 59% and 52% decrease in consumer Crypto Spot Trading Volume 1, offset in part by the launch of prediction markets trading and growth in derivatives trading volume; and

Previous wording

•an increase in institutional transaction revenue, due mainly to the acquisition of Deribit in August 2025.

Current wording

•changes in institutional transaction revenue primarily due to a 53% and 44% decrease in institutional Crypto Spot Trading Volume. In the nine months ended comparative period, an increase in derivatives revenue reflecting the acquisition of Deribit in August 2025 more than offset the spot decrease.

Previous wording

1 Crypto Spot Trading Volume is the total U.S. dollar equivalent value of spot matched trades (excluding Stablecoin Trading Volume) transacted between a buyer and seller through our platform, plus half of the value of trades that we routed off our platform for fulfillment, during the period of measurement. Stablecoin Trading Volume is the total U.S. dollar equivalent value of Fiat-Stablecoin and Stablecoin-Stablecoin matched trades transacted between a buyer and seller through our platform, plus half of the value of trades that we routed off our platform for fulfillment, during the period of measurement.

Current wording

1 Crypto Spot Trading Volume is the total U.S. dollar equivalent value of crypto spot matched trades (excluding Stablecoin Trading Volume) transacted between a buyer and seller through our platform, plus half of the value of trades that we routed off our platform for fulfillment, during the period of measurement. Stablecoin Trading Volume is the total U.S. dollar equivalent value of Fiat-Stablecoin and Stablecoin-Stablecoin matched trades transacted between a buyer and seller through our platform, plus half of the value of trades that we routed off our platform for fulfillment, during the period of measurement.

Previous wording

Subscription and services revenue decreased for the three and six months ended June 30, 2026 as compared to 2025, reflecting:

Current wording

Subscription and services revenue decreased for the three and nine months ended September 30, 2026 as compared to 2025, reflecting:

Previous wording

•changes in stablecoin revenue, primarily consisting of a decrease of $55.9 million and $113.4 million due to lower average interest rates, offset in part by an increase due to higher average USDC balances held by customers in eligible Coinbase products; and

Current wording

◦increases of $84.6 million and $201.6 million due to higher average USDC balances held in Coinbase products; and

Previous wording

◦$56.5 million and $131.3 million due to lower average crypto asset prices, driven primarily by Solana; and

Current wording

◦$111.8 million and $243.1 million due to lower average crypto asset prices, driven primarily by Solana and Ethereum; and

Previous wording

◦$16.1 million and $48.3 million due to lower reward rates, primarily for Solana and Ethereum.

Current wording

◦$18.9 million and $67.2 million due to lower reward rates, primarily for Solana and Ethereum, offset in part by

Previous wording

Corporate interest and other income decreased for the three and six months ended June 30, 2026 as compared to 2025, reflecting a 73 and 77 basis point decline in average interest rates earned.

Current wording

Corporate interest and other income decreased for the three and nine months ended September 30, 2026 as compared to 2025, reflecting a 97 and 84 basis point decline in average interest rates earned, as well as a decrease attributable to lower average corporate cash balances.

Previous wording

Transaction expense decreased for the three and six months ended June 30, 2026 as compared to 2025, largely due to:

Current wording

Transaction expense decreased for the three and nine months ended September 30, 2026 as compared to 2025, largely due to:

Previous wording

•a decrease in transaction rebates and commissions, primarily those earned by institutional customers providing liquidity on our international exchange, as we tapered incentive offerings; offset in part by

Current wording

•a decrease in transaction rebates and commissions, primarily those earned by institutional customers providing liquidity on our international exchange, as we tapered incentive offerings;

Previous wording

•an increase in other, largely due to exchange fees associated with our prediction markets business.

Current wording

•an increase in other, largely due to exchange fees associated with our prediction markets offering.

Previous wording

General and administrative expenses changed for the three and six months ended June 30, 2026 as compared to 2025, reflecting:

Current wording

Sales and marketing expenses changed for the three and nine months ended September 30, 2026 as compared to 2025, reflecting:

Previous wording

•a $45.4 million and $103.7 million increase in USDC rewards driven by growth in average customer USDC balances held in Coinbase products as we continue to integrate USDC across our products, offset in part by a reduction in the rewards rate;

Current wording

•a $71.6 million and $175.7 million increase in USDC rewards driven by growth in average customer USDC balances held in Coinbase products as we continue to integrate USDC across our products, offset in part by a reduction in the rewards rate;

Previous wording

•a decrease in marketing program expenses, largely due to a $21.3 million and $65.2 million decrease in digital advertising spend as a response to softer market conditions; and

Current wording

•a decrease in marketing program expenses, reflecting a $13.1 million and $78.3 million decrease in digital advertising spend as a response to softer market conditions; and

Previous wording

•an increase in other, primarily due to amortization of intangible assets acquired in the purchase of Deribit in 2025.

Current wording

•an increase in other, reflecting amortization of intangible assets acquired in the purchase of Deribit in August 2025.

Previous wording

•a decrease in customer support costs, primarily due to lower transaction volume and fewer resources required after certain regulatory projects were completed in the prior year, as well as reflecting the shift of certain roles to employees.

Current wording

•a decrease in customer support costs, primarily due to lower transaction activity and fewer resources required after certain regulatory projects were completed in the prior year, as well as the transition of certain roles from external service providers to employees.

Previous wording

Losses (gains) on crypto assets held for operations, net

Current wording

(Gains) losses on crypto assets held for operations, net

Previous wording

Changes in losses (gains) on crypto assets held for operations, net resulted primarily from holding these assets during a period of declining crypto asset prices, primarily Bitcoin. These changes were expanded in 2026 with recent customer reward offerings.

Current wording

Changes in (gains) losses on crypto assets held for operations, net for the nine months ended September 30, 2026, as compared to 2025, resulted primarily from holding these assets during a period of declining crypto asset prices, primarily Bitcoin.

Previous wording

For both the three and six months ended June 30, 2026, restructuring expenses were $52.4 million, related to the Restructuring. There were no restructuring expenses for the three and six months ended June 30, 2025. See Note 3. Restructuringof the Notes to our Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional details.

Current wording

For the three months ended September 30, 2026, we recorded a $4.6 million reversal of restructuring expense due to the release of accruals for certain personnel-related costs. For the nine months ended September 30, 2026, restructuring expenses related to the Restructuring were $47.8 million. There were no restructuring expenses for the three and nine months ended September 30, 2025. See Note 3. Restructuringof the Notes to our Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional details.

Previous wording

Other operating (income) expense, net decreased for the three and six months ended June 30, 2026 as compared to 2025, primarily due to losses incurred in 2025, directly associated with the incident announced on the Current Report on Form 8-K we filed with the SEC on May 15, 2025 (the “Data Theft Incident”), comprising voluntary customer reimbursements and direct legal costs, net ofrecoveries.

Current wording

Other operating (income) expense, net decreased for the three and nine months ended September 30, 2026 as compared to 2025, primarily due to losses incurred in 2025, directly associated with the incident announced on the Current Report on Form 8-K we filed with the SEC on May 15, 2025 (the “Data Theft Incident”), comprising voluntary customer reimbursements and direct legal costs, net ofrecoveries. There were no material changes to note within other.

Previous wording

Losses (gains) on crypto assets held for investment, net

Current wording

Gains on crypto assets held for investment, net

Previous wording

Losses (gains) on crypto assets held for investment, net changed for thethree and six months ended June 30, 2026 as compared to 2025, primarily due to fair value remeasurement of these assets, mainly Bitcoin and Ethereum. The impact of this change in fair value expanded in the current period as we actively invested in Bitcoin.

Current wording

Gains on crypto assets held for investment, net changed for thethree and nine months ended September 30, 2026 as compared to 2025, primarily due to fair value remeasurement of these assets, mainly Bitcoin and Ethereum. The impact of changes in fair value expanded in the nine months ended comparative period as we actively invested in Bitcoin.

Previous wording

Losses (gains) on investments, net changed for thethree and six months ended June 30, 2026 as compared to 2025, primarily due to the fair value remeasurement of our investment in Circle Internet Group, Inc. (“Circle”) during the second quarter of 2025, following its initial public offering. Current period net losses reflect revaluation, offset in part by gains on the sale of a portion of our investment in Circle during thefirst quarter of 2026. There were no material changes to note within other.

Current wording

(Gains) losses on investments, net, changed for thethree and nine months ended September 30, 2026 as compared to 2025 largely due to the fair value remeasurement of our investment in Circle Internet Group, Inc., following its initial public offering in the second quarter of 2025. There were no material changes to note within other.

Previous wording

For the periods presented, the change in (benefit from) provision for income taxes was primarily due to lower pre-tax income, partially offset by lower tax benefits related to stock-based compensation and a valuation allowance related to realized and unrealized capital losses.

Current wording

For the nine months ended September 30, 2026 as compared to 2025, the change in provision for (benefit from) income taxes was primarily due to lower pre-tax income, partially offset by lower tax benefits related to stock-based compensation.

Previous wording

•We believe it is useful to exclude certain items that we do not consider to be normal, recurring, cash operating expenses and therefore, not reflective of our ongoing business operations. For example, we exclude: (i) other expense (income), net, as the income and expenses recognized in this line item are not part of our core operating activities and are considered non-operating activities under GAAP, (ii) gains and losses on crypto assets held for investment because such investments are considered primarily long-term holdings, (iii) losses, net of recoveries, directly related to the Data Theft Incident, including voluntary customer reimbursements, direct legal costs, and reward payments, if any, in connection with the threat actor’s arrest and conviction, and (iv) costs of the Restructuring, as these costs are associated with discrete organizational changes and are not reflective of our core, ongoing business operations. We do not plan on engaging in regular trading of crypto assets, and, as an operating company, our investing activities in crypto are not part of our revenue generating activities, which are primarily based on transactions on our platform and the sales of subscriptions and services.

Current wording

•We believe it is useful to exclude certain items that we do not consider to be normal, recurring, cash operating expenses and therefore, not reflective of our ongoing business operations. For example, we exclude: (i) other (income) expense, net, as the income and expenses recognized in this line item are not part of our core operating activities and are considered non-operating activities under GAAP, (ii) gains and losses on crypto assets held for investment because such investments are considered primarily long-term holdings, (iii) losses, net of recoveries, directly related to the Data Theft Incident, including voluntary customer reimbursements, direct legal costs, and reward payments, if any, in connection with the threat actor’s arrest and conviction, and (iv) costs of the Restructuring, as these costs are associated with discrete organizational changes and are not reflective of our core, ongoing business operations. We do not plan on engaging in regular trading of crypto assets, and, as an operating company, our investing activities in crypto are not part of our revenue generating activities, which are primarily based on transactions on our platform and the sales of subscriptions and services.

Previous wording

•We believe Adjusted EBITDA is useful to measure a company’s operating performance without regard to items such as stock-based compensation expense, depreciation and amortization expense, interest expense, other expense (income), net, and (benefit from) provision for income taxes that can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired.

Current wording

•We believe Adjusted EBITDA is useful to measure a company’s operating performance without regard to items such as stock-based compensation expense, depreciation and amortization expense, interest expense, other (income) expense, net, and provision for (benefit from) income taxes that can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired.

Previous wording

We believe that Adjusted EBITDA may be helpful to investors for the reasons noted above. However, Adjusted EBITDA is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. There are a number of limitations related to Adjusted EBITDA rather than net (loss) income, which is the nearest GAAP equivalent of Adjusted EBITDA. Some of these limitations are that Adjusted EBITDA excludes:

Current wording

We believe that Adjusted EBITDA may be helpful to investors for the reasons noted above. However, Adjusted EBITDA is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. There are a number of limitations related to Adjusted EBITDA rather than net income (loss), which is the nearest GAAP equivalent of Adjusted EBITDA. Some of these limitations are that Adjusted EBITDA excludes:

Previous wording

•other expense (income), net, which represents net gains or losses on investments and other financial instruments, and other non-operating income and expense activity.

Current wording

•other (income) expense, net, which represents net gains or losses on investments and other financial instruments, and other non-operating income and expense activity.

Previous wording

In addition, other companies, including companies in our industry, may calculate Adjusted EBITDA differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our disclosure of Adjusted EBITDA as a tool for comparison. A reconciliation is provided below for Adjusted EBITDA to net (loss) income, the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measure and the reconciliation of Adjusted EBITDA to net (loss) income, and not to rely on any single financial measure to evaluate our business.

Current wording

In addition, other companies, including companies in our industry, may calculate Adjusted EBITDA differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our disclosure of Adjusted EBITDA as a tool for comparison. A reconciliation is provided below for Adjusted EBITDA to net income (loss), the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measure and the reconciliation of Adjusted EBITDA to net income (loss), and not to rely on any single financial measure to evaluate our business.