UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-40289 Coinbase Global, Inc. (Exact name of registrant as specified in its charter) | Texas | One Madison Avenue Suite 2400 New York, ...

Group 1 - Coinbase's stock price fell by 2.1% in after-hours trading on February 13 [1]

Cryptocurrency exchange Coinbase swings to quarterly loss on trading slowdown | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]Item 1 of 2 The Coinbase logo in this illustration taken on November 3, 2025. REUTERS/Dado Ruvic/Illustration[1/2]The Coinbase logo in this illustration taken on November 3, 2025. REUTERS/Dado Ruvic/Illustration [Purchase Licensing Rights, opens new tab]- Companies[Circle Internet Group Inc]Follow[Coinbase G ...

Financial Performance - Coinbase achieved total revenue growth of 9% year-over-year (Y/Y) to $7.2 billion in 2025, with Q4 total revenue at $1.8 billion, down 5% quarter-over-quarter (Q/Q) [11]. - Total revenue for the year ended December 31, 2025, was $7,181,325, an increase of 9.4% compared to $6,564,028 in 2024 [116]. - Net loss for the year ended December 31, 2025, was $1,260,327, compared to a net income of $2,579,066 in 2024 [116]. - Operating income for the year ended December 31, 2025, was $1,435,441, down from $2,307,160 in 2024 [116]. - Net cash provided by operating activities for the year ended December 31, 2025, was $2,426,383, compared to $3,103,935 in 2024 [120]. - The company reported a loss of $476,153 on crypto assets held for investment in Q1'25, which contrasts with a gain of $596,651 in Q4'24, indicating volatility in this segment [125]. - Adjusted net income for Q1'25 was $931,288, while the adjusted net income per share (diluted) was $3.37, reflecting a strong performance compared to FY'24's adjusted net income of $2,073,353 [125]. - Adjusted EBITDA for Q1'25 was $929,868, a decrease from Q4'24's $1,289,048, highlighting potential challenges in maintaining growth momentum [21]. Revenue Streams - Transaction revenue for 2025 totaled $4.1 billion, growing 2% Y/Y, while Q4 transaction revenue was $983 million, down 6% Q/Q [31]. - The number of Paid Coinbase One Subscribers reached an all-time high, contributing to the growth in subscription and services revenue, which totaled $727 million in Q4, down 3% Q/Q [11][31]. - Subscription and services revenue in Q4 was $727 million, down 3% Q/Q due to lower average crypto asset prices [37]. - Q4 stablecoin revenue was $364 million, up 3% Q/Q, driven by higher average USDC held in Coinbase products [42]. - Average USDC held in Coinbase products reached a new all-time high of $17.8 billion, up 18% Q/Q [42]. Market Position and Growth - Coinbase Total Trading Volume grew 156% Y/Y to $5.2 trillion in 2025, with the company's crypto trading volume market share doubling [3][23]. - Coinbase achieved a 4x year-over-year increase in U.S. derivatives market share, driven by the launch of 24/7 U.S. perpetual-style futures [90]. - Quarterly derivatives trading volume reached all-time highs in Q4, following the acquisition of Deribit, which positioned Coinbase as the global leader in crypto derivatives by open interest and options volume [90]. - The company has expanded its regulated market access internationally, becoming the largest FCA-registered VASP in the UK and completing its pan-European expansion under MiCA [85]. Expenses and Liabilities - Total operating expenses for Q4 were $1.5 billion, up 9% Q/Q, with technology & development, general & administrative, and sales & marketing expenses increasing 14% Q/Q to $1.3 billion [11]. - Operating expenses for 2025 were $5.7 billion, up 35% Y/Y, largely driven by USDC rewards and marketing programs [56]. - Total liabilities increased to $14,878,774 as of December 31, 2025, from $12,265,109 in 2024 [113]. - Customer custodial fund liabilities decreased to $5,347,428 as of December 31, 2025, from $6,158,949 in 2024 [113]. Strategic Initiatives - Coinbase plans to focus on three priorities in 2026: growing the Everything Exchange, scaling stablecoins and payments infrastructure, and enhancing DeFi integrations [4]. - The company aims to invest in key priorities for 2026, focusing on product momentum and expanding adoption [99]. - The company repurchased a total of 8.2 million shares since November 2025, with an additional $2.0 billion share repurchase authorization approved in January 2026 [5]. - The company repurchased approximately 3.3 million shares for $850 million in Q4, with an additional 4.9 million shares repurchased for $895 million as of February 10, 2026 [67]. Asset Management - The company ended 2025 with $11.3 billion in cash and cash equivalents, including payment stablecoins classified as cash equivalents [12]. - Cash and cash equivalents increased to $11,285,452 as of December 31, 2025, from $9,308,266 in 2024 [121]. - Total assets grew to $29,671,832 as of December 31, 2025, compared to $22,541,951 in 2024 [113]. - Average USDC held in Coinbase products reached all-time highs, contributing to record stablecoin revenue [3]. - BTC Borrow originations exceeded $1.5 billion by Q4, indicating strong customer utilization of onchain financing [92]. Technology and Infrastructure - Base App infrastructure upgrades improved transaction speeds to ~200ms block times, facilitating consumer-grade experiences [98]. - USDC distribution and utility were scaled across Coinbase products, enhancing its role as a trading collateral and payment asset [98]. - The launch of stock and ETF trading within the Coinbase app provided early access users with 3,000 stocks, expected to increase to nearly 10,000 by late February [91]. - Assets on Platform increased 3x over the last 3 years, marking the 9th consecutive quarter of native unit growth [40][38].

Core Viewpoint - The crypto giant is facing a service issue as it prepares to report earnings on Thursday [1] Group 1 - The company is experiencing operational challenges that may impact its upcoming earnings report [1]

Core Insights - Coinbase is currently experiencing a temporary disruption affecting users' ability to buy, sell, or transfer digital assets, but assures that all funds remain secure [1][2][3] Service Disruption - The disruption was confirmed by Coinbase on its official Twitter support channel, indicating that the team is investigating the issue and will provide updates [2][3] - The outage is described as temporary, with no long-term risks to user accounts or funds indicated at this time [3] Market Sentiment - The incident occurs just before Coinbase's Q4 2025 earnings report, with market sentiment being cautious to bearish due to expectations of a decline in key metrics amid lower trading volumes and asset prices [5] - Analysts have downgraded COIN stock, predicting that Coinbase may struggle to meet Q4 earnings forecasts [6]

Core Viewpoint - Morgan Creek Capital CEO Mark Yusko warns that President Trump has a different agenda regarding cryptocurrency, focusing on preserving dollar dominance, and predicts Bitcoin will bottom around $58,000-$63,000 in September [1][2]. Group 1: Trump's Agenda and Crypto - Yusko asserts that Trump is not a friend to the crypto community, indicating that his agenda is contrary to the interests of cryptocurrency [2]. - He claims that Treasury Secretary Scott Bessent and others are involved in clandestine efforts with Cantor Fitzgerald and Tether to maintain dollar hegemony and counter China's ambitions for the yuan to become the world reserve currency [2]. Group 2: Bitcoin Market Analysis - Yusko believes the four-year Bitcoin cycle remains intact, with the next trough expected around September 30-October 1, 2023 [3][4]. - Technical analysis suggests Bitcoin could fall to $58,000-$63,000, with previous cycles showing declines of 84% and 75% from peaks [4]. - Bitcoin's recent peak was $126,000, which is only 35% above its fair value of around $90,000, indicating less potential upside and downside compared to previous cycles [4]. Group 3: Fair Value and Market Dynamics - Yusko's Metcalfe's Law model estimates Bitcoin's current fair value at $81,000, down from $90,000 due to hash rate shutdowns and declining transaction volumes [5]. - Yusko discusses how commodity futures can suppress Bitcoin prices, explaining that institutions may buy Bitcoin ETFs while shorting futures to maintain market neutrality [6].

We're back with Morning Trade Live. Coinbase will be in focus when it reports earnings after the closing bell today. Analysts are expecting adjusted EPS of 61 cents on revenue of $1.82% billion.You can see how this stock has correlated with Bitcoin prices since it began trading in April of 2021. Pretty much moving in tandem there. Coinbase is down more than 30% so far in 2026.We are trading lower this morning. So, let's go inside out on this name ahead of earnings. Joining us now is David Sema, who's the CE ...

Just days after JPMorgan's price revision for Coinbase (NASDAQ: COIN), another equity analyst has lowered the largest American crypto exchange's price target. This comes right ahead of its earnings, which will be announced after market close on Feb. 12. H.C. Wainwright analyst Mike Colonnese warned of a potential revenue and adjusted EBITDA shortfall tied to weaker crypto markets. Related: Cathie Wood buys crypto stocks aggressively as Bitcoin crashes Earnings pressure builds on Coinbase Colonnese exp ...

Core Viewpoint - The article summarizes significant rating changes from Wall Street, highlighting companies with upgraded, downgraded, and newly initiated ratings, which are crucial for investors to consider. Upgraded Ratings - Shopify (SHOP) upgraded from Hold to Buy by Cowen Group with a target price of $159, citing valuation advantages as the stock has dropped 30% this year and strong quarterly performance provides an attractive entry point [2] - BorgWarner (BWA) upgraded from Hold to Buy by Deutsche Bank, with the target price raised from $46 to $82, noting the company's critical transformation into the AI data center market [2] - Analog Devices (ADI) upgraded from Equal Weight to Overweight by Barclays, with the target price increased from $315 to $375, emphasizing its high industrial business share in the analog chip sector [2] - MercadoLibre (MELI) upgraded from Neutral to Overweight by JPMorgan, with the target price raised from $2650 to $2800, due to more attractive valuations following recent stock price weakness [2] - Fastly (FSLY) upgraded from Market Perform to Outperform by William Blair, with no target price set, highlighting exceptional quarterly performance driven by increased AI traffic contributions [2] Downgraded Ratings - Coinbase (COIN) downgraded from Buy to Sell by Monness Crespi, with a target price of $120, as the firm revised down earnings forecasts ahead of its quarterly report, deeming previous assumptions about a steady recovery in cryptocurrency by 2026 as overly optimistic [3] - Kraft Heinz (KHC) downgraded from Neutral to Underweight by JPMorgan, with the target price lowered from $24 to $22, despite exceeding fourth-quarter expectations, as 2026 organic sales and profit outlooks fall short of market expectations [3] - Icon (ICLR) downgraded from Neutral to Underperform by Bank of America, with a significant target price cut from $195 to $75, due to an internal investigation revealing potential revenue inflation [3] - Inspire Medical (INSP) downgraded from Overweight to Equal Weight by Wells Fargo, with the target price reduced from $145 to $70, citing uncertainties in reimbursement policies affecting stock prices [4] - Humana (HUM) downgraded from Outperform to Market Perform by Royal Bank of Canada, with the target price lowered from $322 to $189, as the risk-reward balance has become neutral following strong growth amid reimbursement policy uncertainties [4] Initiated Coverage - Microchip Technology (MCHP) initiated coverage with a Neutral rating and a target price of $80 by Barclays, noting risks of market share loss in the microcontroller sector [5] - ON Semiconductor (ON) initiated coverage with a Neutral rating and a target price of $75 by Barclays, highlighting high exposure to the Chinese market and automotive sector as a suppressive factor [5] - Sterling Infrastructure (STRL) initiated coverage with a Buy rating and a target price of $486 by Stifel, as the largest earthmoving contractor in the U.S. is expected to benefit from long-term growth themes [5] - D-Wave Quantum (QBTS) initiated coverage with a Buy rating and no target price set by Cowen Group, citing the company's leading position in quantum annealing driving growth and high margins [5] - Immunome (IMNM) initiated coverage with a Buy rating and a target price of $40 by H.C. Wainwright, as the company builds a differentiated pipeline in oncology with significant advantages in solid and hematologic tumors [5]