Net income (loss) [USD, thousands]

Depreciation and amortization [USD, thousands]

Stock-based compensation expense [USD, thousands]

Gains on crypto assets held for operations, net [USD, thousands]

Gains on crypto assets held for investment, net [USD, thousands]

Other operating activities, net [USD, thousands]

Net changes in operating assets and liabilities [USD, thousands]

Net cash provided by (used in) operating activities [USD, thousands]

Fiat loans originated [USD, thousands]

Proceeds from repayment of fiat loans [USD, thousands]

Purchase of crypto assets held (prior to ASU 2023-08) [USD, thousands]

Sale of crypto assets held (prior to ASU 2023-08) [USD, thousands]

Other investing activities, net [USD, thousands]

Net cash (used in) provided by investing activities [USD, thousands]

Taxes paid related to net share settlement of equity awards [USD, thousands]

Issuance of convertible senior notes, net [USD, thousands]

Purchases of capped calls [USD, thousands]

Fiat received as collateral [USD, thousands]

Fiat received as collateral returned [USD, thousands]

Other financing activities, net [USD, thousands]

Net cash provided by (used in) financing activities [USD, thousands]

Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents [USD, thousands]

Deferred income taxes [USD, thousands]

Customer custodial fund liabilities / cash liabilities [USD, thousands]

9a2d695b26a78904594ea30b0206e06a826da33db69c4c1c9e28ab5cfda00733

Cash and cash equivalents reached **8,543,903** in Q4 2024 because the company experienced significant cash inflows from both operating and financing activities. Specifically, **$2,556,844** was generated from operating activities, driven by strong financial performance including a **$3.5 billion increase in total revenue**, while financing activities added **$2,828,921** through measures such as a **$1.1 billion** net proceed from convertible notes and a **$1.9 billion** increase in customer custodial cash. Additionally, increased customer activity led to a **$1,634,934** rise in customer custodial cash and cash equivalents, which more than offset the modest **$282,385** cash used in investing activities.  **[0001679788-25-000022_coin-20241231.htm:143]** **[0001679788-25-000021_q424shareholderletter.htm:27]** **[0001679788-25-000022_coin-20241231.htm:219]** 

Why did Cash and cash equivalents reach 8,543,903 in Q4 2024?

Based on the available documents, there is **no evidence** that total assets dropped in Q4 2024. In fact, the data shows that total assets **increased** from **$14,753,901 thousand** at the end of 2023 to **$22,541,951 thousand** at the end of 2024. The increase was driven by a substantial rise in **cash and cash equivalents**, **USDC**, **customer custodial funds**, **crypto assets held for investment**, and **loan receivables**.  **[0001679788-25-000022_coin-20241231.htm:159]** 

What caused Total assets to drop so drastically in Q4 2024?

The increase in **long-term debt** to **4,225,014 USD (thousands)** in Q1 2024 was mainly due to the issuance of **$1.3 billion in aggregate principal amount of 2030 Convertible Notes** on March 18, 2024. These notes, which mature on April 1, 2030 (unless converted, redeemed, or repurchased earlier), significantly boosted the company's debt levels compared to Q4 2023, where the debt was approximately **$2,979,957 USD (thousands)**.  **[0001679788-24-000089_coin-20240331.htm:53]** **[0001679788-24-000089_coin-20240331.htm:21]** 

What factors contributed to Long-term debt increasing to 4,225,014 in Q1 2024?

The figure of **7,941,320** represents Coinbase’s **Total current liabilities in Q4 2024**.  **[0001679788-25-000022_coin-20241231.htm:159]**  This balance reflects increases in several key areas compared to Q4 2023. Notably, **Customer Custodial Fund Liabilities** grew significantly, along with increases in **Crypto Asset Borrowings**, **Obligation to Return Collateral**, and **Accrued Expenses and Other Current Liabilities**. These changes suggest that the liability balance, while lower than more typical higher-scale liabilities of some peers, is the direct result of business activity including increased customer trading volumes, higher crypto borrowings, more collateralized transactions, and rising operational expenses.  **[0001679788-25-000022_coin-20241231.htm:159]** 

Why are Total current liabilities as low as 7,941,320 in Q4 2024?

acb4c3d30465c57308b67a315acf6c431f1f594562b008fbfa258e323de06694

The dramatic increase in net revenue in Q1 2024 was driven by **several key factors**. **Transaction revenue** saw substantial growth, fueled by higher crypto asset volatility and increased trading volumes from both consumer and institutional markets, with Coinbase Prime reaching all-time highs in trading activity.  **[0001679788-24-000089_coin-20240331.htm:15]** **[COIN_3382271_3]** **[COIN_3382271_1]**  Additionally, **subscription and services revenue** increased notably due to enhanced blockchain rewards, a rising USDC market cap, and a surge in the adoption of Coinbase One, which exceeded **400,000 paying members**.  **[0001679788-24-000089_coin-20240331.htm:15]** **[COIN_3382271_3]**  The company's **geographic expansion** also played a significant role, as international market revenue grew substantially, and overall favorable **market conditions**—such as the crypto market capitalization reaching a 52-week high—further contributed to this remarkable revenue jump.  **[0001679788-24-000089_coin-20240331.htm:15]** **[0001679788-24-000087_secshareholderletterq120.htm:4]** 

What drove the dramatic increase in Net Revenue in Q1 2024?

In Q1 2024, **Operating Income turned positive** due to a combination of factors that improved overall profitability. First, there was a **112% increase in revenue** (rising to **$1,637,570 thousand**) driven by greater transaction volumes and an increase in average fee rates, compared to the revenue in Q1 2023. Additionally, **operating expenses decreased by 2%** (dropping to **$877,109 thousand**) because the costs related to restructuring and crypto asset impairments seen in Q1 2023 were absent in Q1 2024. Lastly, **substantial gains on crypto assets**—with net gains of **$86,358 thousand** on assets held for operations and **$650,429 thousand** on assets held for investment—played a major role in driving the turnaround from a loss of **$(123,875) thousand** in Q1 2023 to an income of **$760,461 thousand** in Q1 2024.  **[0001679788-23-000073_coin-20230331.htm:7]** **[0001679788-24-000089_coin-20240331.htm:7]** **[0001679788-24-000089_coin-20240331.htm:44]** **[0001679788-24-000089_coin-20240331.htm:46]** **[0001679788-24-000089_coin-20240331.htm:48]** 

Why did Operating Income turn positive in Q1 2024?

The nearly **9x jump in Operating Income** in Q4 2024 was driven by several factors. **Significant revenue growth** played a major role, as total revenue surged to **$2,271,637 thousand** compared to **$953,795 thousand** in Q4 2023, driven by increased trading volumes and higher asset prices. Additionally, a **notable increase in transaction revenue**—with consumer transaction revenue reaching **$1.3 billion** (up 179%) and institutional transaction revenue also growing—boosted overall revenue. Although operating expenses increased, the growth in revenue outpaced these costs. Lastly, **gains on crypto assets**, amounting to **$476,153 thousand**, along with improved market conditions, further contributed to the higher operating income.  **[0001679788-25-000021_q424shareholderletter.htm:24]** **[COIN_3416195_3]** 

What factors contributed to the nearly 9x jump in Operating Income in Q4 2024?

The EPS improvement in Q1 2024 was driven by several key factors. **Net income surged to $1,176 million** from a net loss of **$(79) million** in Q1 2023, primarily due to substantial **pre-tax crypto asset mark-to-market gains of $737 million** and a **72% increase in total revenue to $1.6 billion**. Additionally, **transaction revenue grew by 103%**, reaching **$1.1 billion**, while subscription and services revenue increased by **36%**. Effective cost management—with operating expenses rising only **5%**—along with a slight increase in basic weighted-average shares outstanding, further supported the EPS improvement. These factors collectively contributed to the significant turnaround in EPS for Q1 2024.  **[0001679788-24-000087_secshareholderletterq120.htm:1]** **[COIN_3382271_4]** **[COIN_3382271_3]** **[0001679788-24-000089_coin-20240331.htm:7]** **[0001679788-24-000089_coin-20240331.htm:39]** **[0001679788-24-000087_secshareholderletterq120.htm:4]** **[0001679788-24-000089_coin-20240331.htm:30]** 

What led to the significant EPS improvement in Q1 2024?

86d01ee84c1528e505937ffdcd653e5f6cac971c29cd3b02dacc27790111824e

Net Revenue (USD, thousands)

Other Revenue (USD, thousands)

Total Revenue (USD, thousands)

Transaction Expense (USD, thousands)

Technology and Development (USD, thousands)

Sales and Marketing (USD, thousands)

General and Administrative (USD, thousands)

Gains on Crypto Assets Held for Operations, Net (USD, thousands)

Other Operating Expense, Net (USD, thousands)

Total Operating Expenses (USD, thousands)

Operating Income (Loss) (USD, thousands)

Interest Expense (USD, thousands)

Gains on Crypto Assets Held for Investment, Net (USD, thousands)

Other (Income) Expense, Net (USD, thousands)

Income (Loss) Before Income Taxes (USD, thousands)

Provision for (Benefit from) Income Taxes (USD, thousands)

Net Income (Loss) (USD, thousands)

Net Income (Loss) Attributable to Common Stockholders - Basic (USD, thousands)

Net Income (Loss) Attributable to Common Stockholders - Diluted (USD, thousands)

Net Income (Loss) per Share - Basic (USD)

Net Income (Loss) per Share - Diluted (USD)

Weighted-Average Shares of Common Stock Used to Compute Net Income (Loss) per Share - Basic (thousands)

Weighted-Average Shares of Common Stock Used to Compute Net Income (Loss) per Share - Diluted (thousands)

1790615b491be8cc87e7bcac5b16440756b4da9d31d612636369f98393e27f3f

Cash and cash equivalents (USD, thousands)

Restricted cash and cash equivalents (USD, thousands)

USDC (USD, thousands)

Customer custodial funds (USD, thousands)

Crypto assets held for operations (USD, thousands)

Loan receivables (USD, thousands)

Crypto assets held for collateral (USD, thousands)

Crypto assets borrowed (USD, thousands)

Accounts receivable, net (USD, thousands)

Other current assets (USD, thousands)

Total current assets (USD, thousands)

Crypto assets held for investment (USD, thousands)

Deferred tax assets (USD, thousands)

Goodwill (USD, thousands)

Other non‐current assets (USD, thousands)

Total assets (USD, thousands)

Customer custodial cash/fund liabilities (USD, thousands)

Crypto asset borrowings (USD, thousands)

Obligation to return collateral (USD, thousands)

Accrued expenses and other current liabilities (USD, thousands)

Total current liabilities (USD, thousands)

Long-term debt (USD, thousands)

Other non-current liabilities (USD, thousands)

Total liabilities (USD, thousands)

881455634c5d3b36f35c4be4955b5de15fd251b12702fed080ac0a2bd44b7b6b

Current Assets (USD, thousands)

Cash and Cash Equivalents (USD, thousands)

Accounts Receivable (USD, thousands)

Inventory (USD, thousands)

Non-Current Assets (USD, thousands)

Property, Plant, and Equipment (PP&E) (USD, thousands)

Intangible Assets (USD, thousands)

Current Liabilities (USD, thousands)

Accounts Payable (USD, thousands)

Short-term Debt (USD, thousands)

Accrued Expenses (USD, thousands)

Non-Current Liabilities (USD, thousands)

Long-term Debt (USD, thousands)

Lease Liabilities (USD, thousands)

Deferred Tax Liabilities (USD, thousands)

Shareholders' Equity (USD, thousands)

Retained Earnings (USD, thousands)

Common Stock (USD, thousands)

Additional Paid-in Capital (USD, thousands)

96a8f21d61b1913ecd67b826202a093ff04ea7f26ef7f0a33ade2bd50be570de

Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

2cd3f7cdd5de96f1d2384590f2cdb20e0642bd4434c253fed02490510e916e09

Cost of Goods Sold (COGS) (USD, thousands)

SG&A (USD, thousands)

R&D (USD, thousands)

D&A (USD, thousands)

Operating Income (EBIT) (USD, thousands)

Net Income (USD, thousands)

EPS - Basic (USD)

EPS - Diluted (USD)

a0ad6c25e7c87bf251d08230684fa75ccab70928c67e45a4b748d0d7f98f1c16

United States

International

Rest of the World

Total Revenue

865e5e010099de779121527d8f812049d18466b236a9a9380b092769b3c076f4

Transaction Revenue

- Consumer, net

- Institutional, net

- Other transaction revenue

Subscription and Services

- Stablecoin revenue

- Blockchain rewards

- Interest income

- Custodial fee revenue

- Other subscription

Other Revenue

- Corporate interest

- Crypto asset sales

35f59b42a516af873856d5f88c633bfeef228bce38fb63dd0d5d6632d4a4a4f2

Coinbase Global (COIN)

Financials