Coinbase reports $1.22B revenue for Q3 2026

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For the quarterly period ended June September 30, 2026

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of July 23, October 22, 2026, the number of shares of the registrant's Class A common stock outstanding was 222,803,032 223,729,527 and the number of shares of the registrant's Class B common stock outstanding was 41,033,891 .

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Financial Statements (Unaudited) 1 change

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Condensed Consolidated Statements of Comprehensive (Loss) Income (Loss)

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Exhibits 1 change

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the growth and regulatory treatment of our derivatives trading and event contract products; prediction markets offerings;

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Financial statements 220 changes

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Marketable investments 174,778 309,765

Strategic investments 840,287 622,985

Total assets $ 26,460,286 $ 29,671,832

June September 30, December 31,

Cash and cash equivalents $ 8,614,065 8,603,791 $ 11,285,452

Restricted cash and cash equivalents 275,815 89,158 334,318

Customer custodial funds 4,299,190 4,462,310 5,347,428

Crypto assets held for operations 86,469 53,059 120,831

Loan receivables 1,572,354 1,976,137 1,354,692

Crypto assets held as collateral 1,645,051 1,299,500 822,827

Crypto assets borrowed 229,076 389,657 318,849

Accounts receivable, net 333,194 270,175 307,119

Marketable investments 217,092 309,765

Other current assets 259,315 281,454 187,164

Total current assets 17,489,307 17,642,333 20,388,445

Crypto assets held for investment 1,468,395 2,224,811 1,998,871

Strategic investments 872,281 622,985

Deferred tax assets 682,446 584,202 570,819

Goodwill 4,139,490 4,130,149 4,168,967

Intangible assets, net 1,318,869 1,283,990 1,397,794

Other non-current assets 521,492 647,548 523,951

Total assets $ 27,385,314 $ 29,671,832

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Customer custodial fund liabilities $ 4,299,190 4,462,310 $ 5,347,428

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Short-term borrowings 539,195 748,778 452,105

Obligation to return collateral 1,656,821 1,311,240 826,883

Accrued expenses and other current liabilities 723,708 754,243 805,281

Total current liabilities 7,218,914 7,276,571 8,701,282

Long-term debt 5,944,232 5,947,844 5,937,034

Other non-current liabilities 217,475 220,718 240,458

Total liabilities 13,380,621 13,445,133 14,878,774

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Retained earnings 5,467,643 6,221,228

Preferred stock, $ 0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of June September 30, 2026 and December 31, 2025

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 June September 30, 2026 and December 31, 2025; 263,782 264,756 (Class A 222,748 223,722 , Class B 41,034 ) shares issued and outstanding at June September 30, 2026 and 267,836 (Class A 226,797 , Class B 41,039 ) shares issued and outstanding at December 31, 2025

Additional paid-in capital 7,710,289 7,867,670 8,566,854

Accumulated other comprehensive (loss) income ( 98,270 113,832 ) 4,973

Retained earnings 6,186,340 6,221,228

Total shareholders equity 13,079,665 13,940,181 14,793,058

Total liabilities and shareholders equity $ 26,460,286 27,385,314 $ 29,671,832

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Three Months Ended June 30, Six Months Ended June 30,

Net revenue $ 1,154,301 $ 1,396,513 $ 2,493,649 $ 3,333,334

Other revenue 65,767 100,695 139,401 198,169

Total revenue 1,220,068 1,497,208 2,633,050 3,531,503

Transaction expense 189,790 245,261 385,649 548,287

Technology and development 472,848 387,322 998,496 742,690

Sales and marketing 239,843 236,245 506,569 483,528

General and administrative 356,924 353,707 733,018 748,053

Losses (gains) on crypto assets held for operations, net 31,719 ( 8,702 ) 66,870 25,663

Restructuring 52,408 52,408

Other operating (income) expense, net ( 9,976 ) 308,025 24,949 302,126

Total operating expenses 1,333,556 1,521,858 2,767,959 2,850,347

Operating (loss) income ( 113,488 ) ( 24,650 ) ( 134,909 ) 681,156

Interest expense 22,516 20,535 45,085 41,046

Losses (gains) on crypto assets held for investment, net 209,499 ( 362,053 ) 691,855 234,598

Other expense (income), net 49,908 ( 1,506,905 ) ( 11,733 ) ( 1,500,717 )

(Loss) income before income taxes ( 395,411 ) 1,823,773 ( 860,116 ) 1,906,229 (Benefit from) provision for income taxes ( 35,943 ) 394,873 ( 106,531 ) 411,721

Net (loss) income $ ( 359,468 ) $ 1,428,900 $ ( 753,585 ) $ 1,494,508

Basic $ ( 359,468 ) $ 1,428,900 $ ( 753,585 ) $ 1,494,508

Diluted $ ( 359,468 ) $ 1,432,511 $ ( 753,585 ) $ 1,501,717

Net (loss) income per share:

Basic $ ( 1.36 ) $ 5.60 $ ( 2.85 ) $ 5.87

Diluted $ ( 1.36 ) $ 5.14 $ ( 2.85 ) $ 5.39

Basic 263,412 255,188 264,128 254,537

Diluted 263,412 278,913 264,128 278,700

Three Months Ended September 30, Nine Months Ended September 30,

Net revenue $ 1,160,462 $ 1,762,857 $ 3,654,111 $ 5,096,191

Other revenue 55,120 105,836 194,521 304,005

Total revenue 1,215,582 1,868,693 3,848,632 5,400,196

Transaction expense 194,464 253,318 580,113 801,605

Technology and development 447,377 430,585 1,445,873 1,173,275

Sales and marketing 242,573 260,272 749,142 743,800

General and administrative 318,878 418,446 1,051,896 1,166,499 (Gains) losses on crypto assets held for operations, net ( 26,106 ) ( 35,740 ) 40,764 ( 10,077 )

Restructuring ( 4,619 ) 47,789

Other operating (income) expense, net ( 18,654 ) 61,280 6,295 363,406

Total operating expenses 1,153,913 1,388,161 3,921,872 4,238,508

Operating income (loss) 61,669 480,532 ( 73,240 ) 1,161,688

Interest expense 19,523 21,774 64,608 62,820

Gains on crypto assets held for investment, net ( 715,022 ) ( 423,903 ) ( 23,167 ) ( 189,305 )

Other (income) expense, net ( 66,735 ) 380,518 ( 78,468 ) ( 1,120,199 )

Income (loss) before income taxes 823,903 502,143 ( 36,213 ) 2,408,372

Provision for (benefit from) income taxes 105,206 69,591 ( 1,325 ) 481,312

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and 140 more changes in the filing

Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2 changes

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The accompanying Condensed Consolidated Financial Statements (the Financial Statements ) include the accounts of the Company and its subsidiaries entities in which the Company holds, directly or indirectly, more than 50% of the voting rights, or where it exercises control. The Financial Statements are unaudited but have been prepared in accordance with United States ( U.S. ) generally accepted accounting principles ( GAAP ) on the same basis as the audited Consolidated Financial Statements, and in management s opinion, reflect all adjustments, consisting only of normal, recurring adjustments, that are necessary for the fair presentation of the Company s Financial Statements. Preparation of the Financial Statements in accordance with GAAP requires management to make estimates and assumptions in the Financial Statements and notes thereto. The unaudited Condensed Consolidated Results of Operations for the three and six nine months ended June September 30, 2026 are not necessarily indicative of the results to be expected for the full year or any other period and should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the SEC ) on February 12, 2026 (the Annual Report ).

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During the first quarter of 2026, the Company revised the presentation of revenue earned on corporate payment stablecoin balances. As these assets are classified as cash and cash equivalents and managed as fungible in daily operations, the Company determined that presenting all similar revenue within a single line item enhances transparency. Accordingly, this revenue is now presented in Other revenue rather than in Net revenue in the Condensed Consolidated Statements of Operations, with no impact to Total revenue. There is no change to the Company s arrangement with Circle Internet Financial, LLC or the revenue generated. The associated amounts of revenue earned on corporate payment stablecoin balances for the three and six nine months ended June September 30, 2025 of $ 23.6 30.1 million and $ 47.1 77.2 million, respectively, have been reclassified to conform to the current period presentation. See Note 5. Revenue for additional details.

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Note 3: RESTRUCTURING 2 changes

On May 5, 2026, the Company announced a restructuring plan (the Restructuring ) to (i) manage its operating expenses in response to current market conditions and (ii) optimize the Company s operations. The Restructuring involved a reduction of the Company's workforce by approximately 700 employees, and was substantially completed during the second quarter of 2026. For both the three months ended September 30, 2026, the Company reduced its restructuring expense accrual by $ 4.6 million, reflecting employee compensation and six benefits that were no longer expected to be paid. For the nine months ended June September 30, 2026, the Company recognized $ 52.4 47.8 million in total restructuring expenses, consisting primarily of employee severance and other termination benefits, of which $ 4.0 3.2 million was stock-based compensation.

Coinbase Global, Inc.

Note 4: ACQUISITIONS 20 changes

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On August 14, 2025, the Company acquired the outstanding equity of Sentillia B.V. ( Deribit ), a crypto derivatives exchange. The Company believes this strategic acquisition will play a key role in its goal to be the premier global platform for crypto derivatives. Total consideration transferred in the acquisition, subject to customary post-closing adjustments, was $ 4.3 billion, consisting of the following (in thousands):

Class A common stock of the Company (1)

Total purchase consideration $ 4,294,552

(1) Fair value, representing the closing market price of the Company s Class A common stock on the acquisition date.

The aggregate purchase consideration includes $ 150.0 million in cash subject to an indemnity escrow that expires 15 months after the acquisition date.

In accordance with ASC 805, Business Combinations ( ASC 805 ), the acquisition was accounted for as a business combination under the acquisition method. The purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date with the excess recorded as goodwill, as follows (in thousands):

Goodwill $ 2,818,754

Intangible assets 1,390,000

Crypto assets held for investment 164,263

Deferred tax assets and liabilities, net ( 132,527 )

Cash and cash equivalents and restricted cash

Other assets and liabilities, net ( 58,866 )

Net assets acquired $ 4,294,552

The goodwill is primarily attributed to the assembled workforce as well as the anticipated operational synergies from the integration of Deribit s trading platform with the Company s existing platform. The goodwill is expected to be deductible for U.S. tax purposes.

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands, except for years data):

Fair Value Useful Life at Acquisition (in years)

Customer relationships $ 1,059,000 15

Acquired developed technology 288,000 6

Total identifiable intangible assets acquired $ 1,390,000 13

The customer relationships represent the fair value of projected cash flows derived from existing customers of Deribit and were valued using the multi-period excess earnings method. The present value of projected cash flows included significant judgment and assumptions regarding future revenues, attrition rates, and the discount rate.

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Note 5: REVENUE 23 changes

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June 30, Six Months Ended

Consumer, net $ 451,670 $ 649,908 $ 1,018,569 $ 1,745,414

Institutional, net 100,073 60,819 235,799 159,707

Other transaction revenue, net 47,413 53,543 100,613 121,357

Total transaction revenue 599,156 764,270 1,354,981 2,026,478

September 30, Nine Months Ended

Consumer, net $ 450,112 $ 843,544 $ 1,468,681 $ 2,588,958

Institutional, net 91,650 135,009 327,449 294,716

Other transaction revenue, net 48,462 67,707 149,075 189,064

Total transaction revenue 590,224 1,046,260 1,945,205 3,072,738

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Blockchain rewards 83,342 144,535 184,191 341,127

Blockchain rewards 85,738 184,647 269,929 525,774

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Other subscription and services revenue 113,528 119,478 222,962 260,376

Total subscription and services revenue 555,145 632,243 1,138,668 1,306,856

Total net revenue 1,154,301 1,396,513 2,493,649 3,333,334

Other subscription and services revenue 109,035 142,658 331,997 403,034

Total subscription and services revenue 570,238 716,597 1,708,906 2,023,453

Total net revenue 1,160,462 1,762,857 3,654,111 5,096,191

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Total other revenue 65,767 100,695 139,401 198,169

During the three months ended June 30, 2026 and 2025, one counterparty accounted for 26 % and 22 % of total revenue, respectively. During the six months ended June 30, 2026 and 2025, one counterparty accounted for 24 % and 18 % of total revenue, respectively.

Total other revenue 55,120 105,836 194,521 304,005

Total revenue $ 1,220,068 1,215,582 $ 1,497,208 1,868,693 $ 2,633,050 3,848,632 $ 3,531,503 5,400,196 (1) Amounts represent revenue that is not accounted for as revenue from contracts with customers, as defined in ASC 606, Revenue from Contracts with Customers ( ASC 606 ). During the first quarter of 2026, the Company revised the presentation of revenue earned on corporate payment stablecoin balances, now presenting the amounts in Corporate interest and other income rather than in Stablecoin revenue. The associated amounts of $ 23.6 30.1 million and $ 47.1 77.2 million for the three and six nine months ended June September 30, 2025, respectively, has have been reclassified to conform to current period presentation.

(2) Amounts primarily represent include revenue that is not accounted for as revenue from contracts with customers, under ASC 606, as well as an immaterial amount of finance fee income, that which is accounted for as revenue from contracts with customers. under ASC 606.

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Note 6: COLLATERALIZED ARRANGEMENTS AND FINANCING 14 changes

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June September 30, December 31,

Fiat and payment stablecoin loan receivables $ 1,536,899 1,958,539 $ 1,340,213

Crypto asset loan receivables 35,455 17,598 14,479

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The following table summarizes assets the Company held and recognized as collateral relating to lending activity, with a corresponding obligation to return the collateral to the borrower (in thousands, except units):

Fiat and payment stablecoins (1)

N/A N/A $ 11,770 N/A N/A $ 4,056

Bitcoin 22,609 $ 1,656,622 $ 1,323,142 8,479 $ 810,055 $ 747,697

Ethereum 24,965 58,234

Crypto assets held as collateral

Total recognized lending collateral

(1) Fiat and payment stablecoin collateral held are recognized within Cash and cash equivalents in the Condensed Consolidated Balance Sheets. Cost basis and units are not required disclosure and are therefore labeled N/A.

(1) Includes an immaterial amount of fiat and crypto asset trade finance receivables as of June September 30, 2026 and December 31, 2025.

As of each of June September 30, 2026 and December 31, 2025, the Company had three and four counterparties, respectively, each of whom accounted for more than 10 % of the Company s Loan receivables.

As of June September 30, 2026 and December 31, 2025, the collateral requirements for all loans outstanding ranged from 100 % to 300 250 % of the fair value of the loan.

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Note 7: CRYPTO ASSETS HELD FOR OPERATIONS 6 changes

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Bitcoin 553 $ 48,384 $ 32,489 487 $ 48,191 $ 43,282

Ethereum 10,480 18,616 17,381 10,499 27,341 31,174

Solana 88,028 7,217 6,476 52,933 7,698 6,624

Bitcoin 117 $ 9,405 $ 9,798 487 $ 48,191 $ 43,282

Ethereum 3,702 11,329 9,935 10,499 27,341 31,174

Solana 65,793 8,099 7,767 52,933 7,698 6,624

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Note 8: ACCOUNTS RECEIVABLE, NET 9 changes

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Coinbase Global, Inc.

June September 30, December 31,

Stablecoin revenue receivable $ 110,467 114,504 $ 122,936

Customer accounts receivable 61,095 53,587 54,143

Other accounts receivable 168,446 108,554 133,202

Gross accounts receivable 340,008 276,645 310,281

Less: allowance for doubtful accounts ( 6,814 6,470 ) ( 3,162 )

Total accounts receivable, net $ 333,194 270,175 $ 307,119

As of each of June September 30, 2026 and December 31, 2025, the Company had two counterparties, each of whom accounted for more than 10 % of the Company s Accounts receivable, net.

Note 9: CRYPTO ASSETS HELD FOR INVESTMENT 2 changes

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As of June September 30, 2026, the Company held $ 128.4 157.6 million of Crypto assets held for investment subject to selling restrictions that are time-based and lift between 2026 and 2030.

Coinbase Global, Inc.

Note 10: GOODWILL AND INTANGIBLE ASSETS, NET 16 changes

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Foreign currency translation adjustments ( 69,320 78,661 )

Balance at June September 30, 2026

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Three Months Ended June 30, Six Months Ended June 30,

Technology and development $ 15,356 $ 1,973 $ 31,140 $ 3,697

Sales and marketing 17,774 35,793

General and administrative 1,714 3,317 3,523 6,698

Total amortization expense $ 34,844 $ 5,290 $ 70,456 $ 10,395

The effects of amortization of Intangible assets, net on the Condensed Consolidated Statements of Operations was were as follows (in thousands):

September 30, Nine Months Ended

Technology and development $ 14,287 $ 9,301 $ 45,427 $ 12,998

Sales and marketing 17,724 10,833 53,517 10,833

General and administrative 1,791 702 5,314 7,400

Total amortization expense $ 33,802 $ 20,836 $ 104,258 $ 31,231

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Coinbase Global, Inc.

The expected future amortization expense for amortizing intangible assets for the 12-month period ending September 30 of the respective year, as of September 30, 2026, is as follows (in thousands):

Total expected future amortization expense $ 1,255,990

Note 11: LONG-TERM DEBT 2 changes

As of June September 30, 2026 and December 31, 2025, the Company had fixed-rate convertible notes and senior notes with varying maturities for an aggregate carrying amount of $ 5.9 billion and $ 7.2 billion, respectively. As of June September 30, 2026 and December 31, 2025, the fair value of the Company s convertible notes and senior notes, based on Level 2 valuation inputs, was $ 5.2 5.4 billion and $ 6.9 billion, respectively. The Company used cash to repay in full, at maturity, $ 1.3 billion of aggregate principal amount of its 0.50 % convertible notes due June 1, 2026 (the 2026 Convertible Notes ). See Note 11. Long-Term Debt to the Consolidated Financial Statements included in the Annual Report for more information regarding the Company s long-term debt.

Coinbase Global, Inc.

Note 12: DERIVATIVES 9 changes

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Accounts receivable, net $ 4,998 $ 24,517 $ 180 $ 29,335

Short-term borrowings 344,615 123,100 42,767 264,282

Obligation to return collateral 2,147,595 507,041 4,497 1,645,051

Accounts receivable, net $ 5,177 $ 51,264 $ 204 $ 56,237

Other current assets (1)

Short-term borrowings 349,063 4,373 62,565 407,255

Obligation to return collateral 1,196,293 32,610 135,817 1,299,500

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Total fair value of derivatives $ 654,681 136,753 $ 47,444 247,071

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(1) Includes immaterial gross assets and liabilities of equal amounts, $ 48.5 million each, representing the fair values of crypto asset option contracts. Notional amounts, which are not recorded, totaled $ 282.7 301.9 million for each of the asset and liability, at June September 30, 2026. Derivative notional amounts are reference amounts from which the fair value of derivatives are is derived and do not represent a complete measure of the risk profile of the Company s exposure to these derivative instruments.

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Note 13: CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS 13 changes

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June September 30, December 31,

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Income taxes receivable 88,014 88,528 63,726

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Restricted cash and cash equivalents 52,378

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Accounts payable 72,067 117,605

Other payables 141,912 196,459

Payroll and payroll related expenses $ 196,337 200,878 $ 186,927

Other accrued expenses 260,383 256,507 238,308

Accounts payable 104,897 117,605

Income taxes payable 53,009 31,342 65,982

Other payables 160,619 196,459

Total accrued expenses and other current liabilities $ 723,708 754,243 $ 805,281

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Lease liabilities $ 184,863 $ 172,735

Lease liabilities $ 189,064 $ 172,735

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Note 14: FAIR VALUE MEASUREMENTS 12 changes

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June September 30, 2026 December 31, 2025

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Crypto assets held for operations 86,469 53,059 120,831

Crypto asset loan receivables 35,455 17,598 14,479

Crypto assets held as collateral 1,645,051 1,299,500 822,827

Crypto assets borrowed 229,076 389,657 318,849

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Crypto assets held for investment 1,468,395 2,224,811 1,998,871

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Total assets $ 8,548,305 $ 707,371 $ 13,042,983 $ 207,815

Total assets $ 9,769,000 $ 172,565 $ 13,042,983 $ 207,815

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(1) Represents money market funds and other short-duration U.S. Treasury holdings. Excludes cash and cash equivalents not measured and recorded at fair value of $ 5.5 4.9 billion and $ 5.2 billion as of June September 30, 2026 and December 31, 2025, respectively.

(2) Represents money market funds. Excludes restricted cash and cash equivalents not measured and recorded at fair value of $ 274.1 87.7 million and $ 332.8 million as of June September 30, 2026 and December 31, 2025, respectively.

(3) Represents customer custodial cash equivalents, which comprise money market funds. Excludes customer custodial funds not measured and recorded at fair value of $ 2.4 2.5 billion and $ 1.9 billion as of each of June September 30, 2026 and December 31, 2025, respectively.

(4) Primarily represents marketable equity securities. Excludes marketable investments not measured and recorded at fair value, with none as of June September 30, 2026 and $ 44.4 million as of December 31, 2025.

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Note 15: CAPITAL STOCK 1 change

In October 2024, the Company s board of directors (the Board ) authorized and approved a share repurchase program, which provided for the repurchase of up to $ 1.0 billion of the Company s Class A common stock without expiration and in October 2025, the Board (i) increased the aggregate repurchase authorization under the program from $ 1.0 billion to $ 2.0 billion and (ii) expanded the scope of the repurchases to include a portion of the aggregate principal amount of the Company s then-outstanding 2026 Convertible Notes, 2029 Convertible Notes, 2030 Convertible Notes, 2032 Convertible Notes, and both series of Senior Notes (collectively, the "Notes ) (as modified, the Repurchase Program ). In January 2026, the Board approved a $ 2.0 billion increase in the authorization under the previously announced Repurchase Program from $ 2.0 billion to $ 4.0 billion . Repurchases may be made from time to time in the open market (including through trading plans intended to qualify under Rule 10b5-1 under the Exchange Act), in privately negotiated transactions, in a tender offer, or by other methods in accordance with the applicable federal and state laws and regulations. The timing and amount of any repurchases will depend on market conditions and other considerations, and will be made at management s discretion. The Repurchase Program does not obligate the Company to repurchase any dollar amount or number of shares of the Company s Class A common stock or Notes and may be modified, suspended, or discontinued at any time. As of June September 30, 2026, $ 2.0 billion had been utilized to repurchase 10,131,734 10,169,729 shares of Class A common stock under the Repurchase Program, and $ 2.0 billion remained available for future repurchases, when considered on a settlement date basis.

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Note 16: STOCK-BASED COMPENSATION 27 changes

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Exercised ( 1,070 ) 10.87

Forfeited and cancelled ( 13 ) 136.20

Balance at June 30, 2026 18,617 $ 26.35 3.9 $ 2,253,320

Vested and exercisable at June 30, 2026 14,937 $ 27.06 3.9 $ 1,801,626

Exercised ( 1,406 ) 12.47

Forfeited and cancelled ( 30 ) 150.14

Balance at September 30, 2026 18,264 $ 26.38 3.7 $ 2,931,504

Vested and exercisable at September 30, 2026 14,584 $ 27.12 3.6 $ 2,331,785

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Granted 5,956 165.15 426 156.92

Vested ( 2,140 ) 203.75 ( 643 ) 55.70

Forfeited and cancelled ( 764 ) 174.32

Balance at June 30, 2026 5,197 $ 181.70 426 $ 156.92

Granted 6,762 164.62 426 156.92

Vested ( 3,383 ) 192.71 ( 643 ) 55.70

Forfeited and cancelled ( 1,291 ) 179.03

Balance at September 30, 2026 4,233 $ 179.53 426 $ 156.92

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Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

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Technology and development $ 152,917 $ 117,240 $ 313,558 $ 225,332

Sales and marketing 12,601 14,533 27,412 29,438

General and administrative 72,823 64,387 145,426 132,119

Total stock-based compensation expense $ 238,341 $ 196,160 $ 486,396 $ 386,889

Technology and development $ 147,727 $ 127,253 $ 461,285 $ 352,585

Sales and marketing 12,769 13,921 40,181 43,359

General and administrative 72,549 80,895 217,975 213,014

Total stock-based compensation expense $ 233,045 $ 222,069 $ 719,441 $ 608,958

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As of June September 30, 2026, there was total unrecognized compensation cost of $ 815.4 633.3 million and $ 130.1 118.6 million related to unvested restricted stock units (excluding performance restricted stock units) and restricted stock awards, respectively, which is expected to be recognized over a weighted-average of 1.4

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Note 17: OTHER CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DETAILS 12 changes

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June 30, Six Months Ended

September 30, Nine Months Ended

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Website hosting and infrastructure 89,301 76,336 179,940 143,583

Website hosting and infrastructure 79,419 84,885 259,359 228,468

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USDC rewards $ 119,108 $ 102,521 $ 232,535 $ 202,555

USDC rewards $ 129,245 $ 111,570 $ 361,780 $ 314,125

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Professional services 54,934 71,010 104,558 129,186

Professional services 37,573 76,690 142,131 205,876

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(2) Comprises Substantially all represents amortization expense. Also includes depreciation and intangible asset impairment expenses, none of which are individually material .

(3) Comprises primarily costs of contract resources, consulting, and facilities. software.

(4) Comprises primarily amortization, and costs of contract resources, consulting, and travel, as well as depreciation, expenses, none of which are individually material.

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(6) Comprises primarily costs of contract resources, software, taxes, licenses, and fees, contract resources, settlement costs, civic contributions, and travel, Also includes amortization, depreciation, and intangible asset impairments, none of which are individually material.

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Note 18: INCOME TAXES 4 changes

The Company s effective tax rate ( ETR ) for the three months ended June September 30, 2026 and 2025 was 9.1 12.8 % and 21.7 13.9 %, respectively. The ETR of 9.1 12.8 % for the three months ended June September 30, 2026 was lower than the U.S. statutory rate of 21.0 %, primarily due to a release of valuation allowance related to realized and unrealized capital losses partially offset by state taxes. The Company s ETR for the six months ended June 30, 2026 and 2025 was 12.4 % and 21.6 %, respectively. The ETR of 12.4 % for the six months ended June 30, 2026 was lower than the U.S. statutory rate of 21.0 %, primarily due a one-time favorable tax adjustment related to the impact recent closure of non-deductible expenses (including stock-based compensation and certain non-US losses) and a valuation allowance related to realized U.S. federal tax audit for the tax years 2020 and unrealized capital losses, 2021, partially offset by state taxes.

The Company s ETR for the nine months ended September 30, 2026 and 2025 was 3.7 % and 20.0 %, respectively. The ETR of 3.7 % for the nine months ended September 30, 2026 was lower than the U.S. statutory rate of 21.0 %, primarily due to the impact of non-deductible expenses (including stock-based compensation and certain non-US losses), partially offset by a one-time favorable tax adjustment related to the recent closure of a U.S. federal tax audit for the tax years 2020 and 2021.

1 unchanged paragraph

Cash paid during the period for income taxes, net of refunds $ 45,143 75,935 $ 131,310 147,999

As of June September 30, 2026, the Company had a net deferred tax asset balance of $ 682.4 584.2 million, compared to $ 570.8 million as of December 31, 2025. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. Management determined that there is sufficient positive evidence to conclude that it is more likely than not that the Company s net deferred tax asset will be fully realized.

1 unchanged paragraph

Note 19: NET INCOME (LOSS) PER SHARE 31 changes

June 30, Six Months Ended

Net (loss) income attributable to common shareholders, basic $ ( 359,468 ) $ 1,428,900 $ ( 753,585 ) $ 1,494,508

Net (loss) income attributable to common shareholders, diluted $ ( 359,468 ) $ 1,432,511 $ ( 753,585 ) $ 1,501,717

WASO - basic 263,412 255,188 264,128 254,537

The computation of Net (loss) income (loss) p er share, including the weighted-average shares outstanding ( WASO ) used in the computation, is as follows (in thousands, except per share amounts):

September 30, Nine Months Ended

Net income (loss) attributable to common shareholders, basic $ 718,697 $ 432,552 $ ( 34,888 ) $ 1,927,060

Add: interest on convertible notes, net of tax 2,837 4,543 11,752

Net income (loss) attributable to common shareholders, diluted $ 721,534 $ 437,095 $ ( 34,888 ) $ 1,938,812

WASO - basic 263,788 262,831 263,962 257,332

1 unchanged paragraph

Stock options 15,299 15,561

Convertible notes 7,229 7,229

Restricted stock units 665 807

Stock options 12,512 15,847 15,656

Convertible notes 10,892 11,319 8,607

Restricted stock units 787 1,340 985

1 unchanged paragraph

Restricted stock 86 153

WASO - diluted 263,412 278,913 264,128 278,700

Basic $ ( 1.36 ) $ 5.60 $ ( 2.85 ) $ 5.87

Diluted $ ( 1.36 ) $ 5.14 $ ( 2.85 ) $ 5.39

Restricted stock 85 131

WASO - diluted 287,979 291,958 263,962 283,165

Net (loss) income (loss) per share attributable to common shareholders:

Basic $ 2.72 $ 1.65 $ ( 0.13 ) $ 7.49

Diluted $ 2.51 $ 1.50 $ ( 0.13 ) $ 6.85

2 unchanged paragraphs

Three Months Ended June 30, Six Months Ended June 30,

Convertible notes 13,233 13,778

Total 37,870 7,383 38,415 7,383

Three Months Ended September 30, Nine Months Ended September 30,

Convertible notes 12,806

Total 5,641 3,857 36,110 3,857

2 unchanged paragraphs

Note 20: COMMITMENTS AND CONTINGENCIES 2 changes

1 unchanged paragraph

The Company is obligated to securely store all crypto assets and payment stablecoins held or managed on behalf of customers in digital wallets on the Company s platform, including those within the Company s custody services and all other assets for which the Company holds full keys. As such, the Company may be liable to its users for losses arising from the Company s failure to secure these assets from theft or loss. The Company has not incurred any losses related to such obligations and therefore has not accrued any liabilities as of June September 30, 2026 and December 31, 2025. The Company holds full keys to crypto assets and payment stablecoins held or managed on behalf of its customers totaling $ 245.9 376.6 billion and $ 376.1 billion at fair value at June September 30, 2026 and December 31, 2025, respectively. These assets are not recognized in the Condensed Consolidated Balance Sheets. Similarly, as the Company has an obligation to securely store all of these assets, it has a corresponding unrecognized liability of $ 245.9 376.6 billion and $ 376.1 billion at June September 30, 2026 and December 31, 2025, respectively. Since the risk of loss is remote, the Company did not recognize a contingent liability at June September 30, 2026 or December 31, 2025. The Company has no reason to believe it will incur any expense associated with such potential liability because (i) it has no known or historical experience of claims to use as a basis of measurement, (ii) it accounts for and continually verifies the amount of crypto assets within its control, and (iii) it has established security around custodial product private keys to minimize the risk of theft or loss.

5 unchanged paragraphs

In October 2021, a purported class action captioned Underwood et al. v. Coinbase Global, Inc. , was filed in the U.S. District Court for the Southern District of New York (the District Court ) against the Company alleging claims under Sections 5, 15(a)(1) and 29(b) of the Exchange Act, and violations of

1 unchanged paragraph

Notes to the financial statements 3 changes

Company alleging claims under Sections 5, 15(a)(1) and 29(b) of the Exchange Act, and violations of certain California and Florida state statutes. On March 11, 2022, plaintiffs filed an amended complaint adding Coinbase, Inc. and Brian Armstrong as defendants and adding causes of action, including alleging claims under Sections 5, 12(a)(1) and 15 of the Securities Act and violations of certain New Jersey state statutes. Among other relief requested, the plaintiffs sought injunctive relief, unspecified damages, attorneys fees and costs. On February 1, 2023, the District Court dismissed all federal claims (with prejudice) and state law claims (without prejudice) against Coinbase Global, Inc., Coinbase, Inc. and Brian Armstrong. Subsequently, on February 9, 2023, the plaintiffs appealed that ruling to the U.S. Court of Appeals for the Second Circuit (the Court of Appeals ), and the parties completed briefing the appeal on September 13, 2023. Oral argument took place on February 1, 2024 and on April 5, 2024, the Court of Appeals issued a Summary Order affirming the District Court s dismissal order with respect to the claims alleging violations of the Exchange Act, and reversing the District Court s dismissal order with respect to the claims alleging violations of the Securities Act and violations of the state statutes. On June 27, 2024, defendants filed an answer to the amended complaint, and on July 29, 2024, the defendants filed a Motion for Judgment on the Pleadings requesting the District Court dismiss the remaining claims. On February 7, 2025, the District Court denied defendants Motion for Judgment on the Pleadings and allowed the case to proceed to bifurcated discovery, followed by summary judgment motions. The parties completed their summary judgment briefing on June 17, 2026 and oral argument was held on July 15, 2026. On July 30, 2026, the District Court granted summary judgment for defendants on all claims relating to the majority of transactions at issue. With respect to the claims relating to the surviving subset of transactions, the case will proceed to further discovery.

1 unchanged paragraph

In June 2023, the Company and Coinbase, Inc. were issued notices, show-cause orders, and cease-and-desist letters, and became the subject of various legal actions initiated by U.S. state securities regulators in the states of Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington and Wisconsin alleging violations of state securities laws with respect to staking services provided by Coinbase, Inc. In July 2023, the Company and Coinbase, Inc. entered into agreements with state securities regulators in California, New Jersey, South Carolina and Wisconsin, pursuant to which customers in those states will no longer be able to stake new funds, in each case pending final adjudication of the matters. In October 2023, the Company and Coinbase, Inc. entered into a similar agreement with the Maryland state securities regulator. In March and April 2025, the Alabama, Kentucky, Illinois, South Carolina, and Vermont state securities regulators dismissed, vacated, rescinded, and/or withdrew their legal actions. On October 29, 2026, the New Jersey state securities regulator informed the Company that it intends to rescind its summary penalty and cease and desist order. The Company and Coinbase, Inc. dispute the claims of the state securities regulators and intend to vigorously defend against them. Based on the preliminary nature of these actions, the final outcome of these matters remains uncertain and the Company cannot estimate the potential impact on its business or Financial Statements at this time. An adverse resolution in these state matters could have a material impact on the Company s business and Financial Statements.

1 unchanged paragraph

Except as otherwise disclosed, the Company believes the ultimate resolution of existing legal and regulatory investigation matters will not have a material adverse effect on the financial condition, results of operations, or cash flows of the Company. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company s results of operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company s results of operations, potentially materially.

1 unchanged paragraph

Note 21: RELATED PARTY TRANSACTIONS 5 changes

2 unchanged paragraphs

Total revenue of $ 0.9 0.8 million and $ 1.6 3.1 million during the three months ended June September 30, 2026 and 2025, respectively, and $ 2.7 3.5 million and $ 5.2 8.3 million during the six nine months ended June September 30, 2026 and 2025, respectively;

Accounts receivable, net of $ 0.2 million and $ 0.4 million as of June both September 30, 2026 and December 31, 2025; respectively; and

Customer custodial funds and Customer custodial fund liabilities of each $ 6.8 2.3 million and $ 11.0 million as of June September 30, 2026 and December 31, 2025, respectively.

1 unchanged paragraph

The Company made strategic investments of $ 1.9 5.0 million and $ 6.9 million during both the three and six nine months ended June September 30, 2026, respectively, in which certain related parties of the Company held an interest over 10%. During the three and six nine months ended June September 30, 2025, the Company made aggregate strategic investments of $ 4.7 1.5 million and $ 7.8 9.3 million, respectively, in such investees.

Coinbase Global, Inc.

MD&A 241 changes

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-Q and our Annual Report on Form 10-K for the year ended December 31, 2025 (the Annual Report ) . Th e 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, ou r, 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 nine months ended June 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 six nine month periods ended June September 30 of the applicable year, respectively.

1 unchanged paragraph

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.

For the three and six nine months ended June September 30, 2026, our net revenue was $1.2 billion and $2.5 $3.7 billion, including $599.2 $590.2 million and $1.4 $1.9 billion in transaction revenue and $555.1 $570.2 million and $1.1 $1.7 billion in subscription and services revenue. For the same periods in 2025, our net revenue was $1.4 $1.8 billion and $3.3 $5.1 billion, including $764.3 million $1.0 billion and $2.0 $3.1 billion in transaction revenue and $632.2 $716.6 million and $1.3 $2.0 billion in subscription and services revenue.

For the three and six nine months ended June September 30, 2026, our net loss income was $359.5 $718.7 million and $753.6 net loss was $34.9 million, and Adjusted EBITDA was $207.8 $332.9 million and $511.1 $843.9 million. For the same periods in 2025, our net income was $1.4 billion $432.6 million and $1.5 $1.9 billion, and Adjusted EBITDA was $512.1 $800.7 million and $1.4 $2.2 billion.

Assets on Platform ( AOP ) were $245.9 $376.6 billion and $425.0 $515.9 billion at June September 30, 2026 and 2025, respectively. The decrease in AOP primarily reflects a $196.5 $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.

For the three and six nine months ended June September 30, 2026, Monthly Transacting Users ( MTUs ) were 7.6 7.4 million and 7.9 7.7 million. For the same periods in 2025, MTUs were 8.7 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.

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 revenue, net income (loss), and Adjusted EBITDA best reflect the financial health of our business, and we believe that metrics focused on users AOP and assets MTUs are better 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.

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. Restructuring of 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 lower than for the year ended December 31, 2025. driven by USDC rewards.

1 unchanged paragraph

June 30, Change Six Months Ended

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

For both the three and six nine months ended June September 30, 2026, we generated 85% and 84% of total revenue in the U.S. For the three and six nine months ended June September 30, 2025, we generated 86% 81% and 85% 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. in Stablecoin revenue is substantially all periods presented. attributed to the U.S.

September 30, Change Nine Months Ended

September 30, Change

1 unchanged paragraph

Consumer, net $ 451,670 $ 649,908 $ (198,238) (31) $ 1,018,569 $ 1,745,414 $ (726,845) (42)

Institutional, net 100,073 60,819 39,254 65 235,799 159,707 76,092 48

Other transaction revenue, net 47,413 53,543 (6,130) (11) 100,613 121,357 (20,744) (17)

Total transaction revenue $ 599,156 $ 764,270 $ (165,114) (22) $ 1,354,981 $ 2,026,478 $ (671,497) (33)

% of net revenue 52 55 54 61

Consumer, net $ 450,112 $ 843,544 $ (393,432) (47) $ 1,468,681 $ 2,588,958 $ (1,120,277) (43)

Institutional, net 91,650 135,009 (43,359) (32) 327,449 294,716 32,733 11

Other transaction revenue, net 48,462 67,707 (19,245) (28) 149,075 189,064 (39,989) (21)

Total transaction revenue $ 590,224 $ 1,046,260 $ (456,036) (44) $ 1,945,205 $ 3,072,738 $ (1,127,533) (37)

% of net revenue 51 59 53 60

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

a decrease in consumer transaction revenue, driven by $230.4 million and $822.0 million, reflecting a 38% 59% and 48% 52% 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 an increase growth in derivatives trading volume; and changes in institutional transaction revenue primarily due mainly 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.

2 unchanged paragraphs

June 30, Change Six Months Ended

September 30, Change Nine Months Ended

September 30, Change

2 unchanged paragraphs

Blockchain rewards 83,342 144,535 (61,193) (42) 184,191 341,127 (156,936) (46)

Interest and finance fee income 66,128 59,316 6,812 11 133,933 122,402 11,531 9

Other subscription and services revenue 113,528 119,478 (5,950) (5) 222,962 260,376 (37,414) (14)

Total subscription and services revenue $ 555,145 $ 632,243 $ (77,098) (12) $ 1,138,668 $ 1,306,856 $ (168,188) (13)

% of net revenue 48 45 46 39

Blockchain rewards 85,738 184,647 (98,909) (54) 269,929 525,774 (255,845) (49)

Interest and finance fee income 68,560 64,758 3,802 6 202,493 187,160 15,333 8

Other subscription and services revenue 109,035 142,658 (33,623) (24) 331,997 403,034 (71,037) (18)

Total subscription and services revenue $ 570,238 $ 716,597 $ (146,359) (20) $ 1,708,906 $ 2,023,453 $ (314,547) (16)

% of net revenue 49 41 47 40

1 unchanged paragraph

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

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.

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

changes in stablecoin revenue, reflecting:

changes in stablecoin revenue, primarily consisting of a decrease increases of $55.9 $84.6 million and $113.4 $201.6 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 decreases of $52.8 million and $166.2 million due to lower average interest rates; and decreases in blockchain rewards of:

$56.5 $111.8 million and $131.3 $243.1 million due to lower average crypto asset prices, driven primarily by Solana and Ethereum; and

$18.9 million and $67.2 million due to lower reward rates, primarily for Solana and Ethereum, offset in part by the impact of an increase in staked balances, primarily of Solana and Cosmos.

1 unchanged paragraph

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.

June 30, Change Six Months Ended

September 30, Change Nine Months Ended

September 30, Change

2 unchanged paragraphs

Total other revenue $ 65,767 $ 100,695 $ (34,928) (35) $ 139,401 $ 198,169 $ (58,768) (30)

Total other revenue $ 55,120 $ 105,836 $ (50,716) (48) $ 194,521 $ 304,005 $ (109,484) (36)

1 unchanged paragraph

Corporate interest and other income decreased for the three and six nine months ended June September 30, 2026 as compared to 2025, reflecting a 73 97 and 77 84 basis point decline in average interest rates earned, as well as a decrease attributable to lower average corporate cash balances.

1 unchanged paragraph

June 30, Change Six Months Ended

September 30, Change Nine Months Ended

September 30, Change

1 unchanged paragraph

Blockchain rewards fees $ 53,102 $ 89,157 $ (36,055) (40) $ 117,235 $ 209,178 $ (91,943) (44)

Payment processing and account verification 42,349 41,332 1,017 2 82,524 105,977 (23,453) (22)

Transaction rebates and commissions 36,763 86,862 (50,099) (58) 65,789 146,447 (80,658) (55)

Transaction reversal losses 20,057 20,855 (798) (4) 54,056 67,699 (13,643) (20)

Other 37,519 7,055 30,464 432 66,045 18,986 47,059 248

Total transaction expense $ 189,790 $ 245,261 $ (55,471) (23) $ 385,649 $ 548,287 $ (162,638) (30)

% of net revenue 16 18 15 16

Blockchain rewards fees $ 53,702 $ 119,043 $ (65,341) (55) $ 170,937 $ 328,221 $ (157,284) (48)

Payment processing and account verification 44,727 53,487 (8,760) (16) 127,251 159,464 (32,213) (20)

Transaction rebates and commissions 40,060 42,193 (2,133) (5) 105,849 188,640 (82,791) (44)

Transaction reversal losses 10,931 28,983 (18,052) (62) 64,987 96,682 (31,695) (33)

Other 45,044 9,612 35,432 369 111,089 28,598 82,491 288

Total transaction expense $ 194,464 $ 253,318 $ (58,854) (23) $ 580,113 $ 801,605 $ (221,492) (28)

% of net revenue 17 14 16 16

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

1 unchanged paragraph

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

a decrease in transaction reversal losses primarily due to lower transaction activity; offset in part by an increase in other, largely due to exchange fees associated with our prediction markets offering.

2 unchanged paragraphs

June 30, Change Six Months Ended

September 30, Change Nine Months Ended

September 30, Change

1 unchanged paragraph

Employee-related $ 302,527 $ 245,571 $ 56,956 23 $ 650,650 $ 477,919 $ 172,731 36

Website hosting and infrastructure 89,301 76,336 12,965 17 179,940 143,583 36,357 25

Amortization, depreciation, and impairment 47,078 34,585 12,493 36 94,991 66,597 28,394 43

Other 33,942 30,830 3,112 10 72,915 54,591 18,324 34

Total technology and development $ 472,848 $ 387,322 $ 85,526 22 $ 998,496 $ 742,690 $ 255,806 34

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and 161 more changes in the filing

Market risk 1 change

1 unchanged paragraph

Crypto assets held for investment are primarily held long term, and historically, we have not attempted to reduce our market risk exposure associated with these crypto assets. Crypto asset prices have been volatile, as demonstrated by the one-year historical volatility of Bitcoin and Ethereum of approximately 50% implied from the annualized standard deviation of daily price returns observed in the past 24 months. A hypothetical 50% increase or decrease in crypto asset prices as of June September 30, 2026 and December 31, 2025 would result in an $734.2 million a $1.1 billion and $1.0 billion impact, respectively, to the value of our Crypto assets held for investment and would have been recognized as a gain or loss in Losses Gains on crypto assets held for investment, net in our Condensed Consolidated Statements of Operations. The decrease increase in the hypothetical gains or losses since December 31, 2025 primarily reflects a decrease an increase in the prices units of crypto assets held for investment.

Controls and procedures 1 change

2 unchanged paragraphs

Our management, with the participation and supervision of our Chief Executive Officer (our principal executive officer) and our Chief Financial Officer (our principal financial officer), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June September 30, 2026 . Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of June September 30, 2026 , our disclosure controls and procedures were, in design and operation, effective at a reasonable assurance level.

4 unchanged paragraphs

Unregistered sales of stock 8 changes

There were no unregistered sales of equity securities during the three months ended June September 30, 2026.

2 unchanged paragraphs

The following table contains information relating to the repurchases of shares of our Class A common stock made by us in the three months ended June September 30, 2026.

3 unchanged paragraphs

April 1 April 30, 2026 $ $ 2,087,588,148

May 1 May 31, 2026 $ $ 2,087,588,148

July 1 July 31, 2026 $ $ 1,966,316,652

August 1 August 31, 2026 37,995 $ 139.91 37,995 $ 1,961,000,676

September 1 September 30, 2026 $ $ 1,961,000,676

June 1 June 30, 2026 814,249 $ 148.94 814,249 $ 1,966,316,652 (1) Average price paid per share includes commissions related to repurchases.

2 unchanged paragraphs

Other information 4 changes

1 unchanged paragraph

The Company s directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) are only permitted to trade in the Company s securities pursuant to a prearranged trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act (a Rule 10b5-1 Plan ). During the three months ended June September 30, 2026, a trust affiliated with one of the Company s non-employee directors and two of the Company s officers adopted a Rule 10b5-1 Plan, Plans, which was were entered into during an open trading window in accordance with the Company s Insider Trading Policy and Trading Plan Policy.

On June 5, August 12, 2026 , the LAMA Community Trust (the LAMA Trust ) Brian Armstrong , of which Marc Andreessen, the Company s Chief Executive Officer and a member of the Company s board of directors, , and his spouse are trustees, entered into a Rule 10b5-1 Plan (the LAMA Trust Armstrong Plan ) providing for the potential sale of up to 574,416 8,167,446 shares of Class A common stock owned by Mr. Armstrong upon the LAMA Trust, exercise of vested stock options, so long as the market price of the Class A common stock is higher than satisfies certain minimum threshold prices specified in the LAMA Trust Armstrong Plan, during the period beginning on September 5, between an estimated start date of November 16, 2026 and ending on September 4, October 22, 2027 , or such earlier, date as sale upon the completion of all shares transactions subject to the trading arrangements specified in the LAMA Trust Armstrong Plan is completed or the occurrence of certain events set forth therein.

On September 4, 2026 , Frederick Ernest Ehrsam III , a member of the Company s board of directors , entered into a Rule 10b5-1 Plan (the Ehrsam Plan ) providing for the potential sale of up to 3,866,620 shares of Class A common stock issuable upon the conversion of shares of Class B common stock owned by The Frederick Ernest Ehrsam III Living Trust, of which Mr. Ehrsam is trustee, so long as the market price of the Class A common stock satisfies certain threshold prices specified in the Ehrsam Plan, between an estimated start date of December 7, 2026 and June 7, 2027 , or earlier, upon the completion of all transactions subject to the trading arrangements specified in the Ehrsam Plan or the occurrence of certain events set forth therein.

On September 8, 2026 , Emilie Choi , the Company s President and Chief Operating Officer , entered into a Rule 10b5-1 Plan (the Choi Plan ) providing for the potential sale of up to 1,560,453 shares of Class A common stock (i) owned by Ms. Choi, including upon the vesting and settlement of restricted stock units and performance restricted stock units for shares of Class A common stock and the exercise of vested stock options for shares of Class A common stock and (ii) held by the Starvurst Exempt Trust, of which Ms. Choi s spouse is a co-trustee, plus an additional undetermined number of shares of Class A common stock to be received by Ms. Choi upon the future grant, vesting, and settlement of restricted stock units for shares of Class A common stock, so long as the market price of the Class A common stock satisfies certain threshold prices specified in the Choi Plan, between an estimated start date of January 4, 2027 and December 31, 2027 , or earlier, upon the completion of all transactions subject to the trading arrangements specified in the Choi Plan or the occurrence of certain events set forth therein. The Choi Plan provides for the sale of shares of Class A common stock (i) net of certain shares sold pursuant to Ms. Choi s prior Rule 10b5-1 Plan dated August 12, 2025 (the Prior Choi Plan ), (ii) to be received upon the future grant, vesting and settlement of certain restricted stock units, and (iii) to be received upon the future vesting and settlement of certain outstanding restricted stock units and performance restricted stock units, net of any shares withheld or mandatorily sold by the Company to satisfy applicable tax obligations. The number of shares (i) to be sold under the Prior Choi Plan, (ii) to be received by Ms. Choi upon the future grant, vesting, and settlement of restricted stock units for shares of Class A common stock, and (iii) to be withheld or mandatorily sold by the Company, and therefore the exact number of shares to be sold pursuant to the Choi Plan, can only be determined upon the occurrence of future events. For purposes of this disclosure, we have included the maximum aggregate number of shares to be sold without (i) subtracting any shares sold under the Prior Choi Plan, (ii) including any shares to be sold upon the future vesting and settlement of any restricted stock units that have not yet been granted, and (iii) subtracting any shares to be withheld or mandatorily sold by the Company upon future vesting events.