Coinbase, Inc(NASDAQ:COIN) 
Coinbase, Inc. is an American cryptocurrency exchange platform that operates remote-first without an official physical headquarters. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam, and as of March 2021, was the largest cryptocurrency exchange in the United States by trading volum...
Website: https://www.coinbase.com/
Founded: 2012
IPO Price: $250 (Apr 14, 2021)
Full Time Employees: 4,510 (Dec 2022)
Founder: Brian Armstron, Fred Ehrsam
Co-Founder: Fred Ehrsam
CEO: Brian Armstrong
Sector: Technology
Industry: Software & Tech Services
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At a glance:
- Revenue Highly Sensitive to Crypto Trading Activity: Coinbase’s revenue is largely driven by transaction fees that fluctuate with crypto market volumes, volatility, and retail participation, creating pronounced cyclicality in results.
- Subscription & Services Growing as a Diversification Lever: Non-transaction revenue streams (e.g., custody, staking, and other services) can help smooth earnings over time, though they remain tied to overall crypto asset levels and network activity.
- Regulatory and Legal Overhang Remains a Core Risk: Ongoing uncertainty around U.S. and global crypto regulation, enforcement actions, and listing/staking rules can materially affect product offerings, compliance costs, and growth.
- Operating Leverage Can Drive Sharp Profit Swings: The cost structure can produce significant earnings variability: profitability can improve rapidly in strong market cycles, but downturns can pressure margins and lead to rapid retrenchment.
- Balance Sheet and Liquidity Position Are Key Investor Focus Areas: Investors closely watch cash reserves, client asset safeguarding, and the stability of interest-related and custodial revenues, especially during periods of market stress and counterparty risk concerns.
Bull Thesis:
- Regulatory Clarity & Compliance Leadership: Coinbase's proactive and transparent approach to navigating the complex regulatory landscape, particularly in the United States, positions it as a trusted and compliant platform. This could lead to a significant competitive advantage as regulatory clarity emerges, attracting institutional investors and mainstream adoption while less compliant competitors face increasing scrutiny.
- Diversification of Revenue Streams: Beyond its core transaction fees, Coinbase is actively diversifying its revenue through staking services, subscription products (Coinbase One), institutional offerings, and the growth of its Layer 2 network (Base). This diversification aims to reduce reliance on volatile spot trading volumes and create more stable, recurring revenue streams.
- Market Leadership & Brand Recognition: Coinbase maintains a strong position as a leading and highly recognized brand in the cryptocurrency space, especially in the US. Its established user base, robust security measures, and user-friendly interface make it a primary on-ramp for new crypto users, providing a significant competitive moat as the overall crypto market matures.
- Strong Balance Sheet & Strategic Investments: Coinbase possesses a robust balance sheet with substantial cash and crypto reserves. This financial strength allows the company to weather market downturns, invest in strategic growth initiatives (like Base), pursue M&A opportunities, and maintain operational stability, positioning it for long-term growth in the crypto ecosystem.
Bear Thesis:
- High Reliance on Crypto Market Volatility & Trading Volumes: A significant portion of Coinbase's revenue remains highly dependent on the unpredictable volatility and trading volumes of the broader cryptocurrency market. Prolonged bear markets or periods of low volatility can severely impact transaction fee revenue, making its financial performance susceptible to market cycles beyond its control.
- Intense Competition & Fee Compression: The cryptocurrency exchange market is highly competitive, with numerous global and decentralized platforms vying for users. This intense competition, coupled with the maturation of the market, could lead to continued fee compression across various services, eroding Coinbase's primary revenue source and impacting profitability.
- Persistent Regulatory Uncertainty & Headwinds: Despite its efforts, Coinbase faces ongoing regulatory scrutiny and uncertainty, particularly in the United States. Potential adverse regulatory actions, legal challenges, or new restrictive policies (e.g., regarding staking, stablecoins, or token listings) could significantly impact its operations, growth prospects, and ability to offer certain products.
- Security Risks & Potential for Hacks: As a major custodian of digital assets, Coinbase remains a prime target for cyberattacks and security breaches. A significant hack or operational failure could lead to substantial financial losses, severe reputational damage, and a loss of user trust, which are critical for a financial platform.
Main Competitors:
- Binance (Binance Exchange, Binance.US), Binance is the largest cryptocurrency exchange by trading volume globally. It competes directly with Coinbase across all major services, including spot trading, derivatives, staking, institutional services, and a wide range of altcoins. Binance often offers lower trading fees and a broader selection of assets, putting pressure on Coinbase's pricing and market share, especially outside the U.S.
- Kraken (Kraken Exchange), Kraken is another well-established and regulated cryptocurrency exchange, particularly strong in the US and Europe. It competes with Coinbase by offering a secure platform for buying, selling, and staking a variety of cryptocurrencies, often appealing to more experienced traders and those seeking a strong regulatory posture and competitive fee structure.
- Robinhood Markets, Inc. ($HOOD) (Robinhood app (crypto trading)), Robinhood competes for retail investors, particularly those new to crypto, by offering commission-free trading of a limited selection of cryptocurrencies alongside traditional stocks and ETFs. Its user-friendly interface and integration with traditional finance products make it an attractive alternative for a segment of Coinbase's potential user base seeking a simplified investment experience.
- Gemini Trust Company, LLC (Gemini Exchange, Gemini Earn), Gemini competes by emphasizing security, regulatory compliance, and a user-friendly experience, often targeting institutional clients and high-net-worth individuals. It offers spot trading, custody, and staking services, positioning itself as a premium, regulated alternative to Coinbase, particularly for users prioritizing trust and compliance.
Moat:
Coinbase's primary moat stems from its strong brand recognition, regulatory compliance (especially in the U.S.), user-friendly interface, and institutional-grade security. However, it faces intense competition from other centralized exchanges that often offer lower fees, a wider array of assets, or more advanced trading features. Additionally, traditional finance players entering the crypto space (e.g., PayPal, Block) and the growing ecosystem of decentralized finance (DeFi) protocols pose long-term competitive threats by offering alternative ways to access and manage digital assets, potentially disintermediating centralized platforms. The competitive landscape is dynamic, driven by innovation, evolving regulatory frameworks, and shifting user preferences for security, cost, and asset diversity.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue: | |||||||||||||||||||||
net revenue | 1,339,348,000 | 1,710,039,000 | 1,792,984,000 | 1,420,096,000 | 1,960,319,000 | 2,197,030,000 | 1,128,597,000 | 1,379,942,000 | 1,587,677,000 | 904,638,000 | 623,004,000 | 662,500,000 | 736,398,000 | 604,946,000 | 576,375,000 | 802,603,000 | 1,164,891,000 | 2,490,026,000 | 1,234,736,000 | 2,033,011,000 | 1,596,981,000 |
other revenue | 73,634,000 | 71,090,000 | 75,709,000 | 77,112,000 | 73,976,000 | 74,607,000 | 76,596,000 | 69,686,000 | 49,893,000 | 49,157,000 | 51,144,000 | 45,411,000 | 36,131,000 | 24,162,000 | 13,964,000 | 5,722,000 | 1,545,000 | 8,437,000 | 77,172,000 | 194,951,000 | 204,131,000 |
total revenue | 1,412,982,000 | 1,781,129,000 | 1,868,693,000 | 1,497,208,000 | 2,034,295,000 | 2,271,637,000 | 1,205,193,000 | 1,449,628,000 | 1,637,570,000 | 953,795,000 | 674,148,000 | 707,911,000 | 772,529,000 | 629,108,000 | 590,339,000 | 808,325,000 | 1,166,436,000 | 2,498,463,000 | 1,311,908,000 | 2,227,962,000 | 1,801,112,000 |
yoy | -30.54% | -21.59% | 55.05% | 3.28% | 24.23% | 138.17% | 78.77% | 104.78% | 111.98% | 51.61% | 14.20% | -12.42% | -33.77% | -74.82% | -55.00% | -63.72% | -35.24% | ||||
qoq | -20.67% | -4.69% | 24.81% | -26.40% | -10.45% | 88.49% | -16.86% | -11.48% | 71.69% | 41.48% | -4.77% | -8.36% | 22.80% | 6.57% | -26.97% | -30.70% | -53.31% | 90.44% | -41.12% | 23.70% | |
operating expenses: | |||||||||||||||||||||
transaction expense | 195,859,000 | 218,625,000 | 253,318,000 | 245,261,000 | 303,026,000 | 317,042,000 | 171,781,000 | 191,477,000 | 217,407,000 | 125,559,000 | 90,577,000 | 108,200,000 | 96,369,000 | 82,991,000 | 101,876,000 | 167,187,000 | 277,826,000 | 501,181,000 | 197,251,000 | 335,426,000 | 234,066,000 |
technology and development | 525,648,000 | 497,330,000 | 430,585,000 | 387,322,000 | 355,368,000 | 368,691,000 | 377,440,000 | 364,258,000 | 357,863,000 | 323,087,000 | 322,756,000 | 320,667,000 | 358,031,000 | 590,103,000 | 556,338,000 | 609,249,000 | 570,664,000 | 459,611,000 | 356,264,000 | 291,461,000 | 184,225,000 |
sales and marketing | 266,726,000 | 314,777,000 | 260,272,000 | 236,245,000 | 247,283,000 | 225,827,000 | 164,770,000 | 165,262,000 | 98,585,000 | 106,305,000 | 78,178,000 | 83,853,000 | 63,976,000 | 93,103,000 | 75,888,000 | 140,894,000 | 200,204,000 | 244,572,000 | 105,395,000 | 195,733,000 | 117,990,000 |
general and administrative | 376,094,000 | 453,143,000 | 418,446,000 | 353,707,000 | 394,346,000 | 362,519,000 | 330,387,000 | 320,115,000 | 287,236,000 | 280,929,000 | 252,630,000 | 258,988,000 | 248,761,000 | 377,682,000 | 339,157,000 | 470,169,000 | 413,578,000 | 297,324,000 | 242,642,000 | 248,195,000 | 121,231,000 |
losses on crypto assets held for operations | 35,151,000 | -8,702,000 | 34,365,000 | 31,016,000 | |||||||||||||||||
other operating income | 34,925,000 | -7,280,000 | 61,280,000 | 308,025,000 | -5,899,000 | -20,270,000 | -8,556,000 | 34,383,000 | 2,376,000 | 54,066,000 | 3,512,000 | 10,813,000 | -15,222,000 | 40,619,000 | 74,796,000 | 422,762,000 | 258,627,000 | 73,451,000 | 118,548,000 | 282,422,000 | 155,887,000 |
total operating expenses | 1,434,403,000 | 1,507,376,000 | 1,388,161,000 | 1,521,858,000 | 1,328,489,000 | 1,237,568,000 | 1,035,680,000 | 1,106,511,000 | 877,109,000 | 838,182,000 | 753,973,000 | 781,486,000 | 896,404,000 | 1,183,980,000 | 1,146,823,000 | 1,852,714,000 | 1,720,899,000 | 1,576,139,000 | 1,020,100,000 | 1,353,237,000 | 813,399,000 |
operating income | -21,421,000 | 273,753,000 | 480,532,000 | -24,650,000 | 705,806,000 | 1,034,069,000 | 169,513,000 | 343,117,000 | 760,461,000 | 115,613,000 | -79,825,000 | -73,575,000 | -123,875,000 | -554,872,000 | -556,484,000 | -1,044,389,000 | -554,463,000 | 922,324,000 | 291,808,000 | 874,725,000 | 987,713,000 |
yoy | -103.03% | -73.53% | 183.48% | -107.18% | -7.19% | 794.42% | -312.36% | -566.35% | -713.89% | -120.84% | -85.66% | -92.96% | -77.66% | -160.16% | -290.70% | -219.40% | -156.14% | ||||
qoq | -107.82% | -43.03% | -2049.42% | -103.49% | -31.74% | 510.02% | -50.60% | -54.88% | 557.76% | -244.83% | 8.49% | -40.61% | -77.68% | -0.29% | -46.72% | 88.36% | -160.12% | 216.07% | -66.64% | -11.44% | |
operating margin % | -1.52% | 15.37% | 25.71% | -1.65% | 34.70% | 45.52% | 14.07% | 23.67% | 46.44% | 12.12% | -11.84% | -10.39% | -16.03% | -88.20% | -94.27% | -129.20% | -47.53% | 36.92% | 22.24% | 39.26% | 54.84% |
interest expense | 22,569,000 | 22,593,000 | 21,774,000 | 20,535,000 | 20,511,000 | 20,537,000 | 20,530,000 | 20,507,000 | 19,071,000 | 18,737,000 | 20,821,000 | 21,672,000 | 21,536,000 | 21,600,000 | 21,507,000 | 23,656,000 | 22,138,000 | ||||
losses on crypto assets held for investment | 482,356,000 | 718,162,000 | -423,903,000 | -362,053,000 | 596,651,000 | -52,725,500 | 120,507,000 | 319,020,000 | |||||||||||||
other expense | -61,641,000 | -280,049,750 | 380,518,000 | -1,506,905,000 | 6,188,000 | 63,827,000 | -45,605,000 | -35,977,000 | -135,307,000 | -16,564,000 | 20,265,000 | -5,594,000 | 65,699,000 | 172,524,000 | 32,844,000 | 31,784,000 | 20,948,000 | 5,844,000 | -8,953,000 | ||
income before income taxes | -464,705,000 | -886,307,000 | 502,143,000 | 1,823,773,000 | 82,456,000 | 1,496,876,000 | 68,581,000 | -60,237,000 | 1,437,424,000 | 132,853,000 | 34,661,000 | -78,683,000 | -165,676,000 | -570,878,000 | -643,690,000 | -1,240,569,000 | -609,445,000 | ||||
provision for income taxes | -70,588,000 | -219,574,000 | 69,591,000 | 394,873,000 | 16,848,000 | 205,700,000 | -6,914,000 | -96,387,000 | 261,179,000 | -7,783,000 | 36,926,000 | 18,722,000 | -179,786,000 | 50,332,000 | -135,240,000 | -737,468,000 | 225,203,000 | ||||
net income | -394,117,000 | -666,733,000 | 432,552,000 | 1,428,900,000 | 65,608,000 | 1,291,176,000 | 75,495,000 | 36,150,000 | 1,176,245,000 | 273,437,000 | -2,265,000 | -97,405,000 | -78,896,000 | -557,001,000 | -544,635,000 | -1,093,654,000 | -429,659,000 | 840,208,000 | 406,100,000 | 1,606,349,000 | 771,463,000 |
yoy | -700.71% | -151.64% | 472.95% | 3852.70% | -94.42% | 372.20% | -3433.11% | -137.11% | -1590.88% | -149.09% | -99.58% | -91.09% | -81.64% | -166.29% | -234.11% | -168.08% | -155.69% | ||||
qoq | -40.89% | -254.14% | -69.73% | 2077.94% | -94.92% | 1610.28% | 108.84% | -96.93% | 330.17% | -12172.27% | -97.67% | 23.46% | -85.84% | 2.27% | -50.20% | 154.54% | -151.14% | 106.90% | -74.72% | 108.22% | |
net income margin % | -27.89% | -37.43% | 23.15% | 95.44% | 3.23% | 56.84% | 6.26% | 2.49% | 71.83% | 28.67% | -0.34% | -13.76% | -10.21% | -88.54% | -92.26% | -135.30% | -36.84% | 33.63% | 30.95% | 72.10% | 42.83% |
net income attributable to common shareholders: | |||||||||||||||||||||
basic | -394,117,000 | -666,733,000 | 432,552,000 | 1,428,900,000 | 65,608,000 | 1,290,649,000 | 75,455,000 | 36,127,000 | 1,175,479,000 | -557,001,000 | -544,635,000 | -1,093,654,000 | -429,659,000 | 855,168,000 | 402,343,000 | 1,589,713,000 | 301,896,000 | ||||
diluted | -394,117,000 | -661,498,000 | 437,095,000 | 1,432,511,000 | 65,608,000 | 1,294,299,000 | 75,459,000 | 36,128,000 | 1,178,079,000 | -557,836,000 | -544,635,000 | -1,099,838,000 | -429,659,000 | 851,997,000 | 405,340,000 | 1,593,150,000 | 387,719,000 | ||||
net income per share | |||||||||||||||||||||
basic | -1.49 | -2.64 | 1.65 | 5.6 | 0.26 | 5.19 | 0.3 | 0.15 | 4.84 | 1.16 | -0.01 | -0.42 | -0.34 | -2.44 | -2.43 | -4.95 | -1.98 | 3.89 | 1.92 | 7.77 | 3.8 |
diluted | -1.49 | -2.4 | 1.5 | 5.14 | 0.24 | 4.72 | 0.28 | 0.14 | 4.4 | 1.13 | -0.01 | -0.42 | -0.34 | -2.44 | -2.43 | -4.98 | -1.98 | 3.31 | 1.62 | 6.42 | 3.05 |
weighted-average shares of common stock used to compute net income per share: | |||||||||||||||||||||
basic | 264,775 | 260,088 | 262,831 | 255,188 | 253,878 | 247,374 | 248,834 | 246,298 | 242,793 | 235,796 | 237,270 | 234,614 | 231,489 | 222,314 | 223,916 | 220,988 | 217,472 | 177,319 | 209,604 | 204,728 | 79,373 |
diluted | 264,775 | 287,209 | 291,958 | 278,913 | 271,251 | 273,377 | 267,440 | 266,831 | 267,945 | 254,391 | 237,270 | 234,641 | 231,489 | 222,338 | 223,916 | 221,034 | 217,472 | 219,965 | 250,536 | 248,147 | 126,996 |
gains on crypto assets held for operations | -2,519,250 | -35,740,000 | -16,241,000 | -142,000 | -86,358,000 | ||||||||||||||||
net income attributable to common stockholders: | |||||||||||||||||||||
basic | -394,117,000 | -666,733,000 | 432,552,000 | 1,428,900,000 | 65,608,000 | 1,290,649,000 | 75,455,000 | 36,127,000 | 1,175,479,000 | -557,001,000 | -544,635,000 | -1,093,654,000 | -429,659,000 | 855,168,000 | 402,343,000 | 1,589,713,000 | 301,896,000 | ||||
diluted | -394,117,000 | -661,498,000 | 437,095,000 | 1,432,511,000 | 65,608,000 | 1,294,299,000 | 75,459,000 | 36,128,000 | 1,178,079,000 | -557,836,000 | -544,635,000 | -1,099,838,000 | -429,659,000 | 851,997,000 | 405,340,000 | 1,593,150,000 | 387,719,000 | ||||
crypto asset impairment | -51,764,000 | 7,180,000 | |||||||||||||||||||
restructuring | -860,000 | -1,035,000 | 144,489,000 | -518,000 | -1,232,000 | 42,453,000 | |||||||||||||||
other income | -5,470,750 | -40,105,000 | |||||||||||||||||||
weighted-average shares of common stock used to compute net income per share attributable to common stockholders: | |||||||||||||||||||||
basic | 264,775 | 260,088 | 262,831 | 255,188 | 253,878 | 247,374 | 248,834 | 246,298 | 242,793 | 235,796 | 237,270 | 234,614 | 231,489 | 222,314 | 223,916 | 220,988 | 217,472 | 177,319 | 209,604 | 204,728 | 79,373 |
diluted | 264,775 | 287,209 | 291,958 | 278,913 | 271,251 | 273,377 | 267,440 | 266,831 | 267,945 | 254,391 | 237,270 | 234,641 | 231,489 | 222,338 | 223,916 | 221,034 | 217,472 | 219,965 | 250,536 | 248,147 | 126,996 |
gains on crypto assets held for investment | -650,429,000 | ||||||||||||||||||||
net loss attributable to common stockholders: | |||||||||||||||||||||
basic | -44,641,500 | -2,265,000 | -97,405,000 | -78,896,000 | |||||||||||||||||
diluted | -44,641,500 | -2,265,000 | -97,601,000 | -78,896,000 | |||||||||||||||||
weighted-average shares of common stock used to compute net loss per share attributable to common stockholders: | |||||||||||||||||||||
basic | 264,775 | 260,088 | 262,831 | 255,188 | 253,878 | 247,374 | 248,834 | 246,298 | 242,793 | 235,796 | 237,270 | 234,614 | 231,489 | 222,314 | 223,916 | 220,988 | 217,472 | 177,319 | 209,604 | 204,728 | 79,373 |
diluted | 264,775 | 287,209 | 291,958 | 278,913 | 271,251 | 273,377 | 267,440 | 266,831 | 267,945 | 254,391 | 237,270 | 234,641 | 231,489 | 222,338 | 223,916 | 221,034 | 217,472 | 219,965 | 250,536 | 248,147 | 126,996 |
benefit from income taxes | -86,780,000 | -106,439,000 | -99,055,000 | -146,915,000 | |||||||||||||||||
income before provision for income taxes | 534,101,750 | 270,860,000 | 868,881,000 | 996,666,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||
current assets: | |||||||||||||||||||||
cash and cash equivalents | 10,205,022,000 | 11,285,452,000 | 8,676,275,000 | 7,539,388,000 | 8,051,169,000 | 8,543,903,000 | 7,723,806,000 | 7,225,535,000 | 6,711,400,000 | 5,139,351,000 | 5,100,799,000 | 5,166,733,000 | 5,018,409,000 | 4,425,021,000 | 5,006,584,000 | 5,682,068,000 | 6,116,388,000 | 7,123,478,000 | 6,352,775,000 | 4,365,982,000 | 1,983,318,000 |
restricted cash and cash equivalents | 294,807,000 | 334,318,000 | 78,867,000 | 69,190,000 | 55,672,000 | 38,519,000 | 31,881,000 | 34,282,000 | |||||||||||||
customer custodial funds | 5,476,614,000 | 5,347,428,000 | 5,672,037,000 | 5,121,640,000 | 5,369,865,000 | 6,158,949,000 | 4,035,045,000 | 4,197,837,000 | 5,201,906,000 | 4,570,845,000 | 3,474,489,000 | 3,848,078,000 | 5,370,658,000 | 5,041,119,000 | 10,023,385,000 | 10,526,233,000 | 8,956,966,000 | 8,961,812,000 | 6,291,776,000 | ||
crypto assets held for operations | 90,661,000 | 120,831,000 | 161,145,000 | 125,974,000 | 67,485,000 | 82,781,000 | |||||||||||||||
loan receivables | 1,444,733,000 | 1,354,692,000 | 859,056,000 | 803,366,000 | 454,473,000 | 475,370,000 | 398,239,000 | 440,351,000 | 529,143,000 | ||||||||||||
crypto assets held as collateral | 1,141,633,000 | 822,827,000 | 1,017,382,000 | 951,272,000 | 597,548,000 | 767,484,000 | 21,119,000 | 106,610,000 | |||||||||||||
crypto assets borrowed | 246,380,000 | 318,849,000 | 346,008,000 | 223,620,000 | 235,433,000 | 261,052,000 | 252,885,000 | 223,123,000 | 231,348,000 | ||||||||||||
accounts and loans receivable, net of allowance | 296,237,000 | 307,119,000 | 308,423,000 | 222,996,000 | 245,112,000 | 265,251,000 | 187,004,000 | 236,444,000 | 280,357,000 | 361,715,000 | 397,466,000 | 427,210,000 | 480,404,000 | 404,376,000 | 240,354,000 | 245,616,000 | 346,048,000 | 396,025,000 | 237,131,000 | 184,579,000 | 208,828,000 |
marketable investments | 232,980,000 | 309,765,000 | 1,093,395,000 | ||||||||||||||||||
other current assets | 250,743,000 | 187,164,000 | 184,160,000 | 279,230,000 | 151,977,000 | 277,536,000 | 255,975,000 | 253,226,000 | 379,537,000 | ||||||||||||
total current assets | 19,679,810,000 | 20,388,445,000 | 22,093,189,000 | 17,490,500,000 | 17,453,788,000 | 18,112,653,000 | 286,425,567,000 | 282,886,632,000 | 343,840,946,000 | 203,466,531,000 | 123,919,222,000 | 134,261,971,000 | 135,843,945,000 | 86,448,215,000 | 107,679,967,000 | 102,162,250,000 | 16,940,652,000 | 18,373,863,000 | 15,869,717,000 | 14,238,055,000 | 8,672,543,000 |
crypto assets held for investment | 1,601,231,000 | 1,998,871,000 | 2,597,277,000 | 1,838,887,000 | 1,268,001,000 | 1,552,995,000 | 1,260,718,000 | 1,234,158,000 | 1,522,328,000 | ||||||||||||
strategic investments | 832,420,000 | 622,985,000 | 401,728,000 | 1,933,843,000 | |||||||||||||||||
deferred tax assets | 647,664,000 | 570,819,000 | 324,096,000 | 541,354,000 | 995,529,000 | 941,298,000 | 1,032,959,000 | 1,010,154,000 | 879,671,000 | 1,272,233,000 | |||||||||||
goodwill | 4,208,389,000 | 4,168,967,000 | 4,004,112,000 | 1,153,621,000 | 1,153,621,000 | 1,139,670,000 | 1,139,670,000 | 1,139,670,000 | 1,139,670,000 | 1,139,670,000 | 1,139,670,000 | 1,139,670,000 | 1,139,670,000 | 1,073,906,000 | 1,073,906,000 | 1,073,906,000 | 1,080,176,000 | 625,758,000 | 567,420,000 | 501,259,000 | 481,379,000 |
intangible assets | 1,364,983,000 | 1,397,794,000 | 1,417,823,000 | 46,804,000 | 86,422,000 | 94,935,000 | 108,134,000 | 129,692,000 | 135,429,000 | 161,669,000 | 189,508,000 | 219,128,000 | 176,689,000 | 142,183,000 | 119,889,000 | 93,032,000 | |||||
other non-current assets | 514,295,000 | 259,378,000 | 513,142,000 | 517,833,000 | 860,067,000 | 548,451,000 | 699,694,000 | 688,559,000 | 653,862,000 | 362,885,000 | 1,478,096,000 | 1,451,197,000 | 1,462,343,000 | 1,401,720,000 | 1,382,361,000 | 1,274,715,000 | 1,164,613,000 | 952,307,000 | 879,973,000 | 187,688,000 | 141,680,000 |
total assets | 28,848,792,000 | 29,671,832,000 | 31,351,367,000 | 23,476,038,000 | 21,731,006,000 | 22,541,951,000 | 290,558,608,000 | 286,959,173,000 | 348,036,477,000 | 206,982,953,000 | 127,305,595,000 | 137,650,575,000 | 139,301,859,000 | 89,724,873,000 | 111,168,363,000 | 105,468,243,000 | 20,895,194,000 | 21,274,425,000 | 18,454,271,000 | 15,790,208,000 | 10,201,112,000 |
liabilities and shareholders’ equity | |||||||||||||||||||||
current liabilities: | |||||||||||||||||||||
customer custodial fund liabilities | 5,476,614,000 | 5,347,428,000 | 5,672,037,000 | 5,121,640,000 | 5,369,865,000 | 6,158,949,000 | |||||||||||||||
current portion of long-term debt | 1,271,056,000 | 1,269,585,000 | 1,268,081,000 | 1,266,577,000 | |||||||||||||||||
short-term borrowings | 564,610,000 | 452,105,000 | |||||||||||||||||||
obligation to return collateral | 1,151,861,000 | 826,883,000 | 1,026,945,000 | 972,661,000 | 628,854,000 | 792,125,000 | 118,224,000 | 272,171,000 | 315,090,000 | ||||||||||||
accrued expenses and other current liabilities | 726,749,000 | 687,676,000 | 835,468,000 | 601,354,000 | 662,042,000 | 626,820,000 | 500,603,000 | 448,170,000 | 438,321,000 | 447,050,000 | 374,374,000 | 262,251,000 | 274,983,000 | 331,236,000 | 298,101,000 | 457,399,000 | 647,960,000 | 439,559,000 | |||
total current liabilities | 9,190,890,000 | 8,701,282,000 | 9,189,354,000 | 8,230,782,000 | 6,933,369,000 | 7,941,320,000 | 277,588,438,000 | 274,353,719,000 | 335,734,599,000 | 197,714,131,000 | 118,298,786,000 | 128,538,752,000 | 130,202,823,000 | 80,815,293,000 | 102,073,099,000 | 96,194,296,000 | 10,921,823,000 | 11,419,035,000 | 9,615,159,000 | 9,677,564,000 | 7,256,148,000 |
long-term debt | 5,940,628,000 | 5,937,034,000 | 5,933,447,000 | 2,973,545,000 | 4,237,090,000 | 4,234,081,000 | 4,231,047,000 | 4,228,019,000 | 4,225,014,000 | 2,979,957,000 | 3,076,599,000 | 3,334,257,000 | 3,395,613,000 | 3,393,448,000 | 3,391,237,000 | 3,389,033,000 | 3,386,865,000 | 3,384,795,000 | 3,382,185,000 | ||
other non-current liabilities | 236,701,000 | 240,458,000 | 205,342,000 | 176,822,000 | 92,307,000 | 89,708,000 | 11,001,000 | 6,666,000 | 5,870,000 | 3,395,000 | 3,395,000 | 14,252,000 | 17,188,000 | 19,531,000 | 27,545,000 | 12,208,000 | 23,988,000 | 14,828,000 | 14,828,000 | ||
total liabilities | 15,368,219,000 | 14,878,774,000 | 15,328,143,000 | 11,381,149,000 | 11,262,766,000 | 12,265,109,000 | 281,830,486,000 | 278,588,404,000 | 339,965,483,000 | 200,701,304,000 | 121,384,470,000 | 131,895,872,000 | 133,626,913,000 | 84,270,316,000 | 105,542,048,000 | 99,654,854,000 | 14,399,101,000 | 14,892,736,000 | 13,093,774,000 | 11,166,783,000 | 7,344,667,000 |
commitments and contingencies | |||||||||||||||||||||
shareholders’ equity: | |||||||||||||||||||||
preferred stock, 0.00001 par value... | |||||||||||||||||||||
class a and b common stock, 0.00001 par value... | 3,000 | 3,000 | 3,000 | ||||||||||||||||||
additional paid-in capital | 7,666,768,000 | 8,566,854,000 | 9,131,722,000 | 5,639,538,000 | 5,483,821,000 | 5,365,990,000 | 5,087,238,000 | 4,816,808,000 | 4,550,408,000 | 4,491,571,000 | 4,418,327,000 | 4,239,319,000 | 4,056,774,000 | 3,767,686,000 | 3,380,330,000 | 3,004,459,000 | 2,579,216,000 | 2,034,658,000 | 1,850,711,000 | 1,516,533,000 | 804,523,000 |
accumulated other comprehensive income | -13,309,000 | 4,973,000 | 3,538,000 | -3,395,000 | -432,000 | 2,774,000 | 2,118,000 | ||||||||||||||
retained earnings | 5,827,111,000 | 6,221,228,000 | 6,887,961,000 | 6,455,409,000 | 5,026,509,000 | 4,960,901,000 | 3,669,725,000 | 3,594,230,000 | 3,558,080,000 | 1,820,346,000 | 1,546,909,000 | 1,549,174,000 | 1,646,579,000 | 1,725,475,000 | 2,282,476,000 | 2,827,111,000 | 3,920,765,000 | 4,350,424,000 | 3,510,216,000 | 3,104,116,000 | 1,497,767,000 |
total shareholders’ equity | 13,480,573,000 | 14,793,058,000 | |||||||||||||||||||
total liabilities and shareholders’ equity | 28,848,792,000 | 29,671,832,000 | |||||||||||||||||||
software and equipment | 264,573,000 | 200,080,000 | |||||||||||||||||||
accounts payable | 117,605,000 | 63,316,000 | 39,294,000 | 36,744,000 | 27,983,000 | 23,694,000 | 56,043,000 | 61,514,000 | 40,745,000 | 12,650,000 | 39,833,000 | ||||||||||
usdc | 3,696,441,000 | 2,153,824,000 | 2,225,054,000 | 1,241,808,000 | 871,425,000 | 1,056,648,000 | 860,669,000 | 576,028,000 | 400,799,000 | 315,508,000 | 302,851,000 | 861,149,000 | 368,121,000 | 361,714,000 | 179,885,000 | 100,096,000 | 92,107,000 | 144,993,000 | 102,118,000 | ||
liabilities and stockholders’ equity | |||||||||||||||||||||
crypto asset borrowings | 386,823,000 | 268,550,000 | 272,608,000 | 300,110,000 | 265,259,000 | 237,474,000 | 272,805,000 | 62,980,000 | 109,255,000 | 144,503,000 | 167,823,000 | 151,505,000 | 209,678,000 | 136,548,000 | 485,564,000 | 426,665,000 | 445,172,000 | 366,991,000 | 543,820,000 | ||
stockholders’ equity: | |||||||||||||||||||||
total stockholders’ equity | 16,023,224,000 | 12,094,889,000 | 10,468,240,000 | 10,276,842,000 | 8,728,122,000 | 8,370,769,000 | 8,070,994,000 | 6,281,649,000 | 5,921,125,000 | 5,754,703,000 | 5,674,946,000 | 5,454,557,000 | 5,626,315,000 | 5,813,389,000 | 6,496,093,000 | 6,381,689,000 | 5,360,497,000 | 4,623,425,000 | 2,304,408,000 | ||
total liabilities and stockholders’ equity | 31,351,367,000 | 23,476,038,000 | 21,731,006,000 | 22,541,951,000 | 290,558,608,000 | 286,959,173,000 | 348,036,477,000 | 206,982,953,000 | 127,305,595,000 | 137,650,575,000 | 139,301,859,000 | ||||||||||
class a common stock, 0.00001 par value... | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 1,000 | 1,000 | ||||
class b common stock, 0.00001 par value... | 1,000 | 1,000 | |||||||||||||||||||
accumulated other comprehensive loss | -60,000 | -42,092,000 | -50,051,000 | -28,843,000 | -40,271,000 | -37,496,000 | -30,270,000 | -44,113,000 | -33,792,000 | -28,409,000 | -38,606,000 | -36,493,000 | -18,183,000 | -3,890,000 | |||||||
safeguarding customer crypto assets | 272,669,307,000 | 269,198,067,000 | 329,506,477,000 | 192,583,060,000 | 114,291,909,000 | ||||||||||||||||
customer custodial cash liabilities | 4,035,045,000 | 4,197,837,000 | 5,201,906,000 | 4,570,845,000 | 3,474,489,000 | 3,848,078,000 | 5,365,658,000 | 4,829,587,000 | 6,357,657,000 | 7,071,557,000 | |||||||||||
safeguarding customer crypto liabilities | 272,669,307,000 | 269,198,067,000 | 329,506,477,000 | 192,583,060,000 | 114,291,909,000 | ||||||||||||||||
restricted cash | 33,499,000 | 22,992,000 | 26,319,000 | 20,697,000 | 26,712,000 | 25,873,000 | 23,113,000 | 28,962,000 | 27,111,000 | 30,951,000 | 30,884,000 | 30,842,000 | 30,841,000 | ||||||||
income tax receivable | 63,726,000 | 69,727,000 | 64,759,000 | 67,947,000 | 60,441,000 | 60,522,000 | 62,406,000 | 56,767,000 | 61,231,000 | 94,689,000 | 435,096,000 | ||||||||||
prepaid expenses and other current assets | 148,814,000 | 157,714,000 | 175,399,000 | 219,075,000 | 217,048,000 | 277,044,000 | 146,463,000 | 191,068,000 | 135,849,000 | 105,165,000 | 114,751,000 | 55,662,000 | |||||||||
crypto assets held | 449,925,000 | 455,986,000 | 485,347,000 | 514,502,000 | 424,393,000 | 623,073,000 | 539,683,000 | 1,333,333,000 | 988,193,000 | 833,763,000 | 585,846,000 | 651,356,000 | |||||||||
lease right-of-use assets | 12,737,000 | 15,412,000 | 18,210,000 | 38,864,000 | 69,357,000 | 76,465,000 | 85,972,000 | 91,431,000 | 98,385,000 | 105,583,000 | 105,296,000 | 110,791,000 | |||||||||
property and equipment | 192,550,000 | 202,274,000 | 186,046,000 | 172,843,000 | 171,853,000 | 170,922,000 | 142,209,000 | 65,861,000 | 59,230,000 | 55,632,000 | 52,175,000 | 50,331,000 | |||||||||
lease liabilities, current | 10,902,000 | 12,015,000 | 12,350,000 | 12,776,000 | 33,734,000 | 33,025,000 | 34,174,000 | 32,688,000 | 32,366,000 | 31,854,000 | 30,933,000 | 29,695,000 | |||||||||
lease liabilities, non-current | 3,821,000 | 5,690,000 | 8,611,000 | 11,289,000 | 42,044,000 | 50,167,000 | 59,317,000 | 66,425,000 | 74,078,000 | 81,602,000 | 82,292,000 | 88,519,000 | |||||||||
customer crypto assets | 124,243,587,000 | 124,357,889,000 | 75,413,188,000 | 95,113,124,000 | 88,453,873,000 | ||||||||||||||||
customer crypto liabilities | 124,243,587,000 | 124,357,889,000 | 75,413,188,000 | 95,113,124,000 | 88,453,873,000 | ||||||||||||||||
liabilities, convertible preferred stock and stockholders’ equity | |||||||||||||||||||||
total liabilities, convertible preferred stock, and stockholders’ equity | 89,724,873,000 | 21,274,425,000 | 18,454,271,000 | 15,790,208,000 | 10,201,112,000 | ||||||||||||||||
customer custodial cash | 6,591,105,000 | 7,181,148,000 | |||||||||||||||||||
non-current assets: | |||||||||||||||||||||
total liabilities, convertible preferred stock and stockholders’ equity | 111,168,363,000 | 105,468,243,000 | 20,895,194,000 | ||||||||||||||||||
custodial funds due to customers | 9,742,961,000 | 10,480,612,000 | 8,807,978,000 | 8,968,505,000 | 6,223,846,000 | ||||||||||||||||
liabilities, convertible preferred stock, and stockholders’ equity | |||||||||||||||||||||
convertible preferred stock, 0.00001 par value... | 552,037,000 | ||||||||||||||||||||
accounts payable and accrued expenses | 290,471,000 | 266,655,000 | 373,955,000 | ||||||||||||||||||
other current liabilities | 39,684,000 | 44,480,000 | 84,832,000 | ||||||||||||||||||
convertible senior notes, net, non-current | 1,406,927,000 | ||||||||||||||||||||
stockholders’ equity |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | |||||||||||||||||||||
net income | -394,117,000 | -666,733,000 | 432,552,000 | 1,428,900,000 | 65,608,000 | 1,291,176,000 | 75,495,000 | 36,150,000 | 1,176,245,000 | -557,001,000 | -544,635,000 | -1,093,654,000 | -429,659,000 | 840,208,000 | 406,100,000 | 1,606,349,000 | 771,463,000 | ||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||
depreciation and amortization | 68,006,000 | 71,116,000 | 50,078,000 | 33,901,000 | 33,333,000 | 32,995,000 | 30,695,000 | 34,501,000 | 29,327,000 | 29,485,000 | 31,967,000 | 36,982,000 | 41,208,000 | 40,348,000 | 40,114,000 | 42,027,000 | 31,580,000 | 23,018,000 | 17,099,000 | 12,612,000 | 10,922,000 |
stock-based compensation expense | 248,055,000 | 230,482,000 | 222,069,000 | 196,160,000 | 190,729,000 | 221,984,000 | 248,416,000 | 217,934,000 | 224,504,000 | 163,883,000 | 218,153,000 | 199,772,000 | 198,860,000 | 430,745,000 | 391,441,000 | 391,496,000 | 352,141,000 | 262,528,000 | 264,194,000 | 189,335,000 | 104,628,000 |
deferred income taxes | -77,176,000 | -248,190,000 | 86,527,000 | 454,511,000 | -54,540,000 | 90,240,000 | -22,886,000 | -130,400,000 | 214,361,000 | -166,117,000 | 21,218,000 | 12,734,000 | -84,169,000 | -23,810,000 | -106,705,000 | -154,337,000 | -183,183,000 | 13,715,000 | -478,716,000 | -93,364,000 | 36,000 |
losses on crypto assets held for operations | 35,151,000 | -8,702,000 | 34,365,000 | ||||||||||||||||||
losses on crypto assets held for investment | 482,356,000 | -362,053,000 | 596,651,000 | ||||||||||||||||||
gains on investments | -46,797,000 | ||||||||||||||||||||
other operating activities | 23,480,000 | 55,416,000 | -41,752,000 | -29,047,000 | 77,629,000 | -34,143,000 | -4,728,000 | 64,063,000 | -21,020,000 | ||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||||||
other current and non-current assets | -25,346,000 | -9,759,000 | 45,895,000 | -14,892,000 | 124,038,000 | -104,138,000 | 48,420,000 | -49,083,000 | |||||||||||||
other current and non-current liabilities | -130,868,000 | 50,047,000 | -3,447,000 | -16,337,000 | 6,782,000 | -136,138,000 | -26,391,000 | 54,976,000 | |||||||||||||
net cash from operating activities | 182,744,000 | 3,065,151,000 | -784,515,000 | 328,474,000 | -182,727,000 | 964,618,000 | 696,544,000 | 484,197,000 | 411,485,000 | -5,186,000 | 313,935,000 | 151,124,000 | 463,078,000 | 3,231,857,000 | -953,501,000 | -3,033,661,000 | -830,114,000 | 2,993,320,000 | 342,047,000 | 3,982,899,000 | 3,411,765,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11,564,000 | -21,205,000 | -15,735,000 | -12,393,000 | -15,855,000 | -25,499,000 | -10,047,000 | -8,014,000 | -6,672,000 | -5,616,000 | ||
free cash flows | 182,744,000 | 3,065,151,000 | -784,515,000 | 328,474,000 | -182,727,000 | 964,618,000 | 696,544,000 | 484,197,000 | 411,485,000 | -16,750,000 | 292,730,000 | 135,389,000 | 3,219,464,000 | -969,356,000 | -3,059,160,000 | -840,161,000 | 2,985,306,000 | 335,375,000 | 3,977,283,000 | ||
cash flows from investing activities | |||||||||||||||||||||
loans originated | -3,011,186,000 | -238,439,000 | -203,969,000 | -78,672,000 | -65,611,000 | -18,212,000 | -22,489,000 | -66,023,000 | -100,625,000 | -166,864,000 | -61,729,000 | ||||||||||
proceeds from repayment of loans | 2,964,795,000 | 271,314,000 | 132,754,000 | 77,851,000 | 31,779,000 | 36,611,000 | 31,824,000 | 158,340,000 | 100,764,000 | 57,693,000 | |||||||||||
business combinations, net of cash and cash equivalents acquired | -22,085,000 | ||||||||||||||||||||
purchases of crypto assets held for investment | -82,979,000 | -107,890,000 | -221,203,000 | ||||||||||||||||||
dispositions of crypto assets held for investment | 18,880,000 | 40,175,000 | 163,928,000 | 51,821,000 | 10,622,000 | ||||||||||||||||
purchase of investments | -217,490,000 | -3,363,000 | -3,651,000 | -2,351,000 | -2,457,000 | -5,332,000 | -10,814,000 | -21,131,000 | -25,771,000 | -75,395,000 | -212,487,000 | -29,428,000 | -9,203,000 | ||||||||
dispositions of investments | 128,997,000 | ||||||||||||||||||||
other investing activities | -17,996,000 | -26,303,000 | 68,748,000 | -88,715,000 | -64,325,000 | 1,176,000 | -36,923,000 | -19,683,000 | -15,400,000 | ||||||||||||
net cash from investing activities | -239,064,000 | -397,167,000 | -735,574,000 | -685,156,000 | -231,653,000 | -49,416,000 | -88,677,000 | -18,611,000 | -125,681,000 | 90,509,000 | -72,363,000 | 13,326,000 | -26,080,000 | -26,124,000 | -19,078,000 | 72,971,000 | -691,591,000 | -480,325,000 | -306,667,000 | -299,838,000 | -37,910,000 |
cash flows from financing activities | |||||||||||||||||||||
repurchase of common stock | -1,062,234,000 | ||||||||||||||||||||
customer custodial fund liabilities | 149,814,000 | -335,807,000 | 540,469,000 | -322,380,000 | -818,487,000 | ||||||||||||||||
customer collateral received | 7,504,000 | ||||||||||||||||||||
return of customer collateral | -1,337,000 | ||||||||||||||||||||
taxes paid related to net share settlement of equity awards | -118,925,000 | -93,988,000 | -107,422,000 | -101,078,000 | -100,303,000 | 0 | 0 | 0 | -117,225,000 | -93,836,000 | -68,570,000 | -52,895,000 | -62,497,000 | -83,121,000 | -55,613,000 | -71,301,000 | -141,832,000 | -159,658,000 | -51,466,000 | ||
proceeds from short-term borrowings | 243,529,000 | 0 | 0 | 0 | 31,640,000 | 41,556,000 | 0 | 0 | 149,400,000 | ||||||||||||
repayments of short-term borrowings | -101,932,000 | 0 | 0 | 0 | -52,122,000 | ||||||||||||||||
other financing activities | 18,674,000 | -54,373,000 | 26,929,000 | 42,237,000 | 18,323,000 | 3,160,000 | 5,821,000 | 0 | 0 | ||||||||||||
net cash from financing activities | -864,907,000 | -1,155,814,000 | 3,181,035,000 | -391,137,000 | -893,802,000 | 2,146,258,000 | -311,325,000 | -933,733,000 | 1,927,721,000 | 922,796,000 | -591,865,000 | -1,602,392,000 | 460,129,000 | -5,609,893,000 | -42,468,000 | -199,591,000 | 13,434,000 | -109,186,000 | 1,958,735,000 | 1,374,856,000 | 59,820,000 |
net decrease in cash, cash equivalents, and restricted cash and cash equivalents | -921,227,000 | ||||||||||||||||||||
effect of exchange rates on cash, cash equivalents, and restricted cash and cash equivalents | -38,171,000 | 2,982,000 | 10,023,000 | 78,190,000 | 1,655,000 | -68,031,000 | 45,587,000 | ||||||||||||||
cash, cash equivalents, and restricted cash and cash equivalents, beginning of period | 16,893,420,000 | 1,073,013,000 | 0 | 0 | 14,610,442,000 | 0 | 0 | ||||||||||||||
cash, cash equivalents, and restricted cash and cash equivalents, end of period | 15,934,022,000 | 2,588,165,000 | 1,670,969,000 | -669,629,000 | 13,303,915,000 | 2,993,429,000 | 342,129,000 | ||||||||||||||
cash and cash equivalents | 10,205,022,000 | -65,934,000 | 148,324,000 | 5,018,409,000 | -581,563,000 | -675,484,000 | -434,320,000 | 6,116,388,000 | 770,703,000 | 1,986,793,000 | 2,382,664,000 | 1,983,318,000 | |||||||||
restricted cash and cash equivalents | 294,807,000 | ||||||||||||||||||||
customer custodial cash and cash equivalents | 5,434,193,000 | ||||||||||||||||||||
total cash, cash equivalents, and restricted cash and cash equivalents | 15,934,022,000 | ||||||||||||||||||||
supplemental cash flow disclosure | |||||||||||||||||||||
crypto assets borrowed | 1,229,303,000 | 126,870,000 | 101,991,000 | 170,599,000 | 191,889,000 | 223,314,000 | 255,412,000 | 249,764,000 | 842,241,000 | 2,186,000 | 281,291,000 | 9,158,000 | |||||||||
crypto assets borrowed repaid | 1,250,883,000 | 16,437,000 | |||||||||||||||||||
customer crypto assets received as collateral | 1,441,176,000 | ||||||||||||||||||||
customer crypto asset collateral returned | 986,628,000 | ||||||||||||||||||||
crypto asset loan receivables originated | 1,078,495,000 | ||||||||||||||||||||
crypto asset loan receivables repaid | 1,031,442,000 | ||||||||||||||||||||
additions of crypto asset investments | |||||||||||||||||||||
losses on investments | 394,678,000 | ||||||||||||||||||||
gains on extinguishment of long-term debt | |||||||||||||||||||||
gains on crypto assets held | |||||||||||||||||||||
crypto asset impairment expense | 19,632,000 | 22,818,000 | 25,398,000 | 28,935,000 | 68,180,000 | 25,918,000 | |||||||||||||||
crypto assets received as revenue | -161,574,000 | -87,381,000 | -116,475,000 | -95,448,000 | -93,601,000 | -86,781,000 | -110,466,000 | -179,743,000 | -354,666,000 | -242,383,000 | -238,762,000 | -180,109,000 | |||||||||
crypto asset payments for expenses | 113,106,000 | 50,147,000 | 81,913,000 | 53,089,000 | 50,324,000 | 67,081,000 | 97,862,000 | 167,954,000 | 350,626,000 | 100,385,000 | 209,783,000 | 154,989,000 | |||||||||
accounts receivable | |||||||||||||||||||||
customer custodial funds in transit | |||||||||||||||||||||
income taxes | 6,855,000 | 596,000 | -7,608,000 | -2,879,000 | 727,000 | 196,000 | 3,862,000 | 33,611,000 | 341,531,000 | -675,773,000 | 238,486,000 | ||||||||||
assets pledged as collateral | -9,604,000 | -17,456,000 | -236,000 | -603,000 | |||||||||||||||||
return of assets pledged as collateral | |||||||||||||||||||||
purchase of crypto assets held | -126,540,000 | -51,763,000 | -45,841,000 | -53,223,000 | -60,343,000 | -134,771,000 | -333,766,000 | -871,152,000 | -1,529,995,000 | -378,226,000 | |||||||||||
sale of crypto assets held | |||||||||||||||||||||
issuance of common stock upon exercise of stock options, net of repurchases | 45,918,000 | 10,701,000 | 25,305,000 | 44,216,000 | 20,291,000 | 11,004,000 | 7,776,000 | 8,873,000 | 10,519,000 | 9,112,000 | 14,975,000 | 16,891,000 | 42,115,000 | 25,084,000 | 90,478,000 | 59,387,000 | |||||
issuances of convertible senior notes | 0 | ||||||||||||||||||||
repayment of long-term debt | -80,869,000 | ||||||||||||||||||||
purchases of capped calls | 0 | 0 | |||||||||||||||||||
net increase in cash, cash equivalents, and restricted cash and cash equivalents | 1,512,170,000 | 1,660,946,000 | -747,819,000 | -1,308,182,000 | 3,061,460,000 | 296,542,000 | |||||||||||||||
gains on crypto assets held for operations | -16,241,000 | ||||||||||||||||||||
gains on crypto assets held for investment | -476,153,000 | ||||||||||||||||||||
net changes in operating assets and liabilities | -1,474,596,000 | 90,252,000 | -1,126,502,000 | -155,386,000 | 245,018,000 | -93,632,000 | -474,002,000 | ||||||||||||||
fiat loans originated | -290,864,000 | -677,566,000 | -277,922,000 | -429,992,000 | -461,729,000 | -391,929,000 | -416,405,000 | ||||||||||||||
proceeds from repayment of fiat loans | 231,451,000 | 339,949,000 | 248,055,000 | 413,500,000 | 428,300,000 | 392,100,000 | 254,600,000 | ||||||||||||||
business combinations, net of cash acquired | 0 | 0 | 0 | -30,730,000 | 0 | 0 | |||||||||||||||
fiat received as collateral | 128,864,000 | 138,658,000 | 231,895,000 | 42,107,000 | 32,200,000 | 153,203,000 | 340,296,000 | ||||||||||||||
fiat received as collateral returned | -140,690,000 | -148,574,000 | -225,230,000 | -133,790,000 | -166,928,000 | -110,631,000 | -132,879,000 | ||||||||||||||
losses on strategic investments | |||||||||||||||||||||
issuance of convertible senior notes | 0 | 0 | 0 | 1,246,025,000 | 0 | -2,426,000 | |||||||||||||||
purchase of crypto assets held for investment | -148,083,000 | -135,000 | |||||||||||||||||||
investment impairment expense | 20,313,000 | 836,000 | 3,218,000 | 5,008,000 | 30,579,000 | 1,577,000 | |||||||||||||||
gain on extinguishment of long-term debt | -17,937,000 | -81,591,000 | |||||||||||||||||||
non-cash lease expense | 2,996,000 | 2,782,000 | 2,793,000 | 3,158,000 | 3,098,000 | 21,958,000 | 12,215,000 | 7,749,000 | 8,923,000 | 6,703,000 | 7,748,000 | 7,391,000 | 7,813,000 | 10,288,000 | 9,050,000 | ||||||
stock-based compensation expense recognized in relation to restructuring | |||||||||||||||||||||
realized loss on crypto futures contract | 0 | 0 | 43,339,000 | ||||||||||||||||||
sale of crypto assets held for investment | 161,000 | 766,000 | 51,659,000 | ||||||||||||||||||
settlement of crypto futures contract | 0 | 0 | 0 | -43,339,000 | |||||||||||||||||
customer custodial cash liabilities | -193,119,000 | -1,003,595,000 | 645,938,000 | 1,074,844,000 | -361,709,000 | -1,516,916,000 | 528,959,000 | -1,585,265,000 | -556,006,000 | ||||||||||||
repurchases of senior and convertible notes | |||||||||||||||||||||
supplemental disclosure of cash flow information | |||||||||||||||||||||
cash paid during the period for interest | 0 | 33,229,000 | 4,229,000 | 38,610,000 | 74,000 | 38,769,000 | 0 | 43,440,000 | 190,000 | ||||||||||||
cash paid during the period for income taxes | 31,555,000 | 76,024,000 | 5,528,000 | 19,446,000 | 9,007,000 | 5,347,000 | 5,322,000 | 18,126,000 | 7,760,000 | 8,022,000 | 1,980,000 | 15,188,000 | 1,922,000 | ||||||||
gains on crypto assets held for investment and operations | |||||||||||||||||||||
gains on crypto assets borrowed and borrowings | |||||||||||||||||||||
restructuring stock-based compensation expense | 0 | 0 | 0 | 84,042,000 | |||||||||||||||||
purchase of capped calls | 0 | -104,110,000 | 0 | 0 | |||||||||||||||||
operating cash outflows for amounts included in the measurement of operating lease liabilities | 3,151,000 | 3,140,000 | 3,557,000 | 3,614,000 | 2,891,000 | 4,668,000 | 3,683,000 | 3,825,000 | 3,249,000 | 3,771,000 | 3,280,000 | 3,368,000 | 5,923,000 | 7,490,000 | |||||||
unrealized loss on foreign exchange | -992,000 | -124,000 | 879,000 | 8,007,000 | 8,428,000 | -163,737,000 | 77,181,000 | 107,683,000 | 7,389,000 | -31,028,000 | 13,692,000 | 5,261,000 | -2,869,000 | ||||||||
fair value gains on crypto assets borrowed and borrowings | -2,944,000 | ||||||||||||||||||||
gains on crypto assets held as investments and operations | -736,787,000 | ||||||||||||||||||||
proceeds received under the espp | 5,460,000 | 2,043,000 | 5,269,000 | 4,423,000 | 4,562,000 | 4,784,000 | |||||||||||||||
net increase in cash, cash equivalents, and restricted cash | 2,213,525,000 | 897,127,000 | -2,404,160,000 | -1,015,047,000 | -3,160,281,000 | -1,508,271,000 | 2,403,809,000 | 1,994,115,000 | 5,057,917,000 | 3,433,675,000 | |||||||||||
effect of exchange rates on cash, cash equivalents, and restricted cash | -21,186,000 | 36,125,000 | -22,983,000 | -15,747,000 | 11,377,000 | 213,004,000 | -256,329,000 | ||||||||||||||
cash, cash equivalents, and restricted cash, beginning of period | 9,555,448,000 | 0 | 0 | 0 | 9,429,646,000 | 0 | 0 | 0 | 17,680,662,000 | 0 | 0 | 0 | 4,856,029,000 | ||||||||
cash, cash equivalents, and restricted cash, end of period | 11,747,787,000 | 1,044,244,000 | -373,276,000 | -1,453,689,000 | 10,338,150,000 | -2,191,156,000 | -1,271,376,000 | -3,274,706,000 | 16,166,884,000 | 2,340,037,000 | 1,981,989,000 | 5,052,701,000 | 8,305,935,000 | ||||||||
other impairment expense | 8,724,000 | 1,956,000 | 2,586,000 | 5,527,000 | 17,447,000 | 1,122,000 | |||||||||||||||
provision for transaction losses and doubtful accounts | 703,000 | 8,547,000 | -1,084,000 | 2,893,000 | -5,452,000 | 1,417,000 | -4,882,000 | -4,134,000 | 7,574,000 | 5,019,000 | 7,294,000 | 2,503,000 | |||||||||
loss on investments | -820,000 | -49,324,000 | 1,938,000 | -712,000 | -5,929,000 | -3,938,000 | |||||||||||||||
fair value loss on derivatives | -26,701,000 | -402,000 | -10,731,000 | -3,199,000 | 4,059,000 | 2,399,000 | -2,500,000 | 3,452,000 | |||||||||||||
realized gain on crypto assets | -34,984,000 | -15,220,000 | -10,705,000 | -84,685,000 | -2,392,000 | -15,153,000 | 2,120,000 | -21,241,000 | -30,368,000 | ||||||||||||
capitalized internal-use software development costs | -11,564,000 | -21,051,000 | -15,406,000 | -15,181,000 | -13,207,000 | -15,743,000 | -23,006,000 | -9,082,000 | -6,566,000 | -5,720,000 | -5,399,000 | -4,388,000 | |||||||||
purchase of assembled workforce | -36,800,000 | ||||||||||||||||||||
assets pledged as collateral returned | 12,349,000 | 13,606,000 | 753,000 | 41,630,000 | |||||||||||||||||
disposal of crypto assets held | 196,283,000 | 77,016,000 | 77,250,000 | 110,776,000 | 75,038,000 | 132,921,000 | 360,368,000 | 400,858,000 | 1,305,231,000 | 331,329,000 | |||||||||||
issuance of senior notes | 0 | ||||||||||||||||||||
assets received as collateral | 60,690,000 | 155,000 | 2,052,000 | 3,117,000 | |||||||||||||||||
assets received as collateral returned | -60,367,000 | -819,000 | -1,363,000 | -2,403,000 | |||||||||||||||||
net loss | -2,265,000 | -97,405,000 | -78,896,000 | ||||||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||
loss on disposal of property and equipment | -167,000 | -730,000 | 8,464,000 | 1,064,000 | 350,000 | 0 | 11,000 | ||||||||||||||
fair value gain on foreign exchange derivatives | |||||||||||||||||||||
change in fair value of contingent consideration | 698,000 | -1,137,000 | 1,048,000 | 0 | |||||||||||||||||
amortization of debt discount and issuance costs | 2,262,000 | 2,238,000 | 2,165,000 | 2,211,000 | 2,204,000 | 2,741,000 | 2,097,000 | 2,611,000 | 1,672,000 | ||||||||||||
usdc | -44,024,000 | 11,449,000 | 497,303,000 | -549,902,000 | -10,252,000 | -190,019,000 | -97,965,000 | -20,761,000 | 61,446,000 | -54,092,000 | -64,064,000 | ||||||||||
accounts and loans receivable | 117,896,000 | 30,547,000 | -67,126,000 | -173,234,000 | -11,481,000 | -1,453,000 | 45,145,000 | -45,260,000 | -46,510,000 | 95,730,000 | -11,976,000 | ||||||||||
deposits in transit | 60,625,000 | -73,418,000 | -15,262,000 | ||||||||||||||||||
accounts payable | 9,750,000 | 4,409,000 | -32,904,000 | -6,055,000 | 24,008,000 | 29,057,000 | -28,398,000 | ||||||||||||||
lease liabilities | -3,684,000 | -4,514,000 | -27,847,000 | -2,465,000 | -3,725,000 | -1,217,000 | -2,816,000 | -1,697,000 | -549,000 | -9,782,000 | -8,568,000 | ||||||||||
purchase of property and equipment | -154,000 | -329,000 | -50,000 | 814,000 | -6,000 | -2,542,000 | -1,199,000 | -1,282,000 | -1,393,000 | -217,000 | -18,000 | ||||||||||
proceeds from sale of property and equipment | 172,000 | 0 | 0 | -17,000 | 48,000 | ||||||||||||||||
proceeds from settlement of investments | 2,133,000 | 204,000 | 929,000 | 54,000 | 0 | 731,000 | 766,000 | ||||||||||||||
net decrease in cash, cash equivalents, and restricted cash | -350,293,000 | ||||||||||||||||||||
cash, cash equivalents, and restricted cash consisted of the following: | |||||||||||||||||||||
restricted cash | 5,622,000 | -6,015,000 | 26,712,000 | 2,760,000 | -5,849,000 | 1,851,000 | 27,111,000 | 67,000 | 42,000 | 1,000 | 30,841,000 | ||||||||||
customer custodial cash | -312,964,000 | -1,595,998,000 | 5,293,029,000 | -1,612,353,000 | -590,043,000 | ||||||||||||||||
total cash, cash equivalents, and restricted cash | -373,276,000 | -1,453,689,000 | 10,338,150,000 | -2,191,156,000 | -1,271,376,000 | -3,274,706,000 | 16,166,884,000 | 2,340,037,000 | 1,981,989,000 | 5,052,701,000 | 8,305,935,000 | ||||||||||
supplemental schedule of non-cash investing and financing activities | |||||||||||||||||||||
unsettled purchases of property and equipment | -106,000 | 49,000 | 234,000 | -166,000 | 441,000 | ||||||||||||||||
right-of-use assets obtained in exchange for operating lease obligations | 312,000 | 0 | -181,000 | 2,190,000 | 1,050,000 | 614,000 | 8,212,000 | 5,388,000 | 13,072,000 | ||||||||||||
non-cash consideration paid for business combinations | 0 | 0 | 51,494,000 | 0 | 0 | 0 | 324,925,000 | 35,207,000 | 93,229,000 | ||||||||||||
purchase of crypto assets and investments with non-cash consideration | 1,904,000 | 5,768,000 | 3,562,000 | 2,069,000 | 802,000 | 4,221,000 | 12,875,000 | 8,571,000 | 2,850,000 | 1,205,000 | 885,000 | ||||||||||
disposal of crypto assets and investments for non-cash consideration | |||||||||||||||||||||
redemption of investments with non-cash consideration | 0 | ||||||||||||||||||||
crypto assets borrowed repaid with crypto assets | 132,821,000 | 104,282,000 | 200,151,000 | 250,209,000 | 246,687,000 | 618,753,000 | 317,039,000 | 550,252,000 | 0 | ||||||||||||
crypto loans originated | |||||||||||||||||||||
crypto loans repaid | |||||||||||||||||||||
realized gain on crypto assets held as investments | 0 | 0 | 48,491,000 | ||||||||||||||||||
non-cash assets pledged as collateral | 65,127,000 | 32,686,000 | 30,774,000 | ||||||||||||||||||
non-cash assets pledged as collateral returned | 98,304,000 | 31,771,000 | 10,743,000 | ||||||||||||||||||
non-cash assets received as collateral | 183,367,000 | 40,400,000 | 19,116,000 | ||||||||||||||||||
non-cash assets received as collateral returned | 151,291,000 | 40,400,000 | 45,990,000 | ||||||||||||||||||
repurchases of 2026 convertible notes | |||||||||||||||||||||
disposal of crypto assets for non-cash consideration | 1,843,000 | 5,440,000 | |||||||||||||||||||
gain on investments | -25,000 | -607,000 | -9,257,000 | ||||||||||||||||||
cash paid to repurchase equity awards | |||||||||||||||||||||
issuance of shares from exercise of warrants | 0 | 0 | 0 | 433,000 | |||||||||||||||||
repayment of short-term borrowings | -21,073,000 | 0 | -150,000,000 | -20,000,000 | |||||||||||||||||
adjustments to reconcile net income to net cash from operating activities | |||||||||||||||||||||
proceeds received under the employee stock purchase plan | 3,056,000 | 8,975,000 | 8,357,000 | ||||||||||||||||||
impairment expense | 229,129,000 | 95,629,000 | 58,387,000 | 174,795,000 | 841,000 | ||||||||||||||||
custodial funds due to customers | -738,758,000 | 1,753,533,000 | -162,967,000 | 2,746,155,000 | 2,355,138,000 | ||||||||||||||||
business combination, net of cash acquired | -186,150,000 | -31,506,000 | -6,413,000 | -16,467,000 | -16,525,000 | ||||||||||||||||
effect of exchange rates on cash | -5,507,000 | -63,772,000 | -12,126,000 | -5,216,000 | 16,231,000 | ||||||||||||||||
customer custodial funds | 10,023,385,000 | 1,569,267,000 | -4,846,000 | 2,670,036,000 | 6,291,776,000 | ||||||||||||||||
realized loss on crypto assets | -32,769,000 | ||||||||||||||||||||
asset acquisition | |||||||||||||||||||||
proceeds from short-term borrowing | 0 | 0 | |||||||||||||||||||
issuance of common stock for non-cash consideration | |||||||||||||||||||||
fair value gain on derivatives | 1,392,000 | ||||||||||||||||||||
other assets | 100,441,000 | -92,185,000 | -34,587,000 | ||||||||||||||||||
accounts payable and accrued expenses | 9,802,000 | 139,308,000 | 45,180,000 | ||||||||||||||||||
other liabilities | -80,921,000 | 35,313,000 | 65,517,000 | ||||||||||||||||||
purchase of intangible assets | |||||||||||||||||||||
proceeds from repayment of retail loans | |||||||||||||||||||||
fair value adjustment on derivatives | -2,800,000 | ||||||||||||||||||||
purchase of crypto assets | -553,012,000 | ||||||||||||||||||||
disposal of crypto assets | 545,188,000 |