Coinbase 2025年季度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedJune 30, 2025 ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto. Commission file number001-40289 Coinbase Global, Inc. (Exact name of registrant as specified in its charter) 46-4707224 (I.R.S. Employer Identification No.) Not ApplicableRegistrant's telephone number, including area code Not Applicable(Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subjectto such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and“emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☒ As of July24, 2025, the number of shares of the registrant's Class A common stock outstanding was215,159,125and the number of shares ofthe registrant's Class B common stock outstanding was41,779,032. TABLE OF CONTENTS PagePart I - Financial InformationItem 1. Financial Statements (Unaudited)5Condensed Consolidated Balance Sheets5Condensed Consolidated Statements of Operations6Condensed Consolidated Statements of Comprehensive Income7Condensed Consolidated Statements of Changes in Stockholders' Equity8Condensed Consolidated Statements of Cash Flows10Notes to Condensed Consolidated Financial Statements11Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations29Item 3. Quantitative and Qualitative Disclosures About Market Risk44Item 4. Controls and Procedures45Part II - Other InformationItem 1. Legal Proceedings46Item 1A. Risk Factors46Item 2. Unregistered Sales of Equity SecuritiesandUse of Proceeds108Item 3. Defaults Upon Senior Securities108Item 4. Mine Safety Disclosures109Item 5. Other Information109Item 6. Exhibits110Signatures111 SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements. All statements contained in this Quarterly Report onForm 10-Q other than statements of historical fact, including statements regarding our future operating results and financialposition, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements.In some cases, forward-looking statements may be identified by words such as “believe,” “may,” “will,” “estimate,” “potential,”“continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” or the negative of these terms or other similarexpressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: •our future financial performance, including our expectations regarding our net revenue, operating expenses, and our abilityto achieve and maintain future profitability;•our business plan and our ability to effectively manage any growth;•anticipated trends, growth rates, and challenges in our business, the cryptoeconomy, the price, and market capitalizationof crypto assets and in the markets in which we operate;•market acceptance of our products and services;•beliefs and objectives for future operations;•our ability to maintain, expand, and further penetrate our existing customer base;•our ability to develop new products and services and grow our business in response to changing technologies, customerdemand, and competitive pressures;•our expectations concerning relationships with third parties;•our ability to maintain, protect, and enhance our intellectual property;•our ability to continue to expand internationally;•the effects of increased competition in our markets and our ability to compete effectively;•future ac