filings.toolsItem 1. FINANCIAL STATEMENTS
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Item 1. FINANCIAL STATEMENTS
Coinbase Global, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(unaudited)
| June 30, | December 31, | ||||||||||
| 2025 | 2024 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 7,539,388 | $ | 8,543,903 | |||||||
| Restricted cash and cash equivalents | 69,190 | 38,519 | |||||||||
| USDC | 2,153,824 | 1,241,808 | |||||||||
| Customer custodial funds | 5,121,640 | 6,158,949 | |||||||||
| Crypto assets held for operations | 125,974 | 82,781 | |||||||||
| Loan receivables | 803,366 | 475,370 | |||||||||
| Crypto assets held as collateral | 951,272 | 767,484 | |||||||||
| Crypto assets borrowed | 223,620 | 261,052 | |||||||||
| Accounts receivable, net | 222,996 | 265,251 | |||||||||
| Other current assets | 279,230 | 277,536 | |||||||||
| Total current assets | 17,490,500 | 18,112,653 | |||||||||
| Crypto assets held for investment | 1,838,887 | 1,552,995 | |||||||||
| Strategic investments | 1,933,843 | 374,161 | |||||||||
| Deferred tax assets | 541,354 | 941,298 | |||||||||
| Goodwill | 1,153,621 | 1,139,670 | |||||||||
| Other non-current assets | 517,833 | 421,174 | |||||||||
| Total assets | $ | 23,476,038 | $ | 22,541,951 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Customer custodial fund liabilities | $ | 5,121,640 | $ | 6,158,949 | |||||||
| Current portion of long-term debt | 1,266,577 | — | |||||||||
| Crypto asset borrowings | 268,550 | 300,110 | |||||||||
| Obligation to return collateral | 972,661 | 792,125 | |||||||||
| Accrued expenses and other current liabilities | 601,354 | 690,136 | |||||||||
| Total current liabilities | 8,230,782 | 7,941,320 | |||||||||
| Long-term debt | 2,973,545 | 4,234,081 | |||||||||
| Other non-current liabilities | 176,822 | 89,708 | |||||||||
| Total liabilities | 11,381,149 | 12,265,109 | |||||||||
| Commitments and contingencies (Note 16) | |||||||||||
| Stockholders’ equity: | |||||||||||
| Preferred stock, $0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of June 30, 2025 and December 31, 2024 | — | — | |||||||||
| Class A common stock, $0.00001 par value; 10,000,000 shares authorized at June 30, 2025 and December 31, 2024; 213,840 and 209,762 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively | 2 | 2 | |||||||||
| Class B common stock, $0.00001 par value; 500,000 shares authorized at June 30, 2025 and December 31, 2024; 42,593 and 43,878 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively | — | — | |||||||||
| Additional paid-in capital | 5,639,538 | 5,365,990 | |||||||||
| Accumulated other comprehensive loss | (60) | (50,051) | |||||||||
| Retained earnings | 6,455,409 | 4,960,901 | |||||||||
| Total stockholders’ equity | 12,094,889 | 10,276,842 | |||||||||
| Total liabilities and stockholders’ equity | $ | 23,476,038 | $ | 22,541,951 |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Coinbase Global, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Net revenue | $ | 1,420,096 | $ | 1,379,942 | $ | 3,380,415 | $ | 2,967,619 | |||||||||||||||
| Other revenue | 77,112 | 69,686 | 151,088 | 119,579 | |||||||||||||||||||
| Total revenue | 1,497,208 | 1,449,628 | 3,531,503 | 3,087,198 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Transaction expense | 245,261 | 191,477 | 548,287 | 408,884 | |||||||||||||||||||
| Technology and development | 387,322 | 364,258 | 742,690 | 722,121 | |||||||||||||||||||
| Sales and marketing | 236,245 | 165,262 | 483,528 | 263,847 | |||||||||||||||||||
| General and administrative | 353,707 | 320,115 | 748,053 | 607,351 | |||||||||||||||||||
| (Gains) losses on crypto assets held for operations, net | (8,702) | 31,016 | 25,663 | (55,342) | |||||||||||||||||||
| Other operating expense, net | 308,025 | 34,383 | 302,126 | 36,759 | |||||||||||||||||||
| Total operating expenses | 1,521,858 | 1,106,511 | 2,850,347 | 1,983,620 | |||||||||||||||||||
| Operating (loss) income | (24,650) | 343,117 | 681,156 | 1,103,578 | |||||||||||||||||||
| Interest expense | 20,535 | 20,507 | 41,046 | 39,578 | |||||||||||||||||||
| (Gains) losses on crypto assets held for investment, net | (362,053) | 319,020 | 234,598 | (331,409) | |||||||||||||||||||
| Other (income) expense, net | (1,506,905) | 63,827 | (1,500,717) | 18,222 | |||||||||||||||||||
| Income (loss) before income taxes | 1,823,773 | (60,237) | 1,906,229 | 1,377,187 | |||||||||||||||||||
| Provision for (benefit from) income taxes | 394,873 | (96,387) | 411,721 | 164,792 | |||||||||||||||||||
| Net income | $ | 1,428,900 | $ | 36,150 | $ | 1,494,508 | $ | 1,212,395 | |||||||||||||||
| Net income attributable to common stockholders: | |||||||||||||||||||||||
| Basic | $ | 1,428,900 | $ | 36,127 | $ | 1,494,508 | $ | 1,211,611 | |||||||||||||||
| Diluted | $ | 1,432,511 | $ | 36,128 | $ | 1,501,717 | $ | 1,217,829 | |||||||||||||||
| Net income per share: | |||||||||||||||||||||||
| Basic | $ | 5.60 | $ | 0.15 | $ | 5.87 | $ | 4.95 | |||||||||||||||
| Diluted | $ | 5.14 | $ | 0.14 | $ | 5.39 | $ | 4.49 | |||||||||||||||
| Weighted-average shares of common stock used to compute net income per share: | |||||||||||||||||||||||
| Basic | 255,188 | 246,298 | 254,537 | 244,546 | |||||||||||||||||||
| Diluted | 278,913 | 266,831 | 278,700 | 271,003 |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Coinbase Global, Inc.
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net income | $ | 1,428,900 | $ | 36,150 | $ | 1,494,508 | $ | 1,212,395 | |||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||
| Translation adjustment | 41,992 | (2,785) | 50,010 | (9,683) | |||||||||||||||||||
| Income tax effect | 40 | 10 | (19) | (318) | |||||||||||||||||||
| Translation adjustment, net of tax | 42,032 | (2,775) | 49,991 | (10,001) | |||||||||||||||||||
| Comprehensive income | $ | 1,470,932 | $ | 33,375 | $ | 1,544,499 | $ | 1,202,394 |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Coinbase Global, Inc.
Condensed Consolidated Statements of Changes in Stockholders' Equity
(In thousands)
(unaudited)
| Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | |||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Balance at April 1, 2025 | 254,590 | $ | 2 | $ | 5,483,821 | $ | (42,092) | $ | 5,026,509 | $ | 10,468,240 | ||||||||||||||||||||||||||||||||||||
| Common stock issued in connection with equity awards | 2,226 | — | 48,615 | — | — | 48,615 | |||||||||||||||||||||||||||||||||||||||||
| Common stock withheld for net share settlement of equity awards | (383) | — | (101,078) | — | — | (101,078) | |||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation (inclusive of capitalized stock-based compensation) | — | — | 208,180 | — | — | 208,180 | |||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | 42,032 | — | 42,032 | |||||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | 1,428,900 | 1,428,900 | |||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2025 | 256,433 | $ | 2 | $ | 5,639,538 | $ | (60) | $ | 6,455,409 | $ | 12,094,889 | ||||||||||||||||||||||||||||||||||||
| Balance at April 1, 2024 | 245,371 | $ | 2 | $ | 4,550,408 | $ | (37,496) | $ | 3,558,080 | $ | 8,070,994 | ||||||||||||||||||||||||||||||||||||
| Common stock issued in connection with equity awards, net of stock options repurchases | 2,966 | — | 36,031 | — | — | 36,031 | |||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation (inclusive of capitalized stock-based compensation) | — | — | 230,369 | — | — | 230,369 | |||||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | (2,775) | — | (2,775) | |||||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | 36,150 | 36,150 | |||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2024 | 248,337 | $ | 2 | $ | 4,816,808 | $ | (40,271) | $ | 3,594,230 | $ | 8,370,769 |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Coinbase Global, Inc.
Condensed Consolidated Statements of Changes in Stockholders' Equity
(In thousands)
(unaudited)
| Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | |||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Balance at January 1, 2025 | 253,640 | $ | 2 | $ | 5,365,990 | $ | (50,051) | $ | 4,960,901 | $ | 10,276,842 | ||||||||||||||||||||||||||||||||||||
| Common stock issued in connection with equity awards | 3,564 | — | 59,455 | — | — | 59,455 | |||||||||||||||||||||||||||||||||||||||||
| Common stock withheld for net share settlement of equity awards | (771) | — | (201,381) | — | — | (201,381) | |||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation (inclusive of capitalized stock-based compensation) | — | — | 415,474 | — | — | 415,474 | |||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | 49,991 | — | 49,991 | |||||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | 1,494,508 | 1,494,508 | |||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2025 | 256,433 | $ | 2 | $ | 5,639,538 | $ | (60) | $ | 6,455,409 | $ | 12,094,889 | ||||||||||||||||||||||||||||||||||||
| Balance at January 1, 2024 | 242,048 | $ | 2 | $ | 4,491,571 | $ | (30,270) | $ | 1,820,346 | $ | 6,281,649 | ||||||||||||||||||||||||||||||||||||
| Cumulative-effect adjustment due to the adoption of Accounting Standards Update (“ASU”) 2023-08, net of tax | — | — | — | — | 561,489 | 561,489 | |||||||||||||||||||||||||||||||||||||||||
| Common stock issued in connection with equity awards, net of stock options repurchases | 6,951 | — | 80,634 | — | — | 80,634 | |||||||||||||||||||||||||||||||||||||||||
| Common stock withheld for net share settlement of equity awards | (662) | — | (117,225) | — | — | (117,225) | |||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation (inclusive of capitalized stock-based compensation) | — | — | 465,938 | — | — | 465,938 | |||||||||||||||||||||||||||||||||||||||||
| Purchases of capped calls | — | — | (104,110) | — | — | (104,110) | |||||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | (10,001) | — | (10,001) | |||||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | 1,212,395 | 1,212,395 | |||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2024 | 248,337 | $ | 2 | $ | 4,816,808 | $ | (40,271) | $ | 3,594,230 | $ | 8,370,769 |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Coinbase Global, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
| Six Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income | $ | 1,494,508 | $ | 1,212,395 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 67,234 | 63,828 | |||||||||
| Stock-based compensation expense | 386,889 | 442,438 | |||||||||
| Deferred income taxes | 399,971 | 83,961 | |||||||||
| Losses (gains) on crypto assets held for operations, net | 25,663 | (55,342) | |||||||||
| Losses (gains) on crypto assets held for investment, net | 234,598 | (331,409) | |||||||||
| (Gains) losses on strategic investments, net | (1,475,448) | 14,663 | |||||||||
| Other operating activities, net | 48,582 | 32,782 | |||||||||
| Net changes in operating assets and liabilities | (1,036,250) | (567,634) | |||||||||
| Net cash provided by operating activities | 145,747 | 895,682 | |||||||||
| Cash flows from investing activities | |||||||||||
| Fiat loans originated | (955,488) | (808,334) | |||||||||
| Proceeds from repayment of fiat loans | 588,004 | 646,700 | |||||||||
| Purchases of crypto assets held for investment | (458,728) | — | |||||||||
| Dispositions of crypto assets held for investment | 62,443 | 52,425 | |||||||||
| Other investing activities, net | (153,040) | (35,083) | |||||||||
| Net cash used in investing activities | (916,809) | (144,292) | |||||||||
| Cash flows from financing activities | |||||||||||
| Customer custodial fund liabilities | (1,140,867) | (357,657) | |||||||||
| Fiat received as collateral | 370,553 | 493,499 | |||||||||
| Fiat received as collateral returned | (373,804) | (243,510) | |||||||||
| Taxes paid related to net share settlement of equity awards | (201,381) | (117,225) | |||||||||
| Issuance of convertible senior notes, net | — | 1,246,025 | |||||||||
| Purchases of capped calls | — | (104,110) | |||||||||
| Other financing activities, net | 60,560 | 76,966 | |||||||||
| Net cash (used in) provided by financing activities | (1,284,939) | 993,988 | |||||||||
| Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents | (2,056,001) | 1,745,378 | |||||||||
| Effect of exchange rates on cash, cash equivalents, and restricted cash and cash equivalents | 79,845 | (25,923) | |||||||||
| Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period | 14,610,442 | 9,555,429 | |||||||||
| Cash, cash equivalents, and restricted cash and cash equivalents, end of period | $ | 12,634,286 | $ | 11,274,884 | |||||||
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
1. NATURE OF OPERATIONS
Coinbase, Inc. was founded in 2012. In April 2014, in connection with a corporate reorganization, Coinbase, Inc. became a wholly-owned subsidiary of Coinbase Global, Inc. (together with its consolidated subsidiaries, the “Company”).
The Company provides a trusted platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a wide variety of activities with their crypto assets in both proprietary and third-party product experiences enabled by access to decentralized applications. The Company offers (i) consumers their primary financial account for the cryptoeconomy, (ii) institutions a full-service prime brokerage platform with access to deep pools of liquidity across the crypto marketplace, and (iii) developers a suite of products granting access to build onchain.
The Company is remote-first and accordingly, does not maintain a headquarters. Substantially all of the Company’s executive team meetings are held virtually, with meetings occasionally held in-person at locations that are either not in the Company’s offices or in various of the Company’s offices distributed around the world. The Company holds all of its stockholder meetings virtually.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation and preparation
The accompanying Condensed Consolidated 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 Condensed Consolidated 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 Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions in the Condensed Consolidated Financial Statements and notes thereto. Certain prior period amounts in the Condensed Consolidated Financial Statements have been reclassified to conform to the current period’s presentation. The unaudited Condensed Consolidated Results of Operations for the three and six months ended June 30, 2025 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, 2024 filed with the Securities and Exchange Commission (the “SEC”) on February 13, 2025 (the “Annual Report”).
There were no material changes to the Company’s most significant estimates and assumptions, significant accounting policies, segment reporting, or recent accounting pronouncements that were disclosed in Note 2. Summary of Significant Accounting Policies to the Consolidated Financial Statements included in the Annual Report, other than as discussed below.
Concentration of credit risk
The Company’s cash and cash equivalents, restricted cash and cash equivalents, customer custodial funds, USDC, loan receivables, certain crypto assets held, accounts receivable, and deposits are potentially subject to concentration of credit risk. See below and Notes 4. Collateralized Arrangements and Financing and 6. Accounts Receivable, Net for a discussion of these risks by counterparty and type of transaction.
Funds held at financial institutions
Cash and cash equivalents, restricted cash and cash equivalents, and customer custodial funds are primarily placed with financial institutions which are of high credit quality. The Company holds cash and
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
cash equivalents and customer custodial funds primarily in highly liquid, highly rated instruments which are uninsured. The Company may also have corporate deposit balances with financial institutions which exceed the Federal Deposit Insurance Corporation insurance limit of $250,000. The Company has not experienced losses on these accounts and does not believe it is exposed to any significant credit risk with respect to these accounts.
Funds held at trading venues, payment processors, and clearing brokers
The Company holds cash, restricted cash and deposits, and crypto assets at crypto asset trading venues, payment processors, and clearing brokers, and performs a regular assessment of these venues as part of its risk management process. As of June 30, 2025, the Company held $202.8 million at these venues, including $110.3 million in cash, $54.3 million in crypto assets, and $36.9 million in restricted cash. As of December 31, 2024, the Company held $88.2 million in cash at these venues.
USDC
The Company holds USDC, a stablecoin redeemable on a one-to-one basis for U.S. dollars and issued by Circle Internet Financial, LLC (“Circle”) and its affiliate, Circle Internet Financial Europe SAS. USDC is accounted for as a financial instrument in the Condensed Consolidated Financial Statements. Circle reported that, as of June 30, 2025, underlying reserves were held in cash, short-duration U.S. Treasuries, and overnight U.S. Treasury repurchase agreements within segregated accounts for the benefit of USDC holders.
3. REVENUE
The following table presents revenue disaggregated by type (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net revenue | |||||||||||||||||||||||
| Transaction revenue | |||||||||||||||||||||||
| Consumer, net | $ | 649,908 | $ | 664,772 | $ | 1,745,414 | $ | 1,599,984 | |||||||||||||||
| Institutional, net | 60,819 | 63,624 | 159,707 | 149,016 | |||||||||||||||||||
| Other transaction revenue, net | 53,543 | 52,506 | 121,357 | 108,643 | |||||||||||||||||||
| Total transaction revenue | 764,270 | 780,902 | 2,026,478 | 1,857,643 | |||||||||||||||||||
| Subscription and services revenue | |||||||||||||||||||||||
| Stablecoin revenue(1) | 332,497 | 240,436 | 630,032 | 437,753 | |||||||||||||||||||
| Blockchain rewards | 144,535 | 185,139 | 341,127 | 336,068 | |||||||||||||||||||
| Interest and finance fee income(2) | 59,316 | 69,400 | 122,402 | 136,063 | |||||||||||||||||||
| Other subscription and services revenue | 119,478 | 104,065 | 260,376 | 200,092 | |||||||||||||||||||
| Total subscription and services revenue | 655,826 | 599,040 | 1,353,937 | 1,109,976 | |||||||||||||||||||
| Total net revenue | 1,420,096 | 1,379,942 | 3,380,415 | 2,967,619 | |||||||||||||||||||
| Other revenue | |||||||||||||||||||||||
| Corporate interest and other income(1) | 77,112 | 69,686 | 151,088 | 119,579 | |||||||||||||||||||
| Total other revenue | 77,112 | 69,686 | 151,088 | 119,579 | |||||||||||||||||||
| Total revenue | $ | 1,497,208 | $ | 1,449,628 | $ | 3,531,503 | $ | 3,087,198 |
(1)Amounts represent revenue that is not accounted for as revenue from contracts with customers, as defined in Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”).
(2)Amounts primarily represent revenue that is not accounted for as revenue from contracts with customers, as well as an immaterial amount of finance fee income in all periods presented that is accounted for as revenue from contracts with customers.
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
During the three and six months ended June 30, 2025 and 2024, one counterparty accounted for more than 10% of total revenue in each period.
Revenue by geographic location
The following table presents revenue disaggregated by geography based on domiciles of the customer or other counterparty (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| U.S.(1) | $ | 1,291,616 | $ | 1,232,616 | $ | 2,997,268 | $ | 2,586,066 | |||||||||||||||
| International(2) | 205,592 | 217,012 | 534,235 | 501,132 | |||||||||||||||||||
| Total revenue | $ | 1,497,208 | $ | 1,449,628 | $ | 3,531,503 | $ | 3,087,198 |
(1)Nearly all revenue that is not accounted for as revenue from contracts with customers, as defined in ASC 606, is with counterparties in the U.S.
(2)No country accounted for more than 10% of Total revenue.
4. COLLATERALIZED ARRANGEMENTS AND FINANCING
Loans and related collateral
The following table summarizes the Company’s Prime Financing lending arrangements (in thousands):
| June 30, | December 31, | ||||||||||
| 2025 | 2024 | ||||||||||
| Loan receivables | |||||||||||
| Fiat loan receivables | $ | 750,237 | $ | 382,751 | |||||||
| Crypto asset loan receivables | 53,129 | 92,619 | |||||||||
| Total loan receivables(1) | $ | 803,366 | $ | 475,370 | |||||||
| Customer loans not meeting recognition criteria | |||||||||||
| USDC | $ | 75,436 | $ | 168,795 |
(1)Includes an immaterial amount of fiat and crypto asset trade finance receivables as of June 30, 2025 and December 31, 2024.
As of June 30, 2025 and December 31, 2024, the Company had three and two counterparties, respectively, each who accounted for more than 10% of the Company’s recognized Loan receivables. As of both of these dates, the Company also had three counterparties each, who accounted for more than 10% of the Company’s customer loans that did not meet the recognition criteria.
As of June 30, 2025 and December 31, 2024, the collateral requirements for all loans outstanding, including customer loans not meeting recognition criteria, ranged from 100% to 300% of the fair value of the loan. No allowance, write-offs, or recoveries were recognized against loan receivables or customer loans not meeting recognition criteria during the periods presented, and none of these loans were past due.
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
The following table summarizes assets the Company holds and has recognized as collateral with a corresponding obligation to return the collateral to the borrower (in thousands, except units):
| June 30, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||
| Units | Cost Basis | Fair Value | Units | Cost Basis | Fair Value | |||||||||||||||||||||||||||||||||
| Fiat(1) | N/A | N/A | $ | 21,389 | N/A | N/A | $ | 24,641 | ||||||||||||||||||||||||||||||
| Bitcoin | 7,978 | $ | 577,798 | 859,940 | 6,918 | $ | 414,745 | 647,568 | ||||||||||||||||||||||||||||||
| Ethereum | 36,750 | 100,767 | 91,332 | 33,130 | 98,787 | 111,445 | ||||||||||||||||||||||||||||||||
| Other crypto assets(2) | — | — | — | nm | 8,065 | 8,471 | ||||||||||||||||||||||||||||||||
| Crypto assets held as collateral | $ | 678,565 | 951,272 | $ | 521,597 | 767,484 | ||||||||||||||||||||||||||||||||
| Total recognized held as collateral | $ | 972,661 | $ | 792,125 |
nm - not meaningful
(1)Fiat collateral held is 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.
(2)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held as collateral.
The following table summarizes assets the Company holds as collateral that it has not recognized as collateral nor as an obligation to return the collateral to the borrower (in thousands):
| June 30, | December 31, | |||||||||||||
| 2025 | 2024 | |||||||||||||
| Fiat | $ | 50,161 | $ | 64,760 | ||||||||||
| USDC | 32,357 | 45,222 | ||||||||||||
| Crypto assets | 532,575 | 178,619 | ||||||||||||
| Total customer collateral not recognized as collateral | $ | 615,093 | $ | 288,601 |
Borrowings and related collateral
The following table summarizes the units, cost basis, and fair value of Crypto assets borrowed and the associated Crypto asset borrowings (in thousands, except units):
| June 30, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||
| Units | Cost Basis | Fair Value | Units | Cost Basis | Fair Value | |||||||||||||||||||||||||||||||||
| Crypto assets borrowed | ||||||||||||||||||||||||||||||||||||||
| Bitcoin | 1,100 | $ | 105,212 | $ | 117,906 | 1,923 | $ | 191,986 | $ | 179,480 | ||||||||||||||||||||||||||||
| Ethereum | 32,355 | 86,709 | 80,439 | 17,413 | 65,213 | 57,989 | ||||||||||||||||||||||||||||||||
| Other crypto assets(1) | nm | 27,500 | 25,275 | nm | 18,701 | 23,583 | ||||||||||||||||||||||||||||||||
| Total borrowed | $ | 219,421 | $ | 223,620 | $ | 275,900 | $ | 261,052 | ||||||||||||||||||||||||||||||
| Crypto asset borrowings | ||||||||||||||||||||||||||||||||||||||
| Bitcoin | 1,342 | $ | 128,665 | $ | 143,790 | 2,178 | $ | 213,096 | $ | 203,370 | ||||||||||||||||||||||||||||
| Ethereum | 35,172 | 92,562 | 87,443 | 19,133 | 68,803 | 63,720 | ||||||||||||||||||||||||||||||||
| Other crypto assets(1) | nm | 39,550 | 37,317 | nm | 28,141 | 33,020 | ||||||||||||||||||||||||||||||||
| Total borrowings | $ | 260,777 | $ | 268,550 | $ | 310,040 | $ | 300,110 |
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets borrowed or total Crypto asset borrowings, as applicable.
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
As of June 30, 2025 and December 31, 2024, the weighted average annual fees on these borrowings were 2.9% and 2.4%, respectively.
The fair value of the Company’s corporate assets pledged as collateral against Crypto asset borrowings consisted of the following (in thousands):
| June 30, | December 31, | ||||||||||
| 2025 | 2024 | ||||||||||
| Assets pledged as collateral | |||||||||||
| USDC | $ | — | $ | 4,009 | |||||||
| Assets pledged as collateral not meeting derecognition criteria | |||||||||||
| USDC | $ | 294,761 | $ | 329,832 |
5. CRYPTO ASSETS HELD FOR OPERATIONS
The following table summarizes Crypto assets held for operations (in thousands, except units):
| June 30, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Units | Cost Basis | Fair Value | Units | Cost Basis | Fair Value | ||||||||||||||||||||||||||||||
| Bitcoin | 514 | $ | 57,113 | $ | 55,136 | 57 | $ | 7,814 | $ | 5,473 | |||||||||||||||||||||||||
| Ethereum | 11,195 | 19,552 | 27,813 | 8,142 | 21,843 | 27,122 | |||||||||||||||||||||||||||||
| Solana | 64,991 | 11,085 | 9,656 | 69,280 | 14,526 | 13,245 | |||||||||||||||||||||||||||||
| Other crypto assets(1) | nm | 40,793 | 33,369 | nm | 51,871 | 36,941 | |||||||||||||||||||||||||||||
| Total held for operations | $ | 128,543 | $ | 125,974 | $ | 96,054 | $ | 82,781 |
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held for operations.
6. ACCOUNTS RECEIVABLE, NET
Accounts receivable, net consisted of the following (in thousands):
| June 30, | December 31, | ||||||||||
| 2025 | 2024 | ||||||||||
| Stablecoin revenue receivable | $ | 108,888 | $ | 85,983 | |||||||
| Customer fee revenue receivable | 28,637 | 39,317 | |||||||||
| Other accounts receivable | 98,294 | 169,380 | |||||||||
| Gross accounts receivable | 235,819 | 294,680 | |||||||||
| Less: allowance for doubtful accounts | (12,823) | (29,429) | |||||||||
| Total accounts receivable, net | $ | 222,996 | $ | 265,251 |
As of June 30, 2025 and December 31, 2024, the Company had two and one counterparties, respectively, each who accounted for more than 10% of the Company’s Accounts receivable, net.
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
7. CRYPTO ASSETS HELD FOR INVESTMENT
The following table summarizes Crypto assets held for investment (in thousands, except units):
| June 30, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Units | Cost Basis | Fair Value | Units | Cost Basis | Fair Value | ||||||||||||||||||||||||||||||
| Bitcoin | 11,776 | $ | 740,339 | $ | 1,261,220 | 6,885 | $ | 272,164 | $ | 642,738 | |||||||||||||||||||||||||
| Ethereum | 136,782 | 268,673 | 339,502 | 115,700 | 260,674 | 385,314 | |||||||||||||||||||||||||||||
| Other crypto assets(1) | nm | 264,163 | 238,165 | nm | 347,827 | 524,943 | |||||||||||||||||||||||||||||
| Total held for investment | $ | 1,273,175 | $ | 1,838,887 | $ | 880,665 | $ | 1,552,995 |
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held for investment.
As of June 30, 2025, the Company had $75.7 million of Crypto assets held for investment subject to selling restrictions that are time-based and lift between 2025 and 2029.
8. LONG-TERM DEBT
The components of Long-term debt, including the current portion due June 1, 2026, were as follows (in thousands, except percentages):
| Effective Interest Rate | Principal Amount | Unamortized Debt Discount and Issuance Costs | Net Carrying Amount | Fair Value**(1)** | ||||||||||||||||||||||||||||
| June 30, 2025 | ||||||||||||||||||||||||||||||||
| 0.50% 2026 Convertible Notes due June 1, 2026 | 0.98 | % | $ | 1,273,013 | $ | (6,436) | $ | 1,266,577 | $ | 1,474,022 | ||||||||||||||||||||||
| 3.38% 2028 Senior Notes due October 1, 2028 | 3.57 | % | 1,000,000 | (5,711) | 994,289 | 938,750 | ||||||||||||||||||||||||||
| 0.25% 2030 Convertible Notes due April 1, 2030 | 0.55 | % | 1,265,000 | (17,506) | 1,247,494 | 1,654,747 | ||||||||||||||||||||||||||
| 3.63% 2031 Senior Notes due October 1, 2031 | 3.77 | % | 737,457 | (5,695) | 731,762 | 659,102 | ||||||||||||||||||||||||||
| Total | $ | 4,275,470 | $ | (35,348) | $ | 4,240,122 | $ | 4,726,621 | ||||||||||||||||||||||||
| December 31, 2024 | ||||||||||||||||||||||||||||||||
| 0.50% 2026 Convertible Notes due June 1, 2026 | 0.98 | % | $ | 1,273,013 | $ | (9,395) | $ | 1,263,618 | $ | 1,331,062 | ||||||||||||||||||||||
| 3.38% 2028 Senior Notes due October 1, 2028 | 3.57 | % | 1,000,000 | (6,562) | 993,438 | 901,250 | ||||||||||||||||||||||||||
| 0.25% 2030 Convertible Notes due April 1, 2030 | 0.55 | % | 1,265,000 | (19,322) | 1,245,678 | 1,353,044 | ||||||||||||||||||||||||||
| 3.63% 2031 Senior Notes due October 1, 2031 | 3.77 | % | 737,457 | (6,110) | 731,347 | 624,995 | ||||||||||||||||||||||||||
| Total | $ | 4,275,470 | $ | (41,389) | $ | 4,234,081 | $ | 4,210,351 |
(1)Fair values are based on quoted prices for these instruments in markets that are not active and other market observable inputs, which are considered Level 2 valuation inputs.
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
9. DERIVATIVES
During the periods presented, the Company’s derivatives were all embedded forward contracts to receive or deliver a fixed amount of crypto assets in the future and none were designated as hedging instruments.
Impact of derivatives on the Condensed Consolidated Balance Sheets
The following table summarizes information on derivative instruments by their location in the Condensed Consolidated Balance Sheets, as measured in U.S. dollar equivalents (in thousands):
| Embedded Derivative | ||||||||||||||||||||||||||
| Host | Gross Derivative Assets | Gross Derivative Liabilities | Aggregate Carrying Value | |||||||||||||||||||||||
| June 30, 2025 | ||||||||||||||||||||||||||
| Accounts receivable, net(1) | $ | 10,519 | $ | 23,354 | $ | 2,959 | $ | 30,914 | ||||||||||||||||||
| Crypto asset borrowings | 260,777 | 22,825 | 30,598 | 268,550 | ||||||||||||||||||||||
| Obligation to return collateral(1) | 678,566 | 9,442 | 282,148 | 951,272 | ||||||||||||||||||||||
| Accrued expenses and other current liabilities(1) | 26,663 | 4,573 | 2,132 | 24,222 | ||||||||||||||||||||||
| Total fair value of derivatives | $ | 60,194 | $ | 317,837 | ||||||||||||||||||||||
| December 31, 2024 | ||||||||||||||||||||||||||
| Accounts receivable, net(1) | $ | 16,264 | $ | 20,368 | $ | 1,811 | $ | 34,821 | ||||||||||||||||||
| Other current assets(1) | 99,265 | 61,304 | — | 160,569 | ||||||||||||||||||||||
| Crypto asset borrowings | 310,040 | 18,030 | 8,100 | 300,110 | ||||||||||||||||||||||
| Obligation to return collateral(1) | 526,337 | 2,149 | 243,296 | 767,484 | ||||||||||||||||||||||
| Accrued expenses and other current liabilities(1) | 37,428 | 6,814 | 2,708 | 33,322 | ||||||||||||||||||||||
| Total fair value of derivatives | $ | 108,665 | $ | 255,915 |
(1)Represents the portion of the Condensed Consolidated Balance Sheets line item that is denominated in crypto assets.
Impact of derivatives on the Condensed Consolidated Statements of Operations
The impacts of (losses) gains on derivative instruments recognized in the Condensed Consolidated Statements of Operations were as follows (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Crypto asset borrowings(1) | $ | (69,671) | $ | 46,099 | $ | (17,703) | $ | (49,815) | |||||||||||||||
| Obligation to return collateral(1) | (183,665) | 112,915 | (31,559) | (4,351) | |||||||||||||||||||
| Other(2) | 14,056 | (26,707) | (1,193) | (14,633) | |||||||||||||||||||
| Total | $ | (239,280) | $ | 132,307 | $ | (50,455) | $ | (68,799) |
(1)Changes in fair value are recognized in Transaction expense in the Condensed Consolidated Statements of Operations. The impact of changes in fair value of Crypto asset borrowings and Obligation to return collateral derivatives is naturally offset, at least in part, by the impact of changes in fair value of the associated naturally offsetting positions, which are also recognized in Transaction expense.
(2)Changes in fair value are recognized in Other operating expense, net or Other (income) expense, net in the Condensed Consolidated Statements of Operations depending on the nature of the derivative.
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
10. OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS
The following table presents certain other details of the Condensed Consolidated Balance Sheets (in thousands):
| June 30, | December 31, | ||||||||||
| 2025 | 2024 | ||||||||||
| Other current assets | |||||||||||
| Prepaid expenses | $ | 92,578 | $ | 88,500 | |||||||
| Income taxes receivable | 40,823 | 5,530 | |||||||||
| Other | 145,829 | 183,506 | |||||||||
| Total other current assets | $ | 279,230 | $ | 277,536 | |||||||
| Other non-current assets | |||||||||||
| Software and equipment, net | $ | 241,776 | $ | 200,080 | |||||||
| Intangible assets, net | 41,309 | 46,804 | |||||||||
| Income taxes receivable | 61,110 | 60,004 | |||||||||
| Lease right-of-use assets | 135,969 | 81,151 | |||||||||
| Other | 37,669 | 33,135 | |||||||||
| Total other non-current assets | $ | 517,833 | $ | 421,174 | |||||||
| Accrued expenses and other current liabilities | |||||||||||
| Accrued payroll and payroll related expenses | $ | 108,694 | $ | 186,151 | |||||||
| Other accrued expenses | 211,421 | 145,369 | |||||||||
| Accounts payable | 68,518 | 63,316 | |||||||||
| Income taxes payable | 6,464 | 90,910 | |||||||||
| Other payables | 206,257 | 204,390 | |||||||||
| Total accrued expenses and other current liabilities | $ | 601,354 | $ | 690,136 | |||||||
| Other non-current liabilities | |||||||||||
| Lease liabilities | $ | 169,393 | $ | 85,789 | |||||||
| Other | 7,429 | 3,919 | |||||||||
| Total other non-current liabilities | $ | 176,822 | $ | 89,708 |
Leases
The Company has operating leases for corporate offices. The leases have remaining lease terms ranging from less than one year to 13 years, and generally have options to extend or terminate the lease that were not accounted for in determining the lease terms as the Company is not reasonably certain it will exercise those options.
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Maturities of lease liabilities for the 12-month period ending June 30 of the respective year, were as follows as of June 30, 2025 (in thousands):
| 2026 | $ | 17,906 | |||
| 2027 | 20,938 | ||||
| 2028 | 19,187 | ||||
| 2029 | 19,107 | ||||
| 2030 | 21,070 | ||||
| Thereafter | 182,994 | ||||
| Total lease payments | 281,202 | ||||
| Less: imputed interest | (93,427) | ||||
| Total lease liabilities | $ | 187,775 |
Other information related to leases was as follows:
| June 30, | December 31, | ||||||||||
| 2025 | 2024 | ||||||||||
| Weighted-average remaining lease term (in years) | 10.3 | 9.8 | |||||||||
| Weighted-average discount rate | 6.64 | % | 6.36 | % |
11. FAIR VALUE MEASUREMENTS AND STRATEGIC INVESTMENTS
The following table sets forth by level within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis (in thousands):
| June 30, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||
| Cash equivalents(1) | $ | 5,980,319 | $ | — | $ | 6,607,023 | $ | — | |||||||||||||||||||||||||||
| Restricted cash equivalents(2) | 2,519 | — | 1,415 | — | |||||||||||||||||||||||||||||||
| Customer custodial funds(3) | 3,139,226 | — | 4,269,410 | — | |||||||||||||||||||||||||||||||
| Crypto assets held for operations | 125,974 | — | 82,781 | — | |||||||||||||||||||||||||||||||
| Crypto asset loan receivables | — | 53,129 | — | 92,619 | |||||||||||||||||||||||||||||||
| Crypto assets held as collateral | 951,272 | — | 767,484 | — | |||||||||||||||||||||||||||||||
| Crypto assets borrowed | 223,620 | — | 261,052 | — | |||||||||||||||||||||||||||||||
| Other current assets(4) | 105,711 | — | — | — | |||||||||||||||||||||||||||||||
| Crypto assets held for investment | 1,838,887 | — | 1,552,995 | — | |||||||||||||||||||||||||||||||
| Strategic investments(5) | 1,543,261 | 10,340 | — | — | |||||||||||||||||||||||||||||||
| Derivative assets(6) | — | 60,194 | — | 108,665 | |||||||||||||||||||||||||||||||
| Total assets | $ | 13,910,789 | $ | 123,663 | $ | 13,542,160 | $ | 201,284 | |||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||
| Derivative liabilities(6) | $ | — | $ | 317,837 | $ | — | $ | 255,915 | |||||||||||||||||||||||||||
(1)Represents cash equivalents, which comprise money market funds. Excludes cash of $1.6 billion and $1.9 billion as of June 30, 2025 and December 31, 2024, respectively.
(2)Represents restricted cash equivalents, which comprise money market funds. Excludes restricted cash of $66.7 million and $37.1 million as of June 30, 2025 and December 31, 2024, respectively.
(3)Represents customer custodial cash equivalents, which comprise money market funds. Excludes customer custodial funds of $2.0 billion and $1.9 billion as of June 30, 2025 and December 31, 2024, respectively.
(4)Represents short-term investments. Excludes Other current assets that are not measured and recorded at fair value of $173.5 million and $277.5 million as of June 30, 2025 and December 31, 2024, respectively.
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
(5)Represents marketable equity securities. Excludes strategic investments that are not measured and recorded at fair value on a recurring basis of $380.2 million and $374.2 million as of June 30, 2025 and December 31, 2024, respectively.
(6)See Note 9. Derivatives for additional details.
The Company has valued all Level 2 assets and liabilities measured at fair value on a recurring basis using quoted market prices as an observable input. This includes prices for underlying crypto assets and, for non-crypto denominated assets and liabilities, prices for similar assets and liabilities in inactive markets.
During the three and six months ended June 30, 2025, there were net unrealized gains of $1.5 billion related to the Company’s marketable equity securities held as of June 30, 2025. There were no realized gains or losses during these periods as no marketable equity securities were sold, and nearly all of this investment balance is subject to restrictions as to disposition.
Assets and liabilities measured and recorded at fair value on a non-recurring basis
The Company’s non-financial assets, such as software and equipment, goodwill, and other intangible assets, are adjusted to fair value when an impairment charge is recognized.
Nearly all of the Company’s strategic investments measured and recorded at fair value on a non-recurring basis due to the lack of readily determinable fair values are accounted for using the measurement alternative, whereby they are recognized at cost and adjusted to fair value for observable transactions for same or similar investments of the same issuer or for impairment, on a non-recurring basis. Fair value measurements for these strategic investments are based predominantly on Level 3 inputs to an Option-Pricing Model that uses publicly available market data of comparable companies and other unobservable inputs including expected volatility, expected time to liquidity, adjustments for other company-specific developments, and the rights and obligations of the securities the Company holds.
The impact on the Condensed Consolidated Statements of Operations from remeasurement of measurement alternative investments was immaterial for all periods presented, as were cumulative upward adjustments of measurement alternative investments outstanding at June 30, 2025 and December 31, 2024. Cumulative impairments and downward adjustments as of these dates were $121.6 million and $145.8 million, respectively.
Assets and liabilities not measured and recorded at fair value
Certain of the Company’s financial instruments are not measured and recorded at fair value because carrying values of these instruments approximate their fair values due to their liquid or short-term nature. The following financial instruments denominated in fiat or USDC, as applicable, would be based on Level 1 valuation inputs if they were recorded at fair value: cash, restricted cash, USDC, certain customer custodial funds and related liabilities, collateral pledged, and obligations to return collateral. The following financial instruments denominated in fiat or USDC, as applicable, would be based on Level 2 valuation inputs if they were recorded at fair value: accounts receivable, loan receivables, accounts payable, and long-term debt.
The Company’s long-term debt is not measured and recorded at fair value. See Note 8. Long-Term Debt for the estimated fair value of the Company’s long-term debt.
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
12. STOCK-BASED COMPENSATION
Stock options
A summary of stock options activity, including performance-based options, is as follows (in thousands, except per share and years data):
| Weighted-Average | |||||||||||||||||||||||
| Options Outstanding | Exercise Price Per Share | Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||||||||||||
| Balance at January 1, 2025 | 22,929 | $ | 25.59 | 5.2 | $ | 5,106,538 | |||||||||||||||||
| Exercised | (1,496) | 28.93 | |||||||||||||||||||||
| Forfeited and cancelled | (42) | 100.51 | |||||||||||||||||||||
| Balance at June 30, 2025 | 21,391 | $ | 25.20 | 4.8 | $ | 6,958,048 | |||||||||||||||||
| Exercisable at June 30, 2025 | 16,483 | $ | 25.72 | 4.7 | $ | 5,353,251 | |||||||||||||||||
| Vested and expected to vest at June 30, 2025 | 16,483 | $ | 25.72 | 4.7 | $ | 5,353,251 |
As of June 30, 2025, there was total unrecognized compensation cost of $13.7 million related to unvested stock options, which cost is expected to be recognized over a weighted-average period of 2.7 years.
Other awards
A summary of restricted stock units, performance restricted stock units, and restricted stock (“Other Awards”) activity is as follows (in thousands, except per share data):
| Restricted Stock Units | Performance Restricted Stock Units | Restricted Stock | |||||||||||||||||||||||||||||||||
| Number of Shares | Fair Value**(1)** | Number of Shares | Fair Value**(1)** | Number of Shares | Fair Value**(1)** | ||||||||||||||||||||||||||||||
| Balance at January 1, 2025 | 2,350 | $ | 163.82 | 724 | $ | 55.42 | 340 | $ | 98.49 | ||||||||||||||||||||||||||
| Granted | 3,344 | 262.80 | — | — | — | — | |||||||||||||||||||||||||||||
| Vested | (1,772) | 211.24 | (81) | 55.42 | (235) | 113.75 | |||||||||||||||||||||||||||||
| Forfeited and cancelled | (354) | 216.38 | — | — | (12) | 64.51 | |||||||||||||||||||||||||||||
| Balance at June 30, 2025 | 3,568 | $ | 227.84 | 643 | $ | 55.42 | 93 | $ | 64.51 |
(1)Represents the weighted-average grant date fair value per share.
As of June 30, 2025, there was unrecognized compensation cost related to Other Awards as follows (in thousands, except years data):
| Unrecognized Compensation | Weighted-Average Recognition Period (Years) | ||||||||||
| Restricted stock units | $ | 722,724 | 1.4 | ||||||||
| Performance restricted stock units | $ | 4,556 | 0.6 | ||||||||
| Restricted stock | $ | 3,352 | 0.7 |
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Stock-based compensation
The effects of stock-based compensation on the Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets are as follows (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Statements of Operations | |||||||||||||||||||||||
| Technology and development | $ | 117,240 | $ | 133,622 | $ | 225,332 | $ | 273,452 | |||||||||||||||
| Sales and marketing | 14,533 | 16,691 | 29,438 | 33,314 | |||||||||||||||||||
| General and administrative | 64,387 | 67,621 | 132,119 | 135,672 | |||||||||||||||||||
| Total stock-based compensation expense | $ | 196,160 | $ | 217,934 | $ | 386,889 | $ | 442,438 | |||||||||||||||
| Balance Sheets | |||||||||||||||||||||||
| Other non-current assets(1) | $ | 12,020 | $ | 12,435 | $ | 28,585 | $ | 23,500 |
(1)Represents capitalized stock-based compensation that is recognized in Software and equipment, net and presented within this financial statement line item. See Note 10. Other Condensed Consolidated Balance Sheets Details for additional details.
13. OTHER (INCOME) EXPENSE, NET
Other (income) expense, net consisted of the following (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| (Gains) losses on strategic investments, net(1) | $ | (1,472,121) | $ | 13,814 | $ | (1,475,448) | $ | 14,663 | |||||||||||||||
| (Gains) losses on other financial instruments, net | (17,740) | 24,584 | 3,943 | 11,398 | |||||||||||||||||||
| (Gains) losses on crypto asset loan receivables, net | (1,453) | 34,010 | 1,400 | 8,484 | |||||||||||||||||||
| Other | (15,591) | (8,581) | (30,612) | (16,323) | |||||||||||||||||||
| Total other (income) expense, net | $ | (1,506,905) | $ | 63,827 | $ | (1,500,717) | $ | 18,222 |
(1)See Note 11. Fair Value Measurements and Strategic Investments for additional details.
14. INCOME TAXES
The Company’s effective tax rate (“ETR”) for the three months ended June 30, 2025 and 2024 was 21.7% and 160.0%, respectively. The ETR of 21.7% for the three months ended June 30, 2025 was higher than the U.S. statutory rate of 21.0%, primarily due to the Company’s non-deductible expenses and state tax, mostly offset by deductible stock-based compensation. The Company’s ETR for the six months ended June 30, 2025 and 2024 was 21.6% and 12.0%, respectively. The ETR of 21.6% for the six months ended June 30, 2025 was higher than the U.S. statutory rate of 21.0%, primarily due to the Company’s non-deductible expenses and state tax, mostly offset by deductible stock-based compensation.
As of June 30, 2025, the Company had a net deferred tax asset balance of $541.4 million, compared to $941.3 million as of December 31, 2024. 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.
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
15. NET INCOME PER SHARE
The computation of Net income per share, including the weighted-average shares outstanding (“WASO”) used in the computation, is as follows (in thousands, except per share amounts):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Numerators | |||||||||||||||||||||||
| Net income | $ | 1,428,900 | $ | 36,150 | $ | 1,494,508 | $ | 1,212,395 | |||||||||||||||
| Less: net income allocated to participating shares | — | (23) | — | (784) | |||||||||||||||||||
| Net income attributable to common stockholders, basic | $ | 1,428,900 | $ | 36,127 | $ | 1,494,508 | $ | 1,211,611 | |||||||||||||||
| Net income | $ | 1,428,900 | $ | 36,150 | $ | 1,494,508 | $ | 1,212,395 | |||||||||||||||
| Add: interest on convertible notes, net of tax | 3,611 | — | 7,209 | 6,145 | |||||||||||||||||||
| Less: net income allocated to participating shares | — | (22) | — | (711) | |||||||||||||||||||
| Net income attributable to common stockholders, diluted | $ | 1,432,511 | $ | 36,128 | $ | 1,501,717 | $ | 1,217,829 | |||||||||||||||
| Denominators | |||||||||||||||||||||||
| WASO - basic | 255,188 | 246,298 | 254,537 | 244,546 | |||||||||||||||||||
| Weighted-average effect of potentially dilutive shares: | |||||||||||||||||||||||
| Stock options | 15,299 | 17,254 | 15,561 | 17,894 | |||||||||||||||||||
| Convertible notes | 7,229 | — | 7,229 | 5,687 | |||||||||||||||||||
| Restricted stock units | 665 | 2,672 | 807 | 2,250 | |||||||||||||||||||
| Performance restricted stock units | 446 | 350 | 413 | 343 | |||||||||||||||||||
| Restricted stock | 86 | 257 | 153 | 283 | |||||||||||||||||||
| WASO - diluted | 278,913 | 266,831 | 278,700 | 271,003 | |||||||||||||||||||
| Net income per share attributable to common stockholders: | |||||||||||||||||||||||
| Basic | $ | 5.60 | $ | 0.15 | $ | 5.87 | $ | 4.95 | |||||||||||||||
| Diluted | $ | 5.14 | $ | 0.14 | $ | 5.39 | $ | 4.49 |
The rights, including the liquidation and dividend rights, of the holders of Class A common stock and Class B common stock are identical, except with respect to voting. As a result, the undistributed earnings are allocated on a proportionate basis and the resulting income or loss per share will, therefore, be the same for both Class A common stock and Class B common stock on an individual or combined basis.
The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive, or in the case of performance awards, as the issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the reporting period (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Equity awards(1) | 7,383 | 7,807 | 7,383 | 7,807 | |||||||||||||||||||
| Convertible notes | — | 7,229 | — | — | |||||||||||||||||||
| Total | 7,383 | 15,036 | 7,383 | 7,807 |
(1)Includes shares under the ESPP.
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
See also Note 16. Commitments and Contingencies for discussion of an additional 10,997,881 shares of Class A common stock that would be issued should the Company’s acquisition of Sentillia B.V. (“Deribit”) close as anticipated.
16. COMMITMENTS AND CONTINGENCIES
Crypto assets and USDC on platform
The Company is obligated to securely store all crypto assets and USDC that it holds in custodial products on behalf of customers. 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 each June 30, 2025 and December 31, 2024. The Company holds crypto assets and USDC in custodial products on its platform on behalf of its customers totaling $425.0 billion and $404.0 billion at fair value at June 30, 2025 and December 31, 2024, 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 $425.0 billion and $404.0 billion at June 30, 2025 and December 31, 2024, respectively. Since the risk of loss is remote, the Company did not recognize a contingent liability at June 30, 2025 or December 31, 2024. 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.
Indemnifications
In the event any registrable securities are included in a registration statement, the Company’s Amended and Restated Investors’ Rights Agreement (the “IRA”) entered into with certain of the Company’s stockholders provides indemnity to each stockholder, their partners, members, officers, directors, and stockholders and certain of their advisors; each underwriter, if any; and each person who controls each stockholder or underwriter, against any damages incurred in connection with investigating or defending any claim or proceeding arising as a result of such registration from which damages may result. The Company will reimburse each such party for any legal and any other expenses reasonably incurred, provided that the Company will not be liable in any such case to the extent the damages arise out of or are based upon any actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such stockholder or underwriter and stated to be specifically for use therein.
The Company also has indemnity agreements with certain officers and directors of the Company pursuant to which the Company must indemnify the officer or director against all expenses, judgments, fines, and amounts paid in settlement reasonably incurred in connection with a third party proceeding, if the indemnitee acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Company, and in the case of a criminal proceeding, had no reasonable cause to believe the indemnitee’s conduct was unlawful.
It is not possible to determine the maximum potential exposure under these indemnification agreements: (i) because the facts and circumstances involved in each claim are unique and the Company cannot predict the number or nature of claims that may be made; (ii) due to the unique facts and circumstances involved in each particular agreement; and (iii) due to the requirement for a registration of the Company’s securities before any of the indemnification obligations contemplated in the IRA become effective.
The Company has also provided indemnities or similar commitments on standard commercial terms in the ordinary course of business.
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Legal and regulatory proceedings
The Company is subject to various litigation, regulatory investigations, and other legal proceedings that arise in the ordinary course of its business. The Company is also subject to regulatory oversight by numerous regulatory and other governmental agencies, including at the federal and state levels and internationally. The Company reviews its lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and recognizes loss contingencies in accordance with the loss contingencies accounting guidance. In accordance with such guidance, the Company establishes accruals for such matters when potential losses become probable and can be reasonably estimated. If the Company determines that a loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss in the Condensed Consolidated Financial Statements.
In July and August 2021, three purported securities class actions were filed in the U.S. District Court for the Northern District of California against the Company, its directors, certain of its officers and employees, and certain venture capital and investment firms. The complaints alleged violations of Sections 11, 12(a)(2) and 15 of the Securities Act, in connection with the registration statement and prospectus filed in connection with the Direct Listing. In November 2021, these actions were consolidated and recaptioned as In re Coinbase Global Securities Litigation, and an amended complaint was filed. The plaintiff sought, among other relief, unspecified compensatory damages, attorneys’ fees, and costs. The Company disputed the claims and vigorously defended against them. In March 2025, the plaintiff voluntarily dismissed this action and the court entered an order closing the case. The resolution of this action did not have a material impact on the Company’s business and financial statements. The Company has subsequently received, and expects to receive in the future, similar shareholder claims.
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 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 Judgement on the Pleadings and allowed the case to proceed to bifurcated discovery, followed by summary judgment motions. The defendants continue to dispute the claims in this case and intend to vigorously defend against them. Based on the nature of the proceedings in this case, the outcome of this matter remains uncertain and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time. The Company has subsequently received, and expects to receive in the future, similar class action claims.
In December 2021, a shareholder derivative suit captioned Shin v. Coinbase Global, Inc., was filed in New York state court against the Company and its directors, alleging breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets, and seeking unspecified damages and injunctive relief. The parties have voluntarily dismissed this action and the court entered an order closing the case. The resolution of this action did not have a material impact on the Company’s business and financial statements. The Company has subsequently received, and expects to
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
receive in the future, similar derivative claims. The Company disputes the claims in these cases and intends to vigorously defend against them. Based on the preliminary nature of the proceedings in these cases, the outcome of these matters remain uncertain and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time.
In June 2023, the SEC filed a complaint in the District Court against the Company and Coinbase, Inc. alleging that Coinbase, Inc. acted as an unregistered securities exchange, broker, and clearing agency in violation of Sections 5, 15(a) and 17A(b) of the Exchange Act and that, through its staking program, Coinbase, Inc. offered and sold securities without registering its offers and sales in violation of Sections 5(a) and 5(c) of the Securities Act. The SEC also alleged that the Company is liable for the alleged violations as an alleged control person of Coinbase, Inc. The case was captioned SEC v. Coinbase, Inc. et al. The SEC sought, among other relief, injunctive relief, disgorgement and civil money penalties. The Company and Coinbase, Inc. filed an answer to the SEC complaint in June 2023, disputed the claims in the case, and vigorously defended against them. On August 4, 2023, the Company and Coinbase, Inc. filed a motion for judgment on the pleadings. The SEC filed its response on October 3, 2023 and the Company and Coinbase, Inc. filed their reply on October 24, 2023. Oral argument took place on January 17, 2024. On March 27, 2024, the District Court denied in part the Company and Coinbase, Inc.’s motion for judgment on the pleadings with respect to the SEC’s claims that Coinbase, Inc. operated as an unregistered securities exchange, broker, and clearing agency and engaged in an unregistered offer and sale of securities through the Company’s staking program. The District Court dismissed the SEC’s claim that Coinbase, Inc. acted as an unregistered broker through its wallet service. On April 12, 2024, the Company and Coinbase, Inc. filed a motion with the District Court seeking certification of an interlocutory appeal to the Court of Appeals. The District Court granted that motion on January 7, 2025 and stayed proceedings in the District Court. On January 17, 2025, the Company and Coinbase, Inc. filed a petition for permission to appeal to the Court of Appeals. On February 28, 2025, the SEC and the Company and Coinbase, Inc. jointly stipulated to dismissal of SEC v. Coinbase, Inc. et al. with prejudice. The case is now concluded. The resolution of the SEC’s lawsuit did not have a material impact on the Company’s business and financial statements.
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. 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.
The Company has, from time to time, received investigative subpoenas and requests from regulators for documents and information, including about certain customer programs, operations, and existing and intended future products, including the Company’s processes for listing assets, the classification of certain listed assets, its staking programs, and its stablecoin and yield-generating products.
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
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
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.
Tax regulation
Current tax rules related to crypto assets are evolving and require significant judgments to be made in interpretation of the law, including but not limited to the areas of income tax, information reporting, value added taxes, digital services tax, transaction level taxes and the withholding of tax at source. Further, it is possible that additional legislation or guidance may be issued by U.S. and non-U.S. governing bodies that may differ significantly from the Company's practices or interpretation of the law, which could have unforeseen effects on the Company’s financial condition and results of operations, and accordingly, the Company is unable to determine an estimate of the possible loss or range of loss beyond amounts already accrued. As a result, the Company may have exposure to additional tax liabilities that could have an adverse effect on the Company’s operating results and financial condition.
Other commitments
On May 8, 2025, the Company signed a definitive agreement to acquire Deribit. Deribit is a crypto derivatives exchange, and the Company believes this strategic acquisition will play a key role in its goal to be the premier global platform for crypto derivatives. The Company agreed to pay $700.0 million cash and 10,997,881 shares of the Company’s Class A common stock. The aggregate purchase price of cash and issuance of the Company’s Class A common stock are due upon the closing of the transaction, which is subject to customary closing conditions, including regulatory approvals, and is expected to close by December 31, 2025. In the interim, the aggregate purchase price will continue to fluctuate with changes in the price of the Company’s Class A common stock.
During the three months ended June 30, 2025, the Company renewed a multi-year technology services agreement, committing $600.0 million in total purchases over the next four years, including annual minimums ranging from $90.0 million to $130.0 million, consistent with historical commitment levels. None of this commitment was accrued as of June 30, 2025.
17. RELATED PARTY TRANSACTIONS
Revenue and Accounts receivable, net
Certain of the Company’s directors, executive officers, and principal owners, including immediate family members, are users of the Company’s platform. The Company recognized revenue from related party customers of $1.6 million and $6.7 million during the three months ended June 30, 2025 and 2024, respectively, and $5.2 million and $13.6 million during the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025 and December 31, 2024, Accounts receivable, net from related party customers were $1.3 million and $2.7 million, respectively.
Customer custodial funds and liabilities
Customer custodial funds and Customer custodial fund liabilities for related parties were $5.1 million and $44.0 million as of June 30, 2025 and December 31, 2024, respectively.
Other assets
The Company made strategic investments of an aggregate of $4.7 million and $3.3 million during the three months ended June 30, 2025 and 2024, respectively, and $7.8 million and $3.3 million during the six months ended June 30, 2025 and 2024, respectively, in investees in which certain related parties of the Company held an interest over 10%.
Expenses and Accounts payable
There were immaterial amounts of professional and consulting services provided by entities affiliated with related parties during the three and six months ended June 30, 2025, compared to $0.3 million and
Coinbase Global, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
$1.4 million, respectively, during the same periods in 2024. As of June 30, 2025 and December 31, 2024, there were no Accounts payable to related parties.
18. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Changes in operating assets and liabilities affecting cash were as follows (in thousands):
| Six Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| USDC | $ | (947,025) | $ | (492,242) | |||||||
| Accounts receivable, net | 43,556 | (69,779) | |||||||||
| Customer custodial funds in transit | 34,997 | (5,012) | |||||||||
| Income taxes, net | (125,633) | (1,667) | |||||||||
| Other current and non-current assets | (117,405) | (2,971) | |||||||||
| Other current and non-current liabilities | 75,260 | 4,037 | |||||||||
| Net changes in operating assets and liabilities | $ | (1,036,250) | $ | (567,634) |
The following is a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents (in thousands):
| June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash and cash equivalents | $ | 7,539,388 | $ | 7,225,535 | |||||||
| Restricted cash and cash equivalents | 69,190 | 34,282 | |||||||||
| Customer custodial cash and cash equivalents | 5,025,708 | 4,015,067 | |||||||||
| Total cash, cash equivalents, and restricted cash and cash equivalents | $ | 12,634,286 | $ | 11,274,884 |
The following is a supplemental schedule of non-cash investing and financing activities (in thousands):
| Six Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Crypto assets received as collateral | $ | 1,507,022 | $ | 1,686,190 | |||||||
| Crypto assets received as collateral returned | 1,354,794 | 1,448,854 | |||||||||
| Crypto asset loan receivables originated | 1,110,482 | 837,729 | |||||||||
| Crypto asset loan receivables repaid | 1,145,392 | 741,500 | |||||||||
| Crypto assets borrowed | 588,999 | 225,037 | |||||||||
| Crypto assets borrowed repaid | 638,262 | 100,285 | |||||||||
| Additions of crypto asset investments | 171,645 | 1,941 | |||||||||
| Cumulative-effect adjustment due to the adoption of ASU 2023-08 | — | 561,489 | |||||||||
The following is a supplemental schedule of cash paid for interest and income taxes (in thousands):
| Six Months Ended June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash paid during the period for interest | $ | 35,005 | $ | 33,424 | |||||||
| Cash paid during the period for income taxes, net of refunds | 131,310 | — | |||||||||
| Cash paid during the period for income taxes (prior to ASU No. 2023-09, Improvements to Income Tax Disclosures) | — | 81,552 |
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