Coinbase Global, Inc.
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ITEM 1. BUSINESS
Coinbase Overview
Our mission is to increase economic freedom in the world.
We are working to update the century-old financial system by providing a trusted platform that makes it easy for our customers to engage with crypto assets. In December 2025, we took a major step forward to becoming the Everything Exchange—dramatically expanding the assets available to trade on Coinbase, including stocks, commodity futures, perpetual futures, and prediction markets. Our goal is to create a comprehensive, seamless experience for retail users, institutions, and developers to engage in the future of finance.
We differentiate ourselves from our competition with:
•Trust: We are deeply invested in building the most secure and compliant platform. We hold customer assets one-to-one at all times.
•Ease of use: We build easy-to-use products that our customers love. We obsess over quality and craft. We strive to make financial transactions easy.
Our Business
We offer products primarily to three customer groups:
•Consumers: Retail customers seeking to hold, invest or trade crypto assets, as well as a growing set of trading offerings such as equities, prediction markets, and derivatives. Consumers use Coinbase as a primary account for crypto-enabled financial services, and to engage onchain.
•Institutions: Businesses including market makers, asset managers, hedge funds, banks, wealth platforms, registered investment advisors, payment platforms, and public and private corporations. These customers use our products to custody and trade crypto or crypto derivatives.
•Developers: Businesses, including technology companies, financial institutions (such as banks, fintechs, and retail brokers), and payment firms. These customers leverage the Base Chain and Coinbase Developer Platform to build, and scale crypto-enabled products.
Our platform serves as a secure and compliant on-ramp to the onchain economy and enables our customers to use their crypto assets in both first and third-party product experiences. Our business consists of products that we monetize through transaction fees, such as our consumer trading product suite, as well as subscription products, such as our stablecoin products. We describe these products below. Throughout this Annual Report on Form 10-K, we will refer to our full suite of products and offerings as our platform or platforms.
Transaction products
Consumer trading
Our platform is designed to serve a wide variety of consumers, whether they are buying their first crypto asset or are advanced traders. In 2025, we expanded our trading products beyond spot crypto as we built out the Everything Exchange. We now offer stocks, commodity futures, perpetual futures, and prediction markets. Our vision for the Everything Exchange is to offer a single platform to trade any asset, anywhere in the world. We offer our trading products through two trading experiences:
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•Simple trade: Our Simple trading experience offers customers the ability to buy and sell crypto assets, stocks, futures, and prediction markets using the basic interface of our platform. Simple trading focuses on consumers of all experience levels who are prioritizing ease of use.
•Advanced trade: Our Advanced trading experience offers traders access to spot and derivatives order books, real-time market information through interactive charts, a live trade history on the Advanced trade view, and other trading tools. Advanced trading focuses on sophisticated traders who are prioritizing a robust set of features to meet their more complex needs and higher volume.
We charge fees from consumers trading on our platform, including through volume-based transaction fees and a spread depending on the type of trade. Simple trading and Advanced trading fees differ due to both the typical nature of the transactions and unique benefits of each offering. Generally, Simple trading fees are higher than those on Advanced trading.
Institutional Trading and Markets
We service institutional customers via Coinbase Prime, which is our full-service prime brokerage platform where our institutional customers can access deep pools of liquidity across a network of trading venues. We offer volume-based pricing and charge a transaction fee for executed trades.
We also provide market infrastructure in the form of exchanges for customers to trade spot and derivatives. We currently operate four exchanges: the Coinbase Exchange, the Coinbase International Exchange, the Coinbase Derivatives Exchange, and the Deribit Exchange. These exchanges charge a volume-based transaction fee for executed trades.
Exchanges | Products | Assets(1) | ||||||
Coinbase Exchange | Spot trading | 360+ crypto assets | ||||||
Coinbase International Exchange | Perpetual futures, Spot | 200+ crypto assets | ||||||
Coinbase Derivatives Exchange | Dated futures, Perpetual-style futures | 35+ futures (crypto, commodities, equity indices) | ||||||
| Deribit | Options, Perpetual futures, Dated futures, Spot | 15+ crypto assets |
(1)Figures are reported as of the filing date of this Annual Report on Form 10-K.
Deribit is the global leader in crypto options trading by volume and open interest. Deribit accelerates both our international expansion ambitions and our derivatives offerings.
Other transaction products
•Base: Base is a decentralized L2 Ethereum blockchain offering fast, low-cost, global onchain transactions. Base has processed billions of transactions since launch and supports an expanding ecosystem of onchain applications across capital markets, trading, payments, and more. Our goal for Base is to bring one million developers and one billion users onchain to build a global economy. Coinbase generates revenue from sequencer fees paid each time a transaction is processed on the Base blockchain.
•Base App (formerly Coinbase Wallet): The Base App is a self-custodial wallet product. It is the evolution of our prior Coinbase Wallet offering, which we offer globally, subject to applicable laws and app availability. The Base App integrates trading, payments, a social feed, and access to decentralized applications. Built on open protocols, users maintain ownership of their identity, assets, and social connections across the onchain ecosystem. Base App users have sole control over the cryptographic keys to access their assets, which are stored directly on their mobile devices or personal storage accounts and not with a centralized entity. Coinbase is unable by default to assist in recovery if a user loses access to their wallet, because the cryptographic key
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is unilaterally controlled by the user. Users do, however, have an option in the Base App to add a recovery signer that would allow them to recover access.
Subscription products and other services
Stablecoins
Stablecoins play a key role in updating the financial system and advancing economic freedom by combining the benefits of crypto rails, which are global, cheap, and fast, with an asset that is stable relative to fiat currencies. We offer a variety of stablecoins denominated in multiple fiat currencies on our platform, and we continue to explore partnerships with a number of stablecoin issuers to expand our offerings.
In 2018, we partnered with Circle Internet Financial, LLC (“Circle”) to launch USDC, with the goal of driving global, mainstream adoption of stablecoins. Circle and its affiliate, Circle Internet Financial Europe SAS, are the issuers of USDC, a stablecoin redeemable on a one-to-one basis for U.S. dollars, and Circle Internet Financial Europe SAS is the issuer of EURC, a stablecoin redeemable on a one-to-one basis for Euros. In August 2023, we entered into an updated arrangement with Circle to (i) support USDC; (ii) help drive long-term success of the stablecoin ecosystem; and (iii) share in the economics of the reserves backing stablecoins in circulation both on and off our platform (the “Circle Agreement”). Pursuant to the Circle Agreement, Circle is the issuer of USDC, holds the relevant trademarks which we can use, and pays us for our role in the growth of USDC: the greater the proportion of USDC in circulation generally and on our platform, the greater our revenue generated under the Circle Agreement.
The Circle Agreement has an initial three-year term. Upon completion of the initial term, we and Circle will discuss in good faith whether any modifications to the Circle Agreement are warranted. If such modifications are not agreed upon, the Circle Agreement will automatically renew for additional three-year terms unless we or Circle fail to meet the conditions specified in the Circle Agreement. These conditions are the satisfaction of a Product Threshold, a Company Threshold, and a Reseller Threshold (as defined in the Circle Agreement). If the conditions are satisfied, the Circle Agreement cannot be terminated.
Separate from any renewal, there are certain circumstances under which the parties could initiate a restructuring of the agreement. In such an event, if an amendment or restructuring is not possible or Circle does not make payments to us following such a restructuring period, we can require the assignment of certain trademarks by Circle to us, which would then impact the arrangement between the parties and Circle’s ability to issue other U.S. dollar-denominated stablecoins.
We and Circle may, from time to time, enter into arrangements with third parties approved by both us and Circle (such third parties, “approved participants”) that provide for fees to be paid to such approved participants to increase the circulation of stablecoins subject to the Circle Agreement. In anticipation of such arrangements, in November 2024, we and Circle entered into a supplement to the Circle Agreement, pursuant to which we and Circle will agree upon the fees that such third parties are eligible to receive and the undertakings to be required of them upon becoming an approved participant. We have filed a copy of the Circle Agreement and its 2024 supplement as exhibits to this Annual Report on Form 10-K in order to provide investors with additional information about this partnership.
Historically, we have observed that customers holding USDC on our platform are more likely to use our other products, such as trading. Therefore, where permitted, we pay rewards to both Coinbase One subscribers as well as institutional customers who hold USDC to incentivize on-platform use and deeper engagement with our product suite.
Blockchain Rewards
Certain blockchain protocols, such as Ethereum and Solana, rely on staking to validate blockchain transactions, an essential operation to these protocols’ operations and an alternative consensus
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mechanism to mining. Network participants can designate a certain amount of their crypto assets on the network to validate transactions and earn rewards. Today, many users choose to outsource the technical processes involved in staking by staking through a service provider.
We provide an onchain staking service, which allows our customers to stake their assets with a few clicks. Our customers maintain full ownership of their crypto assets while earning staking rewards. Customers who stake their assets receive rewards, paid out by applicable blockchain protocols, in the form of the network’s crypto asset. The rewards rates, expressed as an annual percentage yield, vary by asset. In return for the services we provide, we earn a fixed percentage commission on all staking rewards received.
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Condensed Consolidated Financial Statements (the “Financial Statements”) and the accompanying notes thereto included elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”). The following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below, those set forth under Special Note About Forward-Looking Statements of this Quarterly Report on Form 10-Q and those discussed in the section titled Risk Factors in Part I, Item 1A of our Annual Report, together with any updates in the section titled Risk Factors in Part II, Item 1A of this Quarterly Report on Form 10-Q. Unless otherwise expressly stated or the context otherwise requires, references to “we,” “our,” “us,” “the Company,” and “Coinbase” refer to Coinbase Global, Inc. and its consolidated subsidiaries. For all narrative provided in this Item 2, two numbers presented consecutively represent figures for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, respectively, unless otherwise noted.
Executive Overview
This executive overview of Management’s Discussion and Analysis of Financial Condition and Results of Operations highlights selected information and does not contain all of the information that is important to readers of this Quarterly Report on Form 10-Q.
We announced the Everything Exchange in December 2025, and during the first quarter of 2026, we saw strong growth across derivatives, prediction markets, and decentralized exchange trading. Stablecoin adoption is accelerating and USDC reached an all-time high in both market capitalization and average USDC held in Coinbase products.
For the three months ended March 31, 2026, our net revenue was $1.3 billion, including $755.8 million in transaction revenue and $583.5 million in subscription and services revenue. For the three months ended March 31, 2025, our net revenue was $1.9 billion, including $1.3 billion in transaction revenue and $674.6 million in subscription and services revenue.
For the three months ended March 31, 2026, our net loss was $394.1 million and Adjusted EBITDA was $303.3 million. For the three months ended March 31, 2025, our net income was $65.6 million and Adjusted EBITDA was $929.9 million.
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For 2026, with growing regulatory clarity, we believe we are well-positioned to drive crypto’s role in the global economy, through the Everything Exchange and by advancing stablecoin adoption with USDC, including scaling payments. We are working to further grow assets on our platform, and in turn revenue, as customers discover and adopt more products where their assets already reside. We plan to dynamically adjust our expense base in order to be responsive to market conditions and revenue opportunities, increasing or decreasing it as needed, especially with respect to certain variable expenses. On May 5, 2026, subsequent to quarter end, we announced the Restructuring Plan. We anticipate this plan will help us better align our operating expenses with current market conditions and optimize our operations for the AI era. Including reflecting the impact of the Restructuring Plan, in the second quarter of 2026, we expect the aggregate of technology and development and general and administrative expenses to generally be lower than the first quarter of 2026. Additionally, we expect sales and marketing expenses to be roughly in line with or lower than those of the first quarter of 2026, also reflecting the Restructuring Plan and the anticipated timing and scope of marketing opportunities.
Key Business Metrics
In addition to the measures presented in our Financial Statements, we use the key business metrics listed below to evaluate our business, measure our performance, identify trends affecting our business, and make strategic decisions:
| Three Months Ended March 31, | Change | ||||||||||||||||||||||||||||
| 2026 | 2025 | % | |||||||||||||||||||||||||||
MTUs(1) (in millions) | 8.2 | 9.7 | (15) | ||||||||||||||||||||||||||
Assets on Platform(2) (in billions) | $ | 294 | $ | 328 | (10) | ||||||||||||||||||||||||
Trading Volume(3) (in billions) | $ | 202 | $ | 401 | (50) | ||||||||||||||||||||||||
Net (loss) income (in millions) | $ | (394) | $ | 66 | (697) | ||||||||||||||||||||||||
Adjusted EBITDA(4) (in millions) | $ | 303 | $ | 930 | (67) | ||||||||||||||||||||||||
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(1)Represents quarterly MTUs, which are derived from the average of each month’s MTUs in each respective quarter.
(2)Represents Assets on Platform as of March 31.
(3)Represents the total U.S. Dollar equivalent of Spot Trading Volume transacted through our platform. During the fourth quarter of 2025, we redefined Trading Volume to add half of the trade value of spot trades that are routed off our platform for fulfillment, in order to provide a more comprehensive view of Trading Volume that drives our transaction revenue. Prior period amounts have been recast to conform to the current period’s definition.
(4)See Non-GAAP Financial Measure below for a reconciliation of net (loss) income to Adjusted EBITDA and an explanation for why we consider Adjusted EBITDA to be a helpful metric for investors.
Monthly Transacting Users
We define a Monthly Transacting User (“MTU”) as a consumer who actively or passively transacts in one or more products on our platform at least once during the rolling 28-day period ending on the date of measurement. MTUs engage in transactions that generate transaction revenue or subscription and services revenue. Revenue-generating transactions include active transactions, such as buying or selling crypto assets or passive transactions such as earning staking rewards and USDC rewards. MTUs also engage in transactions that are non-revenue generating, such as consumers sending and receiving crypto assets between wallets and off-platform accounts on a non-expedited basis. MTUs may overstate the number of unique consumers due to differences in product architecture or user behavior.
MTUs decreased for the three months ended March 31, 2026 as compared to 2025, primarily due to a decrease in trading users, influenced by overall market conditions.
Assets on Platform
We define Assets on Platform (“AOP”) as the total United States (“U.S.”) dollar equivalent value of crypto assets and payment stablecoins held or managed on behalf of customers in digital wallets on our platform, including our custody services but excluding assets for which the customer holds full or partial keys, calculated based on the market price on the date of measurement. AOP demonstrates the scale of
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balances held across our suite of products and services, the trust customers place in us to securely store their assets, and the underlying growth of the onchain economy. AOP also represents a monetization opportunity through our products and services, including from trading and the adoption and use of payment stablecoins, staking, custody, and institutional financing, when customers use these assets to engage with these products and services.
The following table sets forth the value of AOP by asset (in millions, except percentages):
March 31, 2026 | March 31, 2025 | Value Change | |||||||||||||||||||||||||
Units | Value | Units | Value | % | |||||||||||||||||||||||
| Bitcoin | 3.0 | $ | 202,335 | 2.7 | $ | 219,076 | (8) | ||||||||||||||||||||
| Ethereum | 19.0 | 40,027 | 15.8 | 28,812 | 39 | ||||||||||||||||||||||
| XRP | 9,175.1 | 12,294 | 8,507.7 | 17,776 | (31) | ||||||||||||||||||||||
| USDC | N/A | 9,289 | N/A | 7,839 | 18 | ||||||||||||||||||||||
Other(1) | nm | 30,487 | nm | 54,007 | (44) | ||||||||||||||||||||||
| Total | $ | 294,432 | $ | 327,510 | (10) | ||||||||||||||||||||||
__________________
nm - not meaningful
(1)Includes various other crypto asset and payment stablecoin balances, none of which individually represented more than 5% of total AOP.
AOP at March 31, 2026 decreased as compared to March 31, 2025, primarily reflecting a $67.4 billion aggregate decline in prices of most assets, offset in part by growth attributable to units, primarily Bitcoin.
Trading Volume
We define Trading Volume as the total U.S. dollar equivalent value of spot matched trades transacted between a buyer and seller through our platform, plus half of the trade value of spot trades that are routed off our platform for fulfillment, during the period of measurement. Trading Volume does not include volume from other trading products, such as derivatives, equities, or event contracts, but may in the future as those become more material. Trading Volume represents the product of the quantity of assets transacted and the trade price at the time the transaction was executed. As trading activity directly impacts transaction revenue, we believe this measure is a reflection of liquidity on our order books, trading health, and the underlying growth of the onchain economy. Institutions incur lower fees per transaction than consumers and, as a result, the impact of changes in consumer Trading Volume on transaction revenue is more pronounced than the impact of changes in institutional Trading Volume. Within consumer, Advanced traders incur lower fees per transaction than Simple traders, and therefore a shift in the mix of trading between these consumers impacts transaction revenue.
Generally, Trading Volume is primarily influenced by overall market dynamics, namely the price of crypto assets, crypto asset volatility, and macroeconomic conditions, and by our share of total crypto market spot trading volume. In periods of high crypto asset prices and crypto asset volatility, we have generally experienced correspondingly high levels of Trading Volume. In recent quarters, we have also seen market events, product announcements, paid incentives, and competition as influential factors. Trading activity generally directly impacts transaction revenue. However, during periods when new products or markets are being introduced or entered, associated Trading Volume may not directly impact revenue within the same period, or may impact it indirectly.
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| Three Months Ended March 31, | Change | ||||||||||||||||||||||||||||||||
| 2026 | 2025 | % | |||||||||||||||||||||||||||||||
Trading Volume(1) (in billions) | |||||||||||||||||||||||||||||||||
Consumer | $ | 36 | $ | 79 | (54) | ||||||||||||||||||||||||||||
Institutional | 166 | 322 | (48) | ||||||||||||||||||||||||||||||
Total Trading Volume | $ | 202 | $ | 401 | (50) | ||||||||||||||||||||||||||||
Trading Volume by crypto asset | |||||||||||||||||||||||||||||||||
Bitcoin | 40 | % | 27 | % | 48 | ||||||||||||||||||||||||||||
Ethereum | 19 | 11 | 73 | ||||||||||||||||||||||||||||||
XRP | 9 | 11 | (18) | ||||||||||||||||||||||||||||||
| USDT | 2 | 13 | (85) | ||||||||||||||||||||||||||||||
Other crypto assets(2) | 30 | 38 | (21) | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||||||||||
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(1)During the fourth quarter of 2025, we redefined Trading Volume to add half of the trade value of spot trades that are routed off our platform for fulfillment, in order to provide a more comprehensive view of Trading Volume that drives our transaction revenue. Prior period amounts have been recast to conform to the current period’s definition.
(2)Includes various other crypto assets, none of which individually represented more than 10% of our total Trading Volume.
For the three months ended March 31, 2026 as compared to 2025, Trading Volume decreased primarily reflecting a decrease of 44% in global crypto market spot trading volume (the USD equivalent value of all matched trades transacted between buyers and sellers across all exchanges) driven by softer market conditions.
Results of Operations
Comparison of the three months ended March 31, 2026 and 2025
Revenue
For each of the three months ended March 31, 2026 and 2025, we generated 84% of total revenue in the U.S., with no other country contributing over 10%. International revenue consisted mainly of transaction revenue.
Transaction revenue
| Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||
(in thousands, except %) | 2026 | 2025 | $ | % | ||||||||||||||||||||||||||||||||||||
| Consumer, net | $ | 566,899 | $ | 1,095,506 | $ | (528,607) | (48) | |||||||||||||||||||||||||||||||||
| Institutional, net | 135,726 | 98,888 | 36,838 | 37 | ||||||||||||||||||||||||||||||||||||
| Other transaction revenue, net | 53,200 | 67,814 | (14,614) | (22) | ||||||||||||||||||||||||||||||||||||
| Total transaction revenue | $ | 755,825 | $ | 1,262,208 | $ | (506,383) | (40) | |||||||||||||||||||||||||||||||||
| % of net revenue | 56 | 65 | ||||||||||||||||||||||||||||||||||||||
Transaction revenue decreased for the three months ended March 31, 2026 as compared to 2025, primarily reflecting:
•a decrease in consumer transaction revenue driven by $591.6 million attributed to a 54% decrease in consumer Trading Volume, offset in part by growth in derivatives trading volume and the launch of prediction markets trading; and
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•an increase in institutional transaction revenue driven by:
◦an increase of $68.5 million attributed to derivatives trading, due mainly to the acquisition of Deribit in August 2025; offset in part by
◦a decrease of $37.5 million attributed to a 48% decrease in institutional Trading Volume.
There were no material changes to note within other.
The percentage of transaction revenue from spot trading on our platform by crypto asset was as follows:
| Three Months Ended March 31, | Change | ||||||||||||||||||||||||||||
| 2026 | 2025 | % | |||||||||||||||||||||||||||
| Bitcoin | 40 | % | 26 | % | 54 | ||||||||||||||||||||||||
| XRP | 11 | 18 | (39) | ||||||||||||||||||||||||||
| Ethereum | 13 | 10 | 30 | ||||||||||||||||||||||||||
| Solana | 7 | 10 | (30) | ||||||||||||||||||||||||||
Other crypto assets(1) | 29 | 36 | (19) | ||||||||||||||||||||||||||
| Total | 100 | % | 100 | % | |||||||||||||||||||||||||
(1)Includes various other crypto assets, none of which individually represented more than 10% of our total transaction revenue from spot trading on our platform.
Subscription and services revenue
| Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||
(in thousands, except %) | 2026 | 2025 | $ | % | ||||||||||||||||||||||||||||||||||||
Stablecoin revenue(1) | $ | 305,435 | $ | 274,037 | $ | 31,398 | 11 | |||||||||||||||||||||||||||||||||
| Blockchain rewards | 100,849 | 196,592 | (95,743) | (49) | ||||||||||||||||||||||||||||||||||||
| Interest and finance fee income | 67,805 | 63,086 | 4,719 | 7 | ||||||||||||||||||||||||||||||||||||
| Other subscription and services revenue | 109,434 | 140,898 | (31,464) | (22) | ||||||||||||||||||||||||||||||||||||
| Total subscription and services revenue | $ | 583,523 | $ | 674,613 | $ | (91,090) | (14) | |||||||||||||||||||||||||||||||||
| % of net revenue | 44 | 35 | ||||||||||||||||||||||||||||||||||||||
____________________________________
(1) During the first quarter of 2026, we revised the presentation of revenue earned on corporate payment stablecoin balances, now presenting the amounts in Corporate interest and other income rather than in Stablecoin revenue. Prior period amounts have been reclassified to conform to current period presentation. For information on the reclassified amounts, please see Note 2. Summary of Significant Accounting Policies and Note 4. Revenue of the Notes to our Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Subscription and services revenue decreased for the three months ended March 31, 2026 as compared to 2025, reflecting:
•increases in stablecoin revenue of:
◦$64.2 million due to higher average USDC balances held by customers in eligible Coinbase products; and
◦$23.2 million due to higher average USDC off-platform balances; offset in part by
◦a decrease of $57.5 million due to lower average interest rates, which declined 67 basis points; and
•decreases in blockchain rewards of:
◦$74.8 million due to lower average crypto asset prices, driven primarily by Solana; and
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◦$32.2 million due to lower reward rates, primarily for Solana and Ethereum, offset in part by
◦the impact of an increase in staked balances, primarily of Solana and Cosmos.
There were no material changes to note within the other categories in the table above.
Other revenue
| Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||
(in thousands, except %) | 2026 | 2025 | $ | % | ||||||||||||||||||||||||||||||||||||
Corporate interest and other income(1) | $ | 73,634 | $ | 97,474 | $ | (23,840) | (24) | |||||||||||||||||||||||||||||||||
| Total other revenue | $ | 73,634 | $ | 97,474 | $ | (23,840) | (24) | |||||||||||||||||||||||||||||||||
____________________________________
(1) During the first quarter of 2026, we revised the presentation of revenue earned on corporate payment stablecoin balances, now presenting the amounts in Corporate interest and other income rather than in Stablecoin revenue. Prior period amounts have been reclassified to conform to current period presentation. For information on the reclassified amounts, please see Note 2. Summary of Significant Accounting Policies and Note 4. Revenue of the Notes to our Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Corporate interest and other income decreased for the three months ended March 31, 2026 as compared to 2025, reflecting an 81 basis point decline in average interest rates earned.
Operating expenses
Certain prior period amounts have been reclassified to conform to the current period presentation.
Transaction expense
| Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||
(in thousands, except %) | 2026 | 2025 | $ | % | ||||||||||||||||||||||||||||||||||||
| Blockchain rewards fees | $ | 64,133 | $ | 120,021 | $ | (55,888) | (47) | |||||||||||||||||||||||||||||||||
| Payment processing and account verification | 40,175 | 64,645 | (24,470) | (38) | ||||||||||||||||||||||||||||||||||||
| Transaction reversal losses | 33,999 | 46,844 | (12,845) | (27) | ||||||||||||||||||||||||||||||||||||
| Transaction rebates and commissions | 29,026 | 59,585 | (30,559) | (51) | ||||||||||||||||||||||||||||||||||||
| Other | 28,526 | 11,931 | 16,595 | 139 | ||||||||||||||||||||||||||||||||||||
| Total transaction expense | $ | 195,859 | $ | 303,026 | $ | (107,167) | (35) | |||||||||||||||||||||||||||||||||
| % of net revenue | 15 | 16 | ||||||||||||||||||||||||||||||||||||||
Transaction expense decreased for the three months ended March 31, 2026 as compared to 2025, reflecting:
•lower blockchain rewards fees, which moved with blockchain rewards revenue; and
•a decrease in transaction rebates and commissions, primarily those earned by institutional customers providing liquidity on our international exchange, as we tapered incentive offerings.
There were no material changes to note within the other categories in the table above.
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Technology and development
| Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||
(in thousands, except %) | 2026 | 2025 | $ | % | ||||||||||||||||||||||||||||||||||||
| Employee-related | $ | 348,123 | $ | 232,348 | $ | 115,775 | 50 | |||||||||||||||||||||||||||||||||
| Website hosting and infrastructure | 90,639 | 67,247 | 23,392 | 35 | ||||||||||||||||||||||||||||||||||||
| Amortization, depreciation, and impairment | 47,913 | 32,012 | 15,901 | 50 | ||||||||||||||||||||||||||||||||||||
| Other | 38,973 | 23,761 | 15,212 | 64 | ||||||||||||||||||||||||||||||||||||
| Total technology and development | $ | 525,648 | $ | 355,368 | $ | 170,280 | 48 | |||||||||||||||||||||||||||||||||
| % of net revenue | 39 | 18 | ||||||||||||||||||||||||||||||||||||||
Technology and development expenses increased for the three months ended March 31, 2026 as compared to 2025, primarily reflecting an increase in employee-related expenses driven by 23% higher average headcount supporting product growth, and expanded by acquisition-related compensation.
There were no material changes to note within the other categories in the table above.
Sales and marketing
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-06-05 | Jones Jennifer N. | Chief Accounting Officer | Sell | -2,051 | $158.15 | -$324,366 |
| 2026-06-01 | WILSON FREDERICK R indirect | Director | Sell | -10,000 ×10 | $181.54 | -$1,815,364 |
| 2026-05-27 | Grewal Paul | Chief Legal Officer | Sell | -1,960 ×6 | $176.88 | -$346,683 |
| 2026-05-22 | Brock Lawrence J | Chief People Officer | Sell | -6,616 ×9 | $189.01 | -$1,250,483 |
| 2026-05-15 | HAAS ALESIA J | Chief Financial Officer | Sell | -9,750 | $205.64 | -$2,004,990 |
| 2026-04-16 | HAAS ALESIA J | Chief Financial Officer | Sell | -10,020 | $200.00 | -$2,004,000 |
| 2026-03-16 | HAAS ALESIA J | Chief Financial Officer | Sell | -9,950 ×2 | $201.60 | -$2,005,934 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-07-30 10-Q expected by 2026-08-06 (in 49 days)
- ~2026-10-29 10-Q expected by 2026-11-05 (in 140 days)
- ~2027-02-09 10-K expected by 2027-02-23 (in 243 days)
- ~2027-05-06 10-Q expected by 2027-05-13 (in 329 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-05-07 10-Q Quarterly Report
- 2026-05-07 8-K Earnings Release; Financial Statements and Exhibits
- 2026-05-05 8-K Costs Associated with Exit
- 2026-04-24 DEF 14A Proxy Statement
- 2026-04-10 8-K Officer/Director Change
- 2026-02-12 10-K Annual Report
- 2026-02-12 8-K Earnings Release; Financial Statements and Exhibits
- 2025-12-16 8-K Other Events; Financial Statements and Exhibits
- 2025-10-30 10-Q Quarterly Report
- 2025-10-30 8-K Earnings Release; Financial Statements and Exhibits
- 2025-08-15 8-K Other Events; Financial Statements and Exhibits
- 2025-08-08 8-K Material Agreement Entered; Material Financial Obligation; Unregistered Equity Sale; Other Events; Financial Statements and Exhibits
- 2025-08-06 8-K Other Events; Financial Statements and Exhibits
- 2025-08-05 8-K Other Events; Financial Statements and Exhibits
- 2025-07-31 10-Q Quarterly Report