Company filings, made visual.

Source & review

SEC accession

0001679788-26-000054

Filed

Date not recorded

Reviewed

2026-07-26

Status

Individual filing review complete

How to read these figures

Revenue composition and the loss bridge are separate but concurrent filing-backed flows. All values are directly reported or exact arithmetic sums. The loss bridge reverses the visual direction of tax benefits and financial offsets: the gross loss pool splits into the reported pretax loss and mitigating income, then pretax loss splits into net loss and tax benefit.

Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.

• Trading volume fell 50% to $202B. Consumer volume dropped 54%, pulling retail transaction revenue down by $529M.
• Subscription and services reached 44% of net revenue, up from 35%, making Coinbase less dependent on transaction activity even as those services also declined.
• Stablecoin revenue alone was more than twice institutional transaction revenue, reflecting Coinbase's growing role in dollar-backed crypto infrastructure.
• Technology and development expense rose 48% to $526M, including $349M of employee costs and $91M of hosting infrastructure.
• Coinbase held $1.60B of crypto investments at quarter end. Their $482M mark-to-market loss was larger than the entire reported net loss.
• Adjusted EBITDA was positive $303M because it excludes the investment loss and stock compensation; GAAP net income remained exposed to both.