Coinbase Global, Inc.

Company facts

Industry

Finance Services

Headquarters

New York, New York

Most recent report

10-Q, filed Oct 29, 2026

Incorporated

Texas

Filings on record

1,002+ filings

On EDGAR

CIK 1679788

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 5 of 13 sections worth reading, with 0 positive, 14 notable, and 4 negative flags.

• Financial Statements (Item 1)

  Core financial statements: revenue down 35%, net loss, large acquisition, debt repaid, buyback doubled.
  Notable

  • Deribit acquisition for $4.3B closed Aug 2025, adding $2.8B goodwill and $1.4B intangibles; paid mainly in stock.
  • Board doubled the share repurchase authorization from $2B to $4B in Jan 2026; used $1.25B in nine months.
  Negative

  • One counterparty grew to 27% of total revenue in Q3 2026, up from 19% a year earlier, increasing concentration risk.

• Management's Discussion (Item 2)

  MD&A with detailed revenue, expense, and cash flow declines; restructuring; debt repayment; buyback.
  Notable

  • Restructuring plan announced May 2026; $47.8M expense in nine months, $4.6M reversal in Q3.
  • Repaid $1.3B of 2026 Convertible Notes at maturity; $6.0B in debt outstanding.
  • Short-term borrowings of $748.8M in crypto and stablecoins to facilitate institutional financing.
  • Operating cash flow fell to $785.5M from $1.8B, driven by lower consumer transaction revenue.
  • Repurchased $1.2B of stock (7.1M shares) in nine months; $2.0B remaining on $4.0B authorization.
  Negative

  • Net revenue dropped 33% to $1.2B in Q3 2026 from $1.8B in Q3 2025.
  • Nine-month net loss of $34.9M vs net income of $1.9B in prior year.
  • Adjusted EBITDA fell 58% to $332.9M in Q3 2026 from $800.7M in Q3 2025.

• Legal Proceedings (Item 1)

  Cross-references Note 20 for material proceedings; lists active regulatory subpoenas and investigations.
  Notable

  • Cross-references Note 20 for material legal proceedings; no specific amounts or outcomes stated.
  • Discloses active subpoenas from state agencies and regulators on business practices, asset listings, staking, and stablecoin products.
  • Also received subpoenas on customer programs, operations, asset classification, staking, and yield-generating products.

• Unregistered Sales and Repurchases (Item 2)

  Board tripled buyback authorization to $4.0B; actual repurchases were tiny in Q3 2026.
  Notable

  • Program expanded in October 2025 to include convertible notes and senior notes, not just stock.

• Other Information (Item 5)

  Three senior insiders adopted 10b5-1 plans to sell large share blocks, including the CEO.
  Notable

  • CEO Armstrong's plan covers up to 8,167,446 shares, starting Nov 16, 2026 through Oct 22, 2027.
  • Director Ehrsam's plan covers up to 3,866,620 shares, starting Dec 7, 2026 through Jun 7, 2027.
  • President Choi's plan covers up to 1,560,453 shares, starting Jan 4, 2027 through Dec 31, 2027.

What changed: Sep 2026 vs. Jun 2026

About 6% of COIN's Sep 2026 10-Q is new information. 24 paragraphs were added, 156 changed, and 23 removed. Below are the most important lines SECSift identified.

• Item 2 73
• Item 1 54
• Item 5 4
• Item 6 2
• Item 3 1
• Item 4 1