₿$73,459.79▼ 0.12%

Coinbase Global Inc.

COIN🇺🇸Reserve

Coinbase is the largest US cryptocurrency exchange, offering trading, custody, and institutional services. The company holds BTC as a corporate treasury asset.

BTC Holdings

16,492 BTC

180d

Stock PriceUpdated 11h ago

$189.03▲ 3.72%

180d

Total financing

7.28B USD

180d

mNAV

43.34x▲ 3.85%

180d

Leverage

0.0%

180d

BTC Risk

0.00%>10x

Sats/Share

5,937

180d

Mkt capFD

52.51B USD

SharesFD

277.79M

Fiat reserve

10.21B USD

Total reserve

11.42B USD

Dilution

5.4%

Coverage

17.3 yr

BTC mix

Analytics

In-the-Money

0% ITM

OTM: $5.5B

Maturity Profile

ConvOther

Nearest: 2dWAM: 3.5yr

BTC Coverage

Capital Stack

>10x · 0 bps

ConvertiblePreferredOtherBTC NAV: $1.2B

BTC Risk

0.00% avg

P(BTC Rating < 1x at maturity) · 45% vol, 30% ARR

BTC Credit

0 bps avg

Credit spread to offset BTC Risk · 45% vol, 30% ARR

Cumulative Financing Cost

CouponsRedemptions

FinancialsUnverified

US-GAAPQuarterlyAs of 2026-03-31

Balance Sheet

Total Assets$28.8B▼8.0%

Total Liabilities$15.4B▲0.3%

Stockholders' Equity$13.5B▼15.9%

Cash & Equivalents$10.2B▲17.6%

Total Debt$7.2B▲0.1%

Digital Assets$1.6B▼38.3%

Income Statement

Revenue$1.4B▼24.4%

Operating Income$-21.4M▼104.5%

Net Income$-394.1M▼191.1%

Interest Expense$22.6M

Cash Flow

Operating Cash Flow$182.7M▲128.6%

Instruments

Total

5.54B USD

Instrument	Term	Coupon	Principal	Outstanding	Conv. price	BTC Rating
COIN-Jun26	May '21 – Jun '26	0.5%	1.27B USD	1.27B USD	370.45 USD	>10x
COIN-Oct29	Aug '25 – Oct '29	0%	1.50B USD	1.50B USD	454.44 USD	>10x
COIN-Apr30	Mar '24 – Apr '30	0.25%	1.26B USD	1.26B USD	333.54 USD	>10x
COIN-Oct32	Aug '25 – Oct '32	0%	1.50B USD	1.50B USD	394.84 USD	>10x
Total				5.54B USD

Recent Changes

Thu, Apr 30, 2026

Shares Outstanding

263.4M→263.5M+49.8K(+0.0%)

Class A 222,426,875 + Class B 41,033,891

Form 10-Q (Q1 2026)

Tue, Mar 31, 2026

BTC Holdings

15.4K→16.5K+1,103 BTC(+7.2%)

Form 10-Q (Q1 2026)

Shares Outstanding

264.1M→263.4M-664.2K(-0.3%)

Class A 222,377K + Class B 41,034K (in thousands)

Form 10-Q (Q1 2026)

Fiat Reserve

11.29B→10.21B-1.08B(-9.6%)USD

Form 10-Q (Q1 2026)

Thu, Feb 5, 2026

Shares Outstanding

267.8M→264.1M-3.8M(-1.4%)

Class A 223,041,278 + Class B 41,033,891. Net buyback of ~3.76M shares since 12/31/25.

Form 10-K (2025)

Wed, Dec 31, 2025

BTC Holdings

14.5K→15.4K+841 BTC(+5.8%)

Form 10-K (2025)

Shares Outstanding

268.7M→267.8M-900.0K(-0.3%)

Class A + Class B combined

Form 10-K (2025)

Fiat Reserve

8.68B→11.29B+2.61B(+30.1%)USD

Form 10-K (2025)

Instrument

Term

Coupon

Principal

Outstanding

Conv. price

BTC Rating

COIN-Jun26

May '21 – Jun '26

0.5%

1.27B USD

370.45 USD

>10x

COIN-Oct29

Aug '25 – Oct '29

1.50B USD

454.44 USD

>10x

COIN-Apr30

Mar '24 – Apr '30

0.25%

1.26B USD

333.54 USD

>10x

COIN-Oct32

Aug '25 – Oct '32

1.50B USD

394.84 USD

>10x

Total

5.54B USD

Recent Changes

Thu, Apr 30, 2026

Shares Outstanding

263.4M→263.5M+49.8K(+0.0%)

Class A 222,426,875 + Class B 41,033,891

Form 10-Q (Q1 2026)

Tue, Mar 31, 2026

BTC Holdings

15.4K→16.5K+1,103 BTC(+7.2%)

Form 10-Q (Q1 2026)

Shares Outstanding

264.1M→263.4M-664.2K(-0.3%)

Class A 222,377K + Class B 41,034K (in thousands)

Form 10-Q (Q1 2026)

Fiat Reserve

11.29B→10.21B-1.08B(-9.6%)USD

Form 10-Q (Q1 2026)

Thu, Feb 5, 2026

Shares Outstanding

267.8M→264.1M-3.8M(-1.4%)

Class A 223,041,278 + Class B 41,033,891. Net buyback of ~3.76M shares since 12/31/25.

Form 10-K (2025)

Wed, Dec 31, 2025

BTC Holdings

14.5K→15.4K+841 BTC(+5.8%)

Form 10-K (2025)

Shares Outstanding

268.7M→267.8M-900.0K(-0.3%)

Class A + Class B combined

Form 10-K (2025)

Fiat Reserve

8.68B→11.29B+2.61B(+30.1%)USD

Form 10-K (2025)