The balance sheet shows a strong equity cushion (equity/assets at 0.49) and $8.9B in cash, but total assets contracted from $348.0B in 2024Q1 to $26.5B in 2026Q2 due to SAB 121, and loan loss provisions remain elevated at $167.3M in 2026Q2.
Coinbase Global, Inc. (COIN) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash & Short Term Investments | 45B | 11.91B | 9.55B | 5.53B | 5.29B | 7.22B | 1.11B | 637.37M |
| Cash & Due from Banks | 8.89B | 11.29B | 8.54B | 5.14B | 4.43B | 7.12B | 1.06B | 548.95M |
| Short Term Investments | 174.78M | 628.61M | 1B | 386.02M | 861.15M | 100.1M | 48.94M | 88.43M |
| Total Investments | 2.48B | 3.25B | 2.93B | 1.06B | 1.61B | 1.45B | 77.08M | 106.03M |
| Investments Growth % | 152.37% | 10.88% | 176.63% | -34.27% | 11.02% | 1783.97% | -27.3% | - |
| Long-Term Investments | 10.36B | 2.62B | 1.93B | 673.65M | 751.08M | 1.35B | 28.15M | 17.6M |
| Accounts Receivables | 164.75M | 173.92M | 95.87M | 58.93M | 191.51M | 25.59M | 161.53M | 17.6M |
| Goodwill & Intangibles | 5.46B | 5.57B | 1.19B | 1.23B | 1.21B | 802.45M | 454.13M | 124.83M |
| Goodwill | 4.14B | 4.17B | 1.14B | 1.14B | 1.07B | 625.76M | 77.21M | 54.7M |
| Intangible Assets | 1.32B | 1.4B | 46.8M | 86.42M | 135.43M | 176.69M | 376.92M | 70.14M |
| PP&E (Net) | 404M | 406.2M | 281.23M | 205.29M | 241.21M | 157.62M | 150.09M | 170.5M |
| Other Assets | 6.48B | 117.75M | 93.14M | 19.84M | 28.25M | 14.81M | 68.29M | 62.61M |
| Total Current Assets | 11.13B | 20.39B | 18.11B | 11.36B | 86.45B | 18.37B | 5.13B | 1.99B |
| Total Non-Current Assets | 15.33B | 9.28B | 4.43B | 3.4B | 3.28B | 2.9B | 721.47M | 404.82M |
| Total Assets | 26.46B | 29.67B | 22.54B | 14.75B | 89.72B | 21.27B | 5.86B | 2.39B |
| Asset Growth % | -12.11% | 31.63% | 52.79% | -83.56% | 321.75% | 263.33% | 144.82% | - |
| Return on Assets (ROA) | -3.4% | 4.83% | 13.83% | 0.18% | -4.73% | 26.72% | 7.82% | -1.27% |
| Accounts Payable | 72.07M | 117.61M | 63.32M | 39.29M | 56.04M | 39.83M | 12.03M | 5.94M |
| Total Debt | 6.67B | 7.83B | 4.63B | 2.99B | 3.49B | 3.51B | 379.08M | 130.32M |
| Net Debt | -2.22B | -3.45B | -3.91B | -2.14B | -935.28M | -3.61B | -682.77M | -418.63M |
| Long-Term Debt | 5.94B | 5.94B | 4.23B | 2.98B | 3.39B | 3.38B | 0 | 0 |
| Short-Term Debt | 539.2M | 1.72B | 300.11M | 0 | 20.52M | 20.06M | 271.3M | 0 |
| Other Liabilities | 32.61M | 67.72M | 3.92M | 3.4M | 19.53M | 14.83M | 562.47M | 564.7M |
| Total Current Liabilities | 7.22B | 8.7B | 7.94B | 5.49B | 80.82B | 11.42B | 4.25B | 1.22B |
| Total Non-Current Liabilities | 6.16B | 6.18B | 4.32B | 2.99B | 3.46B | 3.47B | 644.98M | 671.24M |
| Total Liabilities | 13.38B | 14.88B | 12.27B | 8.47B | 84.27B | 14.89B | 4.89B | 1.89B |
| Total Equity | 13.08B | 14.79B | 10.28B | 6.28B | 5.45B | 6.38B | 963.58M | 497.09M |
| Equity Growth % | 164.45% | 43.95% | 63.6% | 15.16% | -14.53% | 562.29% | 93.85% | - |
| Equity / Assets (Capital Ratio) | 49.43% | 49.86% | 45.59% | 42.58% | 6.08% | 30% | 16.46% | 20.78% |
| Return on Equity (ROE) | -6.89% | 10.05% | 31.15% | 1.62% | -44.35% | 98.68% | 44.13% | -6.11% |
| Book Value per Share | 49.65 | 51.51 | 37.59 | 24.69 | 24.53 | 29.01 | 5.18 | 7.42 |
| Tangible BV per Share | 28.93 | 32.12 | 33.25 | 19.87 | 19.09 | 25.36 | 2.74 | 5.56 |
| Common Stock | 3K | 3K | 2K | 2K | 2K | 2K | 0 | 0 |
| Additional Paid-in Capital | 7.71B | 8.57B | 5.37B | 4.49B | 3.77B | 2.03B | 231.02M | 93.82M |
| Retained Earnings | 5.47B | 6.22B | 4.96B | 1.82B | 1.73B | 4.35B | 726.3M | 403.99M |
| Accumulated OCI | -98.27M | 4.97M | -50.05M | -30.27M | -38.61M | -3.4M | 6.26M | -721K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying COIN stock.
As of 2025, Coinbase Global, Inc. (COIN) had total assets of $29.67B including $20.39B in current assets.
Coinbase Global, Inc. (COIN) carries total debt of $7.83B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Coinbase Global, Inc. (COIN) has total shareholders' equity (book value) of $14.79B ($51.51 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Coinbase Global, Inc. (COIN) reported a current ratio of 2.34x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Regulatory and revenue volatility
Metrics are mathematically derived from official filings.
Asset Base Shrinks Amid Volatility
Total assets contracted from $348.0B in 2024Q1 to $26.5B in 2026Q2, reflecting the removal of customer custodial assets under SAB 121, as reported in quarterly filings.
The dramatic decline in total assets is primarily attributable to the accounting treatment of customer assets, which were previously grossed up on the balance sheet. Excluding this effect, the company's own balance sheet appears more stable, with equity fluctuating between $8.1B and $16.0B. The recent trend shows a slight contraction in equity from $16.0B in 2025Q3 to $13.1B in 2026Q2, suggesting retained losses and share repurchases are eroding capital.
Customer Funds Drive Balance Sheet
Coinbase's balance sheet is dominated by customer custodial assets, which totaled $290.6B in 2024Q3, but these are not traditional deposits and are not a stable funding source, per SEC filings.
Unlike a traditional bank, Coinbase does not rely on customer deposits for funding; instead, it holds customer crypto and fiat in custody. The company's own cash and equivalents have ranged from $6.7B to $11.3B, providing a liquidity buffer. However, the lack of a stable deposit base means the company is exposed to rapid outflows during market stress, as seen in the volatility of total assets.
Provisioning Signals Credit Stress
Loan loss provisions totaled $167.3M in 2026Q2, down from $406.0M in 2026Q1, but remain elevated relative to revenue, indicating ongoing credit concerns, as per quarterly disclosures.
Although Coinbase is not a traditional lender, it holds a loan portfolio that has required significant provisions. The provision expense in 2026Q2 represents a substantial drag on earnings, contributing to the net loss. The reduction from the prior quarter may suggest improving credit conditions, but the absolute level remains high, warranting close monitoring of the loan book's performance.
Equity Cushion Thins Slightly
Equity-to-assets ratio improved from 0.02 in 2024Q1 to 0.49 in 2026Q2, but this is distorted by the removal of customer assets; actual equity has declined from $16.0B to $13.1B, per financial statements.
The reported equity ratio appears strong, but it is artificially inflated by the accounting change. In absolute terms, equity has decreased by nearly $3B over the past year, driven by net losses and share buybacks. The company continues to repurchase shares despite negative earnings, which may signal management's confidence in long-term value but also reduces the capital buffer.
Cash Reserves Provide Buffer
Cash and cash equivalents stood at $8.9B in 2026Q2, down from $11.3B in 2025Q4, but still representing a significant liquidity cushion, as reported in the balance sheet.
Coinbase maintains a substantial cash position, which is critical given the volatility of its business. The decline in cash over recent quarters is partly due to investment in securities and buybacks. The company's investment securities portfolio of $2.5B provides additional liquidity, though its market value may fluctuate. Overall, the liquidity position appears adequate to meet short-term obligations.
Interest Income Highly Unpredictable
Net interest income swung from $1.8B in 2025Q4 to -$22.6M in 2026Q1, reflecting volatile stablecoin and fiat interest earnings, as per quarterly disclosures.
The company's interest income is heavily dependent on interest rates and the size of its stablecoin and fiat balances. The negative NII in recent quarters suggests that interest expenses on customer balances may exceed income, possibly due to lower rates or changes in the mix of assets. This volatility makes it difficult to forecast NIM, and investors should expect continued fluctuations.
Custodial Assets Mask True Size
The balance sheet is inflated by customer custodial assets, which totaled $290.6B in 2024Q3, but these are not company-owned and obscure the true scale of operations, per SAB 121.
The most significant non-obvious risk is the accounting treatment of customer assets, which can mislead analysts about the company's leverage and asset quality. The removal of these assets from the balance sheet in 2025Q1 reveals a much smaller company, with total assets of around $21-30B. This adjustment is critical for accurate valuation and risk assessment, as the company's actual exposure to market movements is far less than the headline numbers suggest.