The company's debt-to-equity ratio increased to 0.59 in 2026Q1 from 0.36 in 2025Q2, indicating a strategic shift toward higher leverage that warrants close monitoring.
| Total Current Assets | 19.68B | 20.39B | 18.11B | 11.36B | 86.45B | 18.37B | 5.13B | 1.99B |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 7.05B | 6.65B | 7.56B | 5.12B | 80.6B | 10.65B | 3.8B | 1.24B |
| Total Non-Current Assets | 9.17B | 9.28B | 4.43B | 3.4B | 3.28B | 2.9B | 721.47M | 404.82M |
| Property, Plant & Equipment | 407.35M | 406.2M | 281.23M | 205.29M | 241.21M | 157.62M | 150.09M | 170.5M |
| Fixed Asset Turnover | 14.62x | 17.68x | 23.34x | 15.14x | 13.24x | 49.74x | 8.51x | 3.13x |
| Goodwill | 4.21B | 4.17B | 1.14B | 1.14B | 1.07B | 625.76M | 77.21M | 54.7M |
| Intangible Assets | 1.36B | 1.4B | 46.8M | 86.42M | 135.43M | 176.69M | 376.92M | 70.14M |
| Long-Term Investments | 11.83B | 2.62B | 1.93B | 673.65M | 751.08M | 1.35B | 28.15M | 17.6M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - |
| Total Assets | 28.85B | 29.67B | 22.54B | 14.75B | 89.72B | 21.27B | 5.86B | 2.39B |
| Asset Turnover | 0.21x | 0.24x | 0.29x | 0.21x | 0.04x | 0.37x | 0.22x | 0.22x |
| Asset Growth % | -116.65% | 31.63% | 52.79% | -83.56% | 321.75% | 263.33% | 144.82% | - |
| Total Current Liabilities | 9.19B | 8.7B | 7.94B | 5.49B | 80.82B | 11.42B | 4.25B | 1.22B |
| Accounts Payable | 112.21M | 117.61M | 63.32M | 39.29M | 56.04M | 39.83M | 12.03M | 5.94M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - |
| Short-Term Debt | 1.84B | 1.72B | 300.11M | 0 | 20.52M | 20.06M | 271.3M | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - |
| Other Current Liabilities | 6.63B | 6.17B | 6.94B | -192.18B | 151.5M | 426.67M | 0 | 47.4M |
| Current Ratio | 2.14x | 2.34x | 2.28x | 2.07x | 1.07x | 1.61x | 1.21x | 1.62x |
| Quick Ratio | 2.14x | 2.34x | 2.28x | 2.07x | 1.07x | 1.61x | 1.21x | 1.62x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 6.18B | 6.18B | 4.32B | 2.99B | 3.46B | 3.47B | 644.98M | 671.24M |
| Long-Term Debt | 5.94B | 5.94B | 4.23B | 2.98B | 3.39B | 3.38B | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - |
| Total Liabilities | 15.37B | 14.88B | 12.27B | 8.47B | 84.27B | 14.89B | 4.89B | 1.89B |
| Total Debt | 7.96B | 7.83B | 4.63B | 2.99B | 3.49B | 3.51B | 379.08M | 130.32M |
| Net Debt | -2.24B | -3.45B | -3.91B | -2.14B | -935.28M | -3.61B | -682.77M | -418.63M |
| Debt / Equity | 0.59x | 0.53x | 0.45x | 0.48x | 0.64x | 0.55x | 0.39x | 0.26x |
| Debt / EBITDA | 32.08x | 4.82x | 1.90x | - | - | 1.12x | 0.86x | - |
| Net Debt / EBITDA | -9.02x | -2.13x | -1.61x | - | - | -1.15x | -1.55x | - |
| Interest Coverage | 11.92x | 18.82x | 37.49x | 0.07x | -33.47x | 104.80x | - | - |
| Total Equity | 13.48B | 14.79B | 10.28B | 6.28B | 5.45B | 6.38B | 963.58M | 497.09M |
| Equity Growth % | 200.79% | 43.95% | 63.6% | 15.16% | -14.53% | 562.29% | 93.85% | - |
| Book Value per Share | 50.91 | 51.51 | 37.59 | 24.69 | 24.53 | 29.01 | 5.18 | 7.42 |
| Total Shareholders' Equity | 13.48B | 14.79B | 10.28B | 6.28B | 5.45B | 6.38B | 963.58M | 497.09M |
| Common Stock | 3K | 3K | 2K | 2K | 2K | 2K | 0 | 0 |
| Retained Earnings | 5.83B | 6.22B | 4.96B | 1.82B | 1.73B | 4.35B | 726.3M | 403.99M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -13.31M | 4.97M | -50.05M | -30.27M | -38.61M | -3.4M | 6.26M | -721K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and Custodial Volatility
As reported in financial statements, Coinbase's total assets fluctuated wildly from $348.0 billion in 2024Q1 to $28.8 billion in 2026Q1, primarily due to the accounting treatment of customer-safeguarded assets under SAB 121 rather than changes in the company's own underlying capital base or operational scale.
The massive variance in total assets reflects the inclusion of client crypto-assets, which masks the company's actual asset-light business model. Investors should focus on the growth of retained earnings and cash reserves to gauge true balance sheet health, as the headline asset figure is largely a function of regulatory reporting requirements.
According to recent SEC filings, the company maintained a current ratio of 2.14 as of 2026Q1, providing a sufficient buffer against short-term operational volatility, though this liquidity remains highly sensitive to the rapid shifts in customer deposit levels and the broader crypto-asset market environment.
While the current ratio appears healthy, the liquidity position is inherently tied to the firm's role as a custodian. The ability to maintain this buffer during periods of market stress is critical, as any significant withdrawal of client assets could impact the company's working capital and overall financial flexibility.
Based on reported figures, Coinbase's debt-to-equity ratio rose to 0.59 in 2026Q1 from 0.36 in 2025Q2, indicating a strategic increase in leverage that warrants monitoring as the company navigates the capital-intensive requirements of its institutional-grade infrastructure and ongoing regulatory compliance costs.
The increase in debt levels suggests a shift toward utilizing external financing to support operations or capital allocation initiatives. While current leverage remains manageable, the reliance on debt during periods of earnings volatility could constrain future financial flexibility if market conditions deteriorate further.
As evidenced by quarterly filings, equity has shown significant volatility, reaching $13.5 billion in 2026Q1, though the persistent issuance of stock-based compensation continues to dilute existing shareholders and complicates the assessment of long-term value creation for the firm's equity holders.
The growth in retained earnings is a positive indicator of operational progress, yet the ongoing reliance on equity-based incentives suggests that the true cost of labor is not fully captured in GAAP net income. Investors should carefully evaluate the impact of this dilution on future earnings per share growth.
Based on an analysis of SEC filings, the most significant risk to interpreting the balance sheet is the impact of SAB 121, which forces the inclusion of customer assets, thereby obscuring the company's true capital structure and potentially misleading investors regarding its actual financial leverage.
This accounting treatment creates a disconnect between the reported balance sheet and the company's actual economic risk profile. Analysts must strip out these custodial assets to accurately assess the firm's solvency and the true efficiency of its capital allocation strategies.
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.