Coinbase Global
33 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.
Customers
Bitcoin and Ethereum ETF issuers
earns fromFor example, we serve as a custodian for several Bitcoin and Ethereum ETF issuers.Business (Item 1)
Suppliers
Circle Internet Financial (USDC)
depends onnamed as a riskIf Circle fails to provide certain operational services, our ability to maintain our current level of offerings and customer experience for USDC could be harmed and interest or confidence in USDC could be impacted.Risk factors (Item 1A)
Partners and platforms
Circle Internet Financial (USDC)
earns from · $540.3 millionnamed as a riskA hypothetical 150 basis points increase or decrease in average interest rates applied to daily USDC reserve balances held by Circle for the years ended December 31, 2025 and 2024, would have resulted in an impact of $540.3 million and $293.5 million, respectively, on stablecoin revenue.Market risk (Item 7A)
Apple App Store
depends onnamed as a riskFor example, Apple App Store’s restrictions related to crypto assets have disrupted the proposed launch of many features within the Coinbase and the Base App apps, including NFT transfer services and access to decentralized applications.Risk factors (Item 1A)
Also named by APP, DKNG, INTU, MELI, RBLX, SIRI, U, UBER and 2 more
Other companies
Federal Funds Rate
exposed to its price · $143.2 millionnamed as a riskA hypothetical 150 basis points increase or decrease in average interest rates applied to our average month end cash equivalents balances, excluding payment stablecoins, for the years ended December 31, 2025 and 2024, would have resulted in an impact of $143.2 million and $124.3 million, respectively, on interest earned on these funds.Market risk (Item 7A)
Circle Internet Group, Inc.
exposed to its price · $309.8 millionnamed as a riskAdjustments to the fair value of these investments, as well as realized gains on sales of these investments, relate primarily to our investment in Circle Internet Group, Inc.Market risk (Item 7A)
Deribit
named as a riskIf we are unable to successfully integrate Deribit or comply with evolving U.S. and international crypto and derivatives regulations applicable to our expanded operations and products, we could be required to modify or discontinue certain offerings, face limitations on our ability to onboard or serve customers in key markets, incur substantial compliance and remediation costs, or be subject to penalties and other enforcement actions, any of which could adversely affect our business, operating results, and financial condition.Risk factors (Item 1A)
Places
Russia
operates innamed as a riskHowever, our activity in Russia and Belarus and with these customers associated with these countries subjects us to further exposure to sanctions as they are released.Risk factors (Item 1A)
Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more
Belarus
operates innamed as a riskWe have continued to engage in activity in Russia and Belarus and with customers associated with these countries.Risk factors (Item 1A)
Hazards
Data Theft Incident (May 2025)
$311.2 millionnamed as a riskDuring the year ended December 31, 2025, we paid $311.2 million of cash related to the Data Theft Incident, comprising voluntary customer reimbursements and direct legal costs.Cybersecurity (Item 1C)
Commodities and inputs
Bitcoin
concentrated in · approximately 45% and 46% of total Trading Volumenamed as a riskFor the years ended December 31, 2025 and 2024, we derived a meaningful amount of our net revenue from transaction fees generated in connection with the trading of Bitcoin and Ethereum; these trading pairs drove approximately 45% and 46% of total Trading Volume on our platform during these periods, respectively.Risk factors (Item 1A)
Ethereum
concentrated in · approximately 45% and 46% of total Trading Volumenamed as a riskIn addition to the factors impacting the broader onchain economy described in this section, our revenue may be adversely affected if the markets for Bitcoin and Ethereum deteriorate or if their prices decline, including as a result of the following factors:Risk factors (Item 1A)
Crypto assets held for investment
exposed to its price · $1.0 billionnamed as a riskA hypothetical 50% increase or decrease in crypto assets prices as of December 31, 2025 and 2024 would result in a $1.0 billion and $776.5 million impact, respectively, to the value of our Crypto assets held for investment and would have been recorded as a gain or loss in Losses (gains) on crypto assets held for investment, net in our Consolidated Statements of Operations.Market risk (Item 7A)
Euro
exposed to its pricenamed as a riskOur foreign currency exposure is primarily related to transactions denominated in Euros and British Pounds attributable to cash and cash equivalents, customer custodial funds and customer custodial fund liabilities, and intercompany transactions where the transaction currency is different from a subsidiary’s functional currency.Market risk (Item 7A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
Solana
exposed to its pricenamed as a riskIn particular, our future profitability may depend upon the market price of Bitcoin, Ethereum, and Solana, as well as other crypto assets.Market risk (Item 7A)
Regulators
U.S. Securities and Exchange Commission (SEC)
subject tonamed as a riskRegardless of our conclusions, we have been, and could in the future be, subject to legal or regulatory action in the event the SEC or a state or foreign regulatory authority were to assert, or a court were to determine, that a supported crypto asset, product or service offered, sold, or traded on our platform or a product or service that we offer is a “security” under applicable laws.Risk factors (Item 1A)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
Office of Foreign Assets Control (OFAC)
subject tonamed as a riskFrom time to time, we have submitted voluntary disclosures to OFAC or responded to administrative subpoenas from OFAC.Risk factors (Item 1A)
Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more
Commodity Futures Trading Commission (CFTC)
subject tonamed as a riskFurthermore, the CTFC has regulatory authority over certain product offerings, including event contracts, which are regulated as “swaps” under the CEA.Risk factors (Item 1A)
Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more
New York State Department of Financial Services (NYDFS)
subject toOur subsidiary, CCTC, operates as a New York State-chartered limited purpose trust company, which is subject to regulation, examination, and supervision by the NYDFS.Business (Item 1)
Also named by AFL, AIG, AMP, BPOP, EFX, FNF, GS, HOOD and 9 more
Bermuda Monetary Authority
subject toIn September 2023, Coinbase International Exchange secured regulatory approval from the Bermuda Monetary Authority to enable perpetual futures for eligible non-U.S. customers, and in February 2022, we acquired LMX Labs, LLC, a designated contract market (“DCM”) regulated by the CFTC which now operates as the Coinbase Derivatives Exchange, in connection with our acquisition of FairXchange, Inc.Business (Item 1)
Also named by AFL, AIG, APO, ARES, CAT, CB, CG, FNF and 8 more
Financial Crimes Enforcement Network (FinCEN)
subject toIn the United States, as a money services business registered with the Financial Crimes Enforcement Network (“FinCEN”), we are required under the BSA to among other things, develop, implement, and maintain a risk-based anti-money laundering program, provide an anti-money laundering-related training program, report suspicious activities and transactions to FinCEN, comply with certain reporting and recordkeeping requirements, and collect and maintain information about our customers.Business (Item 1)
Also named by ABNB, ADP, AFRM, BMNR, CORZ, EEFT, FISV, SNEX and 2 more
U.K. Financial Conduct Authority
subject toWe serve our customers through Electronic Money Institutions authorized by the U.K. Financial Conduct Authority and the Central Bank of Ireland.Business (Item 1)
Virtual Asset Regulatory Authority of Dubai
subject toDeribit FZE operates a derivatives exchange under the supervision of the Virtual Asset Regulatory Authority of Dubai.Business (Item 1)
Laws and programs
General Data Protection Regulation (GDPR)
subject to · fines of up to €20 million in the E.U. (£17.5 million in the U.K.) or 4% of our worldwide annual revenuenamed as a riskFor example, if regulators assert that we have failed to comply with the GDPR, we may be subject to fines of up to €20 million in the E.U. (£17.5 million in the U.K.) or 4% of our worldwide annual revenue, whichever is greater.Risk factors (Item 1A)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
GENIUS Act
subject tonamed as a riskAs a distributor and ecosystem partner of stablecoins, Coinbase may directly and indirectly be subject to these requirements.Risk factors (Item 1A)
Also named by AUB, C, CFR, COF, CUBI, EWBC, FCNCA, FISV and 15 more
Markets in Crypto Assets regulation (MiCA)
subject tonamed as a riskAdditionally, MiCA introduces a comprehensive authorization and compliance regime for crypto asset service providers and a disclosure regime for the issuers of certain crypto assets, which will impact our operations in the European Union, including through localization requirements, due to the obligations associated with our MiCA license (obtained in June 2025).Risk factors (Item 1A)
Event contracts / prediction markets state gambling laws
subject tonamed as a riskRegulators and authorities in various jurisdictions may assert that these offerings constitute gambling, sports betting, or other regulated activities under state or local laws, rather than federally regulated financial instruments.Risk factors (Item 1A)
Infrastructure Investment and Jobs Act (IIJA) broker reporting
subject tonamed as a riskIf the IRS determines that we are not in compliance with our tax reporting or withholding obligations, significant taxes and penalties may be imposed, which could adversely affect our financial position.Risk factors (Item 1A)
Uniform Commercial Code Article 8
subject tonamed as a riskIn light of UCC Article 8, we believe that a court would not treat custodied crypto assets as part of our general estate; however, due to the novelty of crypto assets, courts have not yet considered this type of treatment for custodied crypto assets.Risk factors (Item 1A)
Technology
Staking (Ethereum, Solana and other protocols)
earns from · approximately $7.5 billionnamed as a riskAs of December 31, 2025, approximately $7.5 billion worth of these assets were held on behalf of individual consumers staked through our platform, as measured in U.S. dollar equivalents.Business (Item 1)
Coinbase Prime staking (institutional)
earns from · over $15.2 billionAs of December 31, 2025, over $15.2 billion worth of assets were staked by institutional customers through Coinbase Prime, as adjusted to USD.Business (Item 1)
Base
earns fromnamed as a riskCoinbase generates revenue from sequencer fees paid each time a transaction is processed on the Base blockchain.Business (Item 1)