Coinbase Global, Inc. (COIN) Balance Sheet
COIN balance sheet, 2025
December 31, 2025 · U.S. dollars$29.67B assets = $14.88B liabilities + $14.79B equity
Both columns are drawn to the same scale: what COIN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
COIN financial health
Descriptive bands, not a rating. Fiscal 2025.
COIN balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.39B2019 | $29.67B2025 | +52.1%/yr | |
| Total liabilities | $1.89B2019 | $14.88B2025 | +41.0%/yr | |
| Shareholders’ equity | $497.1M2019 | $14.79B2025 | +76.0%/yr | |
| Cash & short-term investments | $637.4M2019 | $11.91B2025 | +62.9%/yr | |
| Total debt | $130.3M2019 | $7.83B2025 | +97.9%/yr | |
| Net cash (debt) | $507.1M2019 | $4.08B2025 | +$3.6B | |
| Working capital | $763.5M2019 | $11.69B2025 | +$10.9B | |
| Book value per share | $7.422019 | $51.512025 | +38.1%/yr | |
| Current ratio | 1.622019 | 2.342025 | +0.72 | |
| Debt / equity | 0.262019 | 0.532025 | +0.27 | |
| Shares outstanding | 67.0M2019 | 287.2M2025 | +27.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
COIN assets
COIN liabilities and equity
COIN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
COIN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $11.91B | $9.55B | $5.53B | $5.29B | $7.22B | $1.11B | $637.4M |
| Cash & equivalents | $11.29B | $8.54B | $5.14B | $4.43B | $7.12B | $1.06B | $548.9M |
| Short-term investments | $628.6M | $1.00B | $386.0M | $861.1M | $100.1M | $48.9M | $88.4M |
| Receivables | $1.73B | $914.9M | $631.1M | $464.8M | $365.9M | $189.5M | $91.7M |
| Inventory | $0 | $0 | −$4.71B | $80.68B | $10.69B | $3.83B | $1.26B |
| Other current assets | $6.75B | $7.65B | $9.91B | $18.8M | $94.3M | $3.3M | $995,000 |
| Total current assets | $20.39B | $18.11B | $11.36B | $86.45B | $18.37B | $5.13B | $1.99B |
| Property, plant & equipment (net) | $406.2M | $281.2M | $205.3M | $241.2M | $157.6M | $150.1M | $170.5M |
| Goodwill & intangible assets | $5.57B | $1.19B | $1.23B | $1.21B | $802.4M | $454.1M | $124.8M |
| Long-term investments | $2.62B | $1.93B | $793.0M | $768.3M | $365.4M | $28.1M | $17.6M |
| Other non-current assets | $688.6M | $1.03B | $1.17B | $1.06B | $1.58B | $89.1M | $91.9M |
| Total assets | $29.67B | $22.54B | $14.75B | $89.72B | $21.27B | $5.86B | $2.39B |
| Liabilities | |||||||
| Accounts payable | $117.6M | $63.3M | $39.3M | $56.0M | $39.8M | $12.0M | $5.9M |
| Short-term debt | $1.72B | $309.7M | $10.9M | $54.3M | $52.4M | $296.6M | $23.8M |
| Deferred revenue | — | — | $197.15B | $80.24B | $10.48B | $3.85B | $1.11B |
| Total current liabilities | $8.70B | $7.94B | $5.49B | $80.82B | $11.42B | $4.25B | $1.22B |
| Long-term debt | $5.94B | $4.23B | $2.98B | $3.39B | $3.38B | $0 | $0 |
| Lease obligations | $172.7M | $85.8M | $14.7M | $75.8M | $106.4M | $107.8M | $130.3M |
| Other long-term liabilities | $240.5M | $89.7M | $7.2M | $61.6M | $88.9M | $645.0M | $671.2M |
| Total liabilities | $14.88B | $12.27B | $8.47B | $84.27B | $14.89B | $4.89B | $1.89B |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $3,000 | $2,000 | $2,000 | $2,000 | $2,000 | $1,000 | — |
| Retained earnings (deficit) | $6.22B | $4.96B | $1.82B | $1.73B | $4.35B | $726.3M | $404.0M |
| Accumulated other comprehensive income | $5.0M | −$50.1M | −$30.3M | −$38.6M | −$3.4M | $6.3M | −$721,000 |
| Total shareholders' equity | $14.79B | $10.28B | $6.28B | $5.45B | $6.38B | $963.6M | $497.1M |
| Key figures | |||||||
| Total debt | $7.83B | $4.63B | $2.99B | $3.49B | $3.51B | $379.1M | $130.3M |
| Net cash (debt) | $4.08B | $4.92B | $2.53B | $1.80B | $3.71B | $731.7M | $507.1M |
| Working capital | $11.69B | $10.17B | $5.87B | $5.63B | $6.95B | $887.1M | $763.5M |
| Tangible book value | $9.23B | $9.09B | $5.06B | $4.25B | $5.58B | $509.5M | $372.3M |
| Book value per share | $51.51 | $37.59 | $24.69 | $24.53 | $29.01 | $5.18 | $7.42 |
| Shares outstanding | 287.2M | 273.4M | 254.4M | 222.3M | 220.0M | 186.0M | 67.0M |
| Current ratio | 2.34 | 2.28 | 2.07 | 1.07 | 1.61 | 1.21 | 1.62 |
| Quick ratio | 1.57 | 1.32 | 1.12 | 0.07 | 0.66 | 0.31 | 0.60 |
| Debt / equity | 0.53 | 0.45 | 0.48 | 0.64 | 0.55 | 0.39 | 0.26 |
| Equity / assets | 49.9% | 45.6% | 42.6% | 6.1% | 30.0% | 16.5% | 20.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $9.06B | $10.68B | $11.91B | $13.33B | $9.55B | $10.15B | $9.55B | $8.48B | $8.04B | $7.31B | $5.53B | $5.50B |
| Cash & equivalents | $8.89B | $10.21B | $11.29B | $8.68B | $7.54B | $8.05B | $8.54B | $7.72B | $7.23B | $6.71B | $5.14B | $5.10B |
| Short-term investments | $174.8M | $479.4M | $628.6M | $4.66B | $2.01B | $2.10B | $1.00B | $761.1M | $812.5M | $601.8M | $386.0M | $400.8M |
| Receivables | $2.06B | $1.81B | $1.73B | $1.30B | $1.14B | $768.1M | $914.9M | $724.1M | $955.6M | $1.12B | $631.1M | $467.2M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $58.5M | $0 | $335.37B | $0 | $117.93B |
| Other current assets | $0 | $7.18B | $6.75B | $7.46B | $6.80B | $6.54B | $7.65B | $277.16B | $273.89B | $43.7M | $5.20B | $19.5M |
| Total current assets | $11.13B | $19.68B | $20.39B | $22.09B | $17.49B | $17.45B | $18.11B | $286.43B | $282.89B | $343.84B | $11.36B | $123.92B |
| Property, plant & equipment (net) | $404.0M | $407.4M | $406.2M | $399.1M | $377.7M | $302.1M | $281.2M | $193.0M | $189.5M | $203.2M | $205.3M | $217.7M |
| Goodwill & intangible assets | $5.46B | $5.57B | $5.57B | $5.42B | $1.19B | $1.20B | $1.19B | $1.19B | $1.21B | $1.22B | $1.23B | $1.23B |
| Long-term investments | $2.31B | $2.43B | $2.62B | $3.00B | $3.77B | $1.69B | $1.93B | $1.62B | $1.57B | $1.87B | $793.0M | $813.1M |
| Other non-current assets | $7.16B | $754.6M | $688.6M | $438.1M | $640.1M | $1.09B | $1.03B | $1.13B | $1.10B | $903.7M | $1.17B | $1.12B |
| Total assets | $26.46B | $28.85B | $29.67B | $31.35B | $23.48B | $21.73B | $22.54B | $290.56B | $286.96B | $348.04B | $14.75B | $127.31B |
| Liabilities | ||||||||||||
| Accounts payable | $72.1M | $112.2M | $117.6M | $85.9M | $68.5M | $62.5M | $63.3M | $39.4M | $37.4M | $26.8M | $39.3M | $36.7M |
| Short-term debt | $539.2M | $1.84B | $1.72B | $1.27B | $1.27B | $272.6M | $309.7M | $265.3M | $237.5M | $281.6M | $63.0M | $12.0M |
| Deferred revenue | — | — | — | — | — | — | — | $196.0M | $273.40B | $334.71B | $197.15B | $117.77B |
| Total current liabilities | $7.22B | $9.19B | $8.70B | $9.19B | $8.23B | $6.93B | $7.94B | $277.59B | $274.35B | $335.73B | $5.49B | $118.30B |
| Long-term debt | $5.94B | $5.94B | $5.94B | $5.93B | $2.97B | $4.24B | $4.23B | $4.23B | $4.23B | $4.23B | $2.98B | $3.08B |
| Lease obligations | $184.9M | $188.1M | $172.7M | $170.1M | $169.4M | $85.0M | $85.8M | — | — | $8.8M | $14.7M | $17.7M |
| Other long-term liabilities | $217.5M | $236.7M | $240.5M | $205.3M | $176.8M | $92.3M | $89.7M | $11.0M | $6.7M | $5.9M | $7.2M | $9.1M |
| Total liabilities | $13.38B | $15.37B | $14.88B | $15.33B | $11.38B | $11.26B | $12.27B | $281.83B | $278.59B | $339.97B | $8.47B | $121.38B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3,000 | $3,000 | $3,000 | $3,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Retained earnings (deficit) | $5.47B | $5.83B | $6.22B | $6.89B | $6.46B | $5.03B | $4.96B | $3.67B | $3.59B | $3.56B | $1.82B | $1.55B |
| Accumulated other comprehensive income | −$98.3M | −$13.3M | $5.0M | $3.5M | −$60,000 | −$42.1M | −$50.1M | −$28.8M | −$40.3M | −$37.5M | −$30.3M | −$44.1M |
| Total shareholders' equity | $13.08B | $13.48B | $14.79B | $16.02B | $12.09B | $10.47B | $10.28B | $8.73B | $8.37B | $8.07B | $6.28B | $5.92B |
| Key figures | ||||||||||||
| Total debt | $6.67B | $7.96B | $7.83B | $7.37B | $4.41B | $4.59B | $4.63B | $4.50B | $4.47B | $4.51B | $3.05B | $3.09B |
| Net cash (debt) | $2.40B | $2.72B | $4.08B | $5.96B | $5.14B | $5.55B | $4.92B | $3.99B | $3.57B | $2.81B | $2.48B | $2.41B |
| Working capital | $3.91B | $10.49B | $11.69B | $12.90B | $9.26B | $10.52B | $10.17B | $8.84B | $8.53B | $8.11B | $5.87B | $5.62B |
| Tangible book value | $7.62B | $7.91B | $9.23B | $10.60B | $10.90B | $9.27B | $9.09B | $7.54B | $7.16B | $6.85B | $5.06B | $4.69B |
| Book value per share | $49.65 | $50.91 | $55.14 | $54.88 | $43.36 | $38.59 | $37.13 | $32.64 | $31.37 | $30.12 | $24.05 | $24.96 |
| Shares outstanding | 263.4M | 264.8M | 268.3M | 292.0M | 278.9M | 271.3M | 276.8M | 267.4M | 266.8M | 267.9M | 261.2M | 237.3M |
| Current ratio | 1.54 | 2.14 | 2.34 | 2.40 | 2.13 | 2.52 | 2.28 | 1.03 | 1.03 | 1.02 | 2.07 | 1.05 |
| Quick ratio | 1.54 | 1.36 | 1.57 | 1.59 | 1.30 | 1.57 | 1.32 | 0.03 | 0.03 | 0.03 | 1.12 | 0.05 |
| Debt / equity | 0.51 | 0.59 | 0.53 | 0.46 | 0.36 | 0.44 | 0.45 | 0.52 | 0.53 | 0.56 | 0.49 | 0.52 |
| Equity / assets | 49.4% | 46.7% | 49.9% | 51.1% | 51.5% | 48.2% | 45.6% | 3.0% | 2.9% | 2.3% | 42.6% | 4.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 12, 2026); data from EODHD.
COIN financial position
At the end of fiscal 2025 (December 31, 2025), Coinbase had total assets of $29.7 billion (up 31.6% from a year earlier), total liabilities of $14.9 billion and shareholders' equity of $14.8 billion. It held $11.9 billion in cash and short-term investments against $7.8 billion of debt, a net cash position of $4.1 billion. Its current ratio was 2.34. In the latest quarter (ended June 30, 2026) total assets were $26.5 billion and equity $13.1 billion.
Related: COIN income statement, COIN cash flow statement, COIN key metrics. See the COIN stock overview for the latest quote and news.
COIN balance sheet FAQ
What are Coinbase's total assets?
Coinbase reported total assets of $29.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $22.5 billion a year earlier.
How much debt does Coinbase have?
Coinbase had $7.8 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.53.
How much cash does Coinbase have?
Coinbase held $11.9 billion in cash and short-term investments at the end of fiscal 2025; with $7.8 billion of debt that is net cash of $4.1 billion.
What is Coinbase's book value?
Coinbase's shareholders' equity (book value) was $14.8 billion at the end of fiscal 2025, or $51.51 per share.
What is Coinbase's current ratio?
Coinbase had current assets of $20.4 billion and current liabilities of $8.7 billion, a current ratio of 2.34 (it can cover its short-term obligations).
How much goodwill does Coinbase have?
Coinbase carried $5.6 billion of goodwill and intangible assets, 18.8% of total assets, at the end of fiscal 2025.