COIN (Coinbase Global, Inc.) — 数据底座 DATA.md

采集日期: 2026-07-31 | 币种: USD(除注明) | 采集员: Sonnet 数据 Agent（本文件为下游全部大师 lens 唯一共享数据源，只采一次）

⚠ 一致性警告: ③ Finnhub 与 ② dojo 的 TTM 盈利口径（P/E 53.83×、EPS $2.63、ROE 5.68%、PEG 8.41×、dojo PE 60.14）隐含正盈利，与 ④ sec.mjs 截至 2026-06-30 的 TTM（EPS −3.75、净利 −987.8M、连续三季净亏）盈亏符号相反——Finnhub/dojo 的 TTM 窗口疑为陈旧（未覆盖 2025Q4 起的亏损季）；跨来源差异，双方原值与 provenance 一律保留、未做任何改写，下游用 P/E 或 ROE 立论前务必先确认所用 TTM 窗口。 ⚠ 一致性警告: ⑲ 期权 IV 整块量级存疑——ATM IV 0.00、~10%OTM put/call IV 0.12/0.06，与本股自身 Beta 2.63、52周区间 141.09–387.27（高点为低点 2.7 倍）所隐含的实际波动率相差约一个数量级；⑰ 中"0.12/0.06 相对合理"的判断不成立，建议将该表（含 skew 0.06）整体视为数据伪影，原值未改。

① 标的与解析

• 公司: Coinbase Global, Inc.
• Ticker: COIN
• CIK: CIK0001679788
• 交易所(SEC 权威): Nasdaq（逐字取自 sec.mjs 输出字段，未凭印象猜测）
• 来源: data.sec.gov XBRL companyfacts + submissions（keyless, deterministic）

AlphaDojo 交叉核对（dojo.py · A2 supplemental · 逐字粘贴）：

Dojo 数据块 (COIN · 美股)

① 标的档案与板块归属 (dojo)

• 名称: Coinbase Global, Inc. (Coinbase Global, Inc.) | 交易所: NasdaqGS | 币种: USD | 数据源行业: Financial Services / Financial Data & Stock Exchanges
• 板块归属(主): 金融服务(Financial Services) → 金融科技与数字资产(Fintech and Digital Assets) → 数字资产交易与服务平台(Digital Asset Trading Platforms)

② 报价与市值

现价: 163.58 USD（截至 2026-07-30，来源 yfinance via oneil.py）

市值（mktcap.mjs · 确定性 · market_cap = 现价 × 总股本）逐字粘贴：

② 市值(mktcap.mjs · 确定性 · market_cap = 现价 × 总股本)

单位由代码确定性格式化(亿=1e8),消除 亿-vs-billion 10× 笔误;reverse_dcf 自动从 mktcap-facts.json 读此市值,无需 --mktcap。

AlphaDojo 交叉核对（dojo.py · A2 supplemental · 逐字粘贴）：

② 股本与市值核对 (dojo · 收盘快照)

• 快照时间: 2026-07-30 16:00:01 (美东时间; 上游错标 UTC 已按交易所本地时间重解释) | A股/港股为 T+0 收盘、美股为 T-1
• 收盘价: 163.58 USD | 涨跌: 2.18% | 前收: 160.09
• 总股本: 263,460,766 股 | 流通股: 219,561,616 股
• 总市值: 430.97亿 USD (= 收盘价 × 总股本, 由代码计算校验) | PE: 60.14 | PB: 3.20 | 股息率: 0.00%
• 用途: 与 mktcap.mjs/②报价 交叉核对总股本与市值量级(亿-vs-billion 10× 笔误、IPO/双层股权股本过期)。

交叉核对：dojo 总市值 430.97亿 USD vs mktcap.mjs 431.49亿 USD，差异 <0.2%（源于总股本口径不同：dojo 收盘快照股本 263,460,766 股 vs sec.mjs us-gaap:CommonStockSharesOutstanding @2026-06-30 约 2.64亿股），非 10× 量级误差，两者互相印证，未做覆盖。

52周高/低：387.27 / 141.09 USD（来源 oneil.py，见 ⑱）；Finnhub 独立口径 52周高/低为 402.16(2025-10-10) / 139.18(2026-06-26)（来源 estimates.mjs，见 ③）——两口径接近，差异属数据源/复权处理正常范围。

③ 估值倍数

Finnhub estimates.mjs 输出（逐字粘贴，数字不改）：

一致预期与盈利动能（Finnhub） — COIN

来源: finnhub.io（免费档） | 注: 前瞻 EPS/营收点预测与分析师目标价为 Finnhub 付费档,本 key 不可取 → 标 [付费档未取],绝不编造。以下为可取的估值/增长快照 + 分析师评级趋势 + EPS 超预期历史。

估值与增长快照（metric=all · TTM）

PEG 为 Finnhub 用 TTM 口径计算(非前瞻);Lynch PEG 前瞻分母需付费一致预期,此处用 TTM-YoY/3-5Y EPS 增长作代理,已在表中给出。

分析师评级趋势（recommendation,近 4 期）

EPS 超预期历史（earnings surprise,近 8 季）

前瞻一致预期(下一年 EPS/营收点预测)、价格目标:[Finnhub 付费档未取] — 如需补,升级 Finnhub 付费或接 FMP/Financial Datasets。

Lynch PEG 注：PEG=8.41×（TTM 口径），远高于 Lynch 经典阈值 1.0；TTM-YoY EPS 增速为 -50.57%（负增长），营收 TTM-YoY -5.76%、季度 YoY -30.54%——PEG 分母为负增长期，8.41× 这一读数本身已失去 Lynch 框架的直接可比性（PEG 对负增长股意义有限，需谨慎使用）。O'Neil 盈利加速角度：近 4 个季度 EPS 超预期全部为负且幅度扩大（2025-09-30 尚有 +39.07%，其后连续三季 -519.83%/-559.73%/-574.35%），即"街-vs-现实"的落差不是收敛而是持续扩大——一致预期本身也在不断下调但仍系统性跑输实际。分析师评级趋势 2026-04→07 强买/买入合计从 28 升至 30，持有从 13 降至 11，卖出/强卖稳定在 3，评级情绪与基本面走势方向不一致，需结合 ⑬b 电话会议纪要（本季亏损扩大的具体归因）判断。

④ 利润表（SEC companyfacts · 结构化基本面史，逐字粘贴）

（与 ⑤⑥⑦⑭⑮ 同源，完整 sec.mjs 输出见下方；此处不重复表头）

sec.mjs 完整输出（逐字粘贴，覆盖 ④利润表/⑤资产负债表/⑥现金流/⑦回报与质量/⑭近期文件/⑮内幕交易，一字未改，含 accn 出处）：

SEC / EDGAR 结构化数据 — COIN (Coinbase Global, Inc.)

CIK: CIK0001679788 | 交易所(SEC 权威): Nasdaq | 来源: data.sec.gov XBRL companyfacts + submissions (keyless, deterministic)

结构化基本面史（SEC companyfacts·每数带 accn）

accn (per fiscal year, source 10-K):

概念选取 (fallback first-present-wins): Revenue=Revenues; OperatingIncomeLoss=OperatingIncomeLoss; InterestExpense=InterestExpense; NetIncomeLoss=NetIncomeLoss; EarningsPerShareDiluted=EarningsPerShareDiluted; Assets=Assets; Liabilities=Liabilities; StockholdersEquity=StockholdersEquity; CashAndCashEquivalents=CashAndCashEquivalentsAtCarryingValue; LongTermDebt=LongTermDebtNoncurrent; OperatingCashFlow=NetCashProvidedByUsedInOperatingActivities; CapEx=PaymentsToAcquirePropertyPlantAndEquipment; StockRepurchase=PaymentsForRepurchaseOfCommonStock; ShareBasedCompensation=ShareBasedCompensation; DilutedSharesOutstanding=WeightedAverageNumberOfDilutedSharesOutstanding

⚠ 口径说明:EPS(稀释)与稀释股数为各年原始申报口径,未跨年统一调整股票分拆(如 AAPL 2020 年 4:1、2014 年 7:1 拆股)——故拆股前后年份的每股数值不可直接比较;但每年 EPS×稀释股数≈净利自洽,且营收/净利/经营现金流/FCF 等总额口径不受拆股影响,可放心跨年比较。

近期季度（单季口径 · 10-Q 直接申报;Q4 = 年报 − 9M YTD 派生,标 *）

TTM（滚动12月,截至 2026-06-30;= 最近4单季求和,确定性）: Revenue 6.28B · Gross Profit — · Op. Income 619.4M · Net Income -987.8M · EPS(dil) -3.75

注:*=该季由年报−9M YTD 派生(非直接申报);TTM EPS 为四单季稀释 EPS 之和(近似,期间股数变动致与精确 TTM 略差)。

FCF / ROIC / ROCE（派生）

公式: FCF = OperatingCashFlow − CapEx; ROIC = OperatingIncome×(1−0.21) / (LongTermDebt + Equity − Cash); ROCE = OperatingIncome / (LongTermDebt + Equity). 21% 为美国法定税率(确定性,非逐年实际税率)。

近期文件（10-K / 10-Q / 8-K）

内幕交易（Form 4）

交易代码: A=Acquired, D=Disposed; code P=open-market buy, S=sale, M=option exercise, F=tax-withholding, G=gift, A=grant.

⑤ 资产负债表

见 ④ 中 sec.mjs 逐字粘贴块「结构化基本面史」表的 Total Assets / Total Liabilities / Equity / Cash & Equiv / Long-Term Debt 行（2019–2025 年度值，带 accn 出处，同一表未重复粘贴）。

⑥ 现金流与资本返还

见 ④ 中 sec.mjs 逐字粘贴块「结构化基本面史」表的 Operating Cash Flow / CapEx / Buybacks / Stock-Based Comp 行，以及「FCF / ROIC / ROCE（派生）」表（CapEx 2024/2025 两年未从申报中取得，故对应 FCF 留空，非编造——见 ⑰）。

补充定性（WebSearch，非提取器数字）：

• 无股息：sec.mjs/estimates.mjs 均未见分红派发概念——现金优先用于并购与产品扩张。
• 2025 财年回购 = 790.2M（sec.mjs 表，accn 0001679788-26-000015），2023/2024 两年回购为 0。
• 2025 年为 Coinbase 迄今并购最活跃的一年：2025-05-08 宣布以约 $2.9B（现金 + 股票，含约 $700M 现金 + ~1100万股）收购衍生品交易所 Deribit（时握有加密期权未平仓合约约 75% 份额），2025-08-14 完成交割；因交割前 Coinbase 股价上涨，最终交易对价按收盘计算膨胀至约 $4.3B。2025-10-08 另完成收购链上募资平台 Echo（Gm Echo Ltd 全部股权）。CEO Armstrong 表态未来仍会寻求更多并购标的（资产负债表与股票支撑其并购能力）。

⑦ 回报与质量

ROE (TTM)：5.68%（来源 estimates.mjs，见 ③）。ROIC/ROCE 逐年派生值见 ④ 节表（2019/2020 两年 ROIC 为空——LongTermDebt 概念该两年未取得，故分母缺项，原样留空未编造；ROCE 全年份齐全）。

FCF (OCF−CapEx，sec.mjs 派生，年度)：2019 -114.1M → 2020 283.6M → 2021 4.04B → 2022 -1.59B → 2023 610.2M → 2024 空 → 2025 空（2024/2025 CapEx 概念未取得，故 FCF 无法派生，非"FCF 为负"，见 ⑰；逐字同 ④ 节表，未重复）。

反向DCF·价格隐含预期（reverse_dcf.py · 确定性 · 逐字粘贴）

反向 DCF / 价格隐含预期（reverse_dcf.py · 确定性 · 非 LLM）

标的 COIN · 货币 USD · 模式 margin（FCF0 未提取到,非「FCF 为负」）

模型与假设（均为假设/可辩论,非提取数据,故下表把贴现率做成敏感度轴而非单点）： 2 阶段 FCFF;高增长期 10 年后→永续增速 g∈{2.5%、3.0%、3.5%};贴现率 WACC = rf 4.7% + β 2.63(oneil 自算) × ERP 5.0% = 17.8%(中值,网格 ±1.5pp);反推标的 = EV = 市值 + 净债。 起点：EV0 = 378.01亿USD（市值 431.49亿USD + 净债 -53.48亿USD）;FCF0 = —;营收0 = 71.81亿USD。 输入来源：sec-facts.json 自动读取(公司财务,无 LLM 经手) + 市值 mktcap.mjs(price×shares,确定性) + β 由 oneil 自算(vs 本地基准);rf/ERP 为假设。

今日 EV 隐含的「终端 FCF 利润率」（行=WACC,列=假设营收 CAGR;FCF0 未提取到(数据缺口)故反推利润率而非增速）：

中值（WACC 17.8% / 营收CAGR 54%,即第10年营收 5466.00亿USD）：隐含终端 FCF 利润率 5.1%。

plausibility：可达(<6%) · 当前净利率 17.6%

一句话：现价隐含 COIN 到第 10 年须做到约 5466.00亿USD 营收 × 5.1% FCF 利润率,而其当前 FCF 未能从申报中提取(⚠ 数据缺口,不代表 FCF 为负——请勿据此立论)——价格押的是「规模 + 利润率双双兑现」。

注：本块仅做「价格隐含什么」的反推,不构成估值结论;贴现率/永续增速/营收路径均为假设,请结合各大师自身框架取舍。所有算术由 reverse_dcf.py 确定性计算,无 LLM 经手。

(rf 输入 = 4.67%，取自 ⑯ FRED 10Y 最新观测 2026-07-29；erp = 5.0%，美股标准假设；β = 2.63，取自 oneil.py 自算 vs 标普500，见 ⑱)

⑧ 资本配置史

• 并购：2025-08-14 完成收购 Deribit（加密衍生品交易所，签约对价 ~$2.9B 现金+股票，交割时因股价上涨膨胀至 ~$4.3B）；2025-10-08 完成收购 Echo（链上资本募集平台）。管理层称 2025 为公司史上并购最活跃的一年，CEO Armstrong 表示后续仍会寻求更多标的。
• 回购：2025 财年回购 790.2M USD（sec.mjs 表，accn 0001679788-26-000015），2023/2024 两年均为 0——回购在并购年度重启。
• 无股息：现金优先用于并购与产品扩张（见 ⑥）。
• 股权激励(SBC)：2019 31.1M → 2020 70.5M → 2021 820.7M → 2022 1.57B → 2023 780.7M → 2024 912.8M → 2025 839.4M（见 ④ 节表）——IPO(2021)后维持在 8–16 亿美元/年区间，未见明显收敛趋势。
• 2026-05 成本重组：裁员 14%（FTE 4,988 → 4,321），重组费用 $52.4M 计入 2026Q2；2026 全年 Adjusted Expenses 指引由 $4,250–4,600M 下调至 $4,200–4,450M（见 ⑬b 电话会议纪要）。

Sources: Coinbase completes $2.9B Deribit acquisition - The Block | Coinbase CEO plans more acquisitions - CryptoBriefing | Coinbase to acquire Deribit - coinbase.com blog

⑨ 管理层与治理

• CEO/联合创始人：Brian Armstrong，自 2012年5月起任 CEO 及董事，自 2021年2月起任董事会主席。
• CFO：Alesia Haas，自 2018年4月起任财务负责人/CFO。
• 近期高管变动：Chief Legal Officer Paul Grewal 于 2026-07-08 通知公司拟辞去 CLO 及公司秘书职务，生效日 2026-07-31（即本次数据采集当日）；公司拟提名 VP Legal Molly Abraham 接任 General Counsel 及 Secretary。
• 组织重构：2026年5月裁员 14%（约 700 人），Armstrong 用"player-coach"取代传统纯管理岗，宣布管理层级从其本人算起不超过 5 层（见 ⑧）。
• 内幕交易近况（见 ④ 节 Form 4 逐字表）：Director Wilson Frederick R 在 2026-06-01（$177–186 区间）与 2026-07-01（$146–158 区间）两轮密集出售（code=S D）；多名董事（Lutke、Lehane、Ehrsam、Rajaram、Kramer、Davies、Andreessen、Clement）于 2026-06-16 集中行权/归属（code=M A，行权价 $0，属 RSU/期权归属而非公开市场买入）；Chief Accounting Officer Jones Jennifer N. 于 2026-06-05 出售 2051 股 @$158.15。表中无公开市场买入（code=P）记录——内部人近两月以既定归属后卖出（code=S/M/F）为主，需结合是否为 10b5-1 计划判断信号强弱（本数据未取个人总持仓占比，未做定性判断，留给下游大师）。

Sources: Coinbase's New GC Sees AI as Legal Department's Biggest Opportunity and Risk - Law.com | Coinbase reshuffles top ranks - crypto.news | Brian Armstrong replacing 'pure managers' with 'player-coaches' - Fortune

⑩ 护城河与竞争（WebSearch 定性）

• 规模与市场地位：美国最大受监管加密交易所，据 EARNINGS-CALL.md 数据（⑬b）2026Q2 全球加密交易量市场份额创 ATH 10.3%（Q1 9.1%），衍生品份额连续第三季提升；持牌覆盖 80+ 司法辖区。
• 网络效应/生态：Custody（全球存储加密资产最多的平台之一）、Stablecoins（联合发行 USDC，平台内平均 USDC 持有量创 ATH $20B，占 USDC 流通 >30%）、Global Settlement（孵化 Base 公链，支持 60+ 区块链结算）、Regulatory Foundations 四项共同构成据管理层自述的复合护城河（见 ⑬b 原文 slide 91）。
• 监管环境改善：SEC 对 Coinbase 的诉讼已于 2025 年了结，被市场视为消除了此前数年悬而未决的最大单一监管尾部风险之一，是当前"技术+监管双重护城河"论述的组成部分；但检索到的部分资料仍标注旧版风险描述（涉 staking 未注册证券的动议未被驳回等 2023 年语境内容，日期存疑），本节不对该案最终法律状态做进一步第一性核实，留待下游 Verify/大师自行查证最新进展。
• 看空视角：Morningstar 对 Coinbase 评级为"无经济护城河"（no economic moat），尽管承认其为美国加密交易所龙头；部分分析师质疑其护城河更多来自监管牌照先发优势与用户粘性而非技术壁垒，随着链上/去中心化交易所与低成本竞争者渗透，费率压力持续存在（见 ⬆④ S&S 占比结构性下滑陷阱 1）。
• 竞争格局：Binance（全球最大交易所，费率更低）、传统券商（Robinhood 等）向加密扩张、新兴 fintech app 竞争零售流量。

Sources: Coinbase SWOT Analysis 2026 - Business Model Analyst | After Earnings, Is Coinbase Stock a Buy? - Morningstar | Coinbase's Castle: Anticompetitive Tactics Or Clever Business? - Fideres

⑪ 增长与跑道（WebSearch 定性 + dojo 主营构成）

AlphaDojo 主营构成（dojo.py · A2 supplemental · 逐字粘贴，2026-03-31 报告期）：

④ 主营构成 (dojo · 2026-03-31)

按产品 (币种 USD):

按地区 (币种 USD):

数据出处: hf://AlphaDojo/dojo_fin_indicators@5f4eb895a36a; hf://AlphaDojo/dojo_main_income@ccddb8730567; hf://AlphaDojo/dojo_quote@48e90d2d0dbc; hf://AlphaDojo/dojo_sector_symbol_relations@661ed1cfe554; hf://AlphaDojo/dojo_stock_info@4c52f21aa42e (schema 与坑见 docs/dojo-datasets-schema.md; 上游身份 byte-pin 见 upstreams/dojoagents.lock.json)

TAM 与增长跑道（WebSearch，定性叙事，具体本季经营数据见 ⑬b 电话会议纪要原文）：

• 管理层给出的行业级 TAM：稳定币市值预计到 2030 年达 $3万亿（公司自述引用，见 ⑬b slide 89），Coinbase 自身更保守的随机模型预测 2028 年底稳定币市值约 $1.2万亿；代币化真实世界资产（RWA）供给预计到 2030 年达 $16万亿；AI Agent 预计到 2030 年处理 $3–5万亿 交易量（McKinsey 引用）。
• USDC 经济性：过去一年 Coinbase 捕获约 USDC 经济性总量的 ~50%；平台内 USDC 均值三年从 Q2'23 的 $2B 增至 Q2'26 的 $20B（10倍）。
• Agentic Finance 定位：99%+ 链上 agentic 商业活动以 USDC 结算，90%+ agentic 稳定币交易量发生在 Base——但（见 ④ 编排者注陷阱 4）这些均为占比口径，Base 收入本身当季环比 下降 11%。
• 预测市场：年化收入 run-rate 突破 $100M+，2026Q2 合约数与收入环比 翻倍以上（106% Q/Q）。
• 分析师展望：J.P. Morgan、Clear Street、Oppenheimer 等维持正面评级，看点集中在稳定币、衍生品、预测市场及"Everything Exchange"战略，以及潜在的美国加密立法利好；多家分析师指出 Coinbase 长期增长更依赖稳定币生态与立法进展，而非交易活跃度本身的周期性反弹。

Sources: Coinbase Q2 2026 slides: strategic gains overshadowed by earnings miss - Investing.com | Coinbase bulls point to crypto legislation and stablecoins - CoinDesk | Coinbase 2026 Crypto Market Outlook

⑫ 风险与红旗（WebSearch 定性 + 提取器交叉印证）

• 市场周期性依赖：交易收入随加密价格/成交量周期剧烈波动——2026Q2 净收入 $1,154.3M 同比 -17.3%（见 ④ sec.mjs 单季表 及 ⑬b 陷阱 1）；WebSearch 另一来源提及 2026Q1 营收环比 -21%（不同口径/来源，未与本机提取数字调和，两者并列）。
• 盈利质量恶化：GAAP 净亏损 2026Q2 达 $(359.5)M（sec.mjs 单季表），且剔除非经营性加密资产重估/投资损益后的 Adjusted Net Loss 从 Q1 的 $(45.6)M 扩大至 Q2 的 $(104.9)M，为连续第二个季度调整后净亏且环比扩大 130%（见 ⑬b 陷阱 3，编排者注）。Adjusted EBITDA $208M 仍为正（连续第14季）但环比 -31%。
• 监管诉讼历史：SEC 对 Coinbase 未注册交易所指控案已于 2025 年了结（见 ⑩），显著降低此前数年的头号监管尾部风险；但仍需关注个别产品线（如预测市场"对冲工具 vs 未授权赌博"定性）的新监管争议。
• 高 Beta / 高波动性：Beta 2.63（vs 标普500，见 ⑱，reverse_dcf 据此得 WACC 17.8%）；期权隐含波动率数据本身出现异常（ATM call IV 读数为 0.00，见 ⑲，疑似该行权价/到期日期权流动性不足导致的数据伪影，非"零波动"，见 ⑰）。
• 内部人卖出为主、无买入：见 ⑨/⑮，近两月密集卖出（多为归属后行权/出售），未见公开市场买入记录，需核实 10b5-1 计划占比。
• 成本刚性应对：2026年5月一次性裁员14%重组（见 ⑧），显示管理层对下行周期营收压力的主动应对，但也印证收入端未能自然消化固定成本。
• 竞争与费率压力：见 ⑩，S&S 占净收入比重上升(48.1%)实为分母（净收入）下滑更快所致，而非订阅服务业务本身在放量增长——绝对美元额同比 -12.2%（见 ④ 陷阱 1）。
• 技术面走弱：现价低于50日/200日均线（-1.04%/-23.38%），50/200日均线呈死叉，distribution days 4 > accumulation days 8 的比值显示近期承压（见 ⑱）。

Sources: Coinbase Is Down More Than 60% Over the Past 12 Months. Here's Why I'm Bearish - Motley Fool | Coinbase SWOT Analysis 2026 - dcf-analysis.com

⑬ 近期新闻与催化剂

Finnhub news.mjs 输出（逐字粘贴）：

近期新闻量与情绪（Finnhub company-news·免费档）

来源: finnhub.io /company-news（免费档） | 窗口: 2026-07-01 → 2026-07-31（按返回中最新一篇的日期锚定，非墙钟，便于同日多次运行结果稳定）

新闻量 / 放量

最近 8 条标题（日期 · 来源 · 标题）

• 2026-07-31 · Yahoo · Coinbase shares take hit on quarterly loss, analysts back diversification strategy
• 2026-07-31 · Yahoo · Coinbase stock sinks as weak crypto market leads to another quarter of loss
• 2026-07-31 · Yahoo · Stock Markets Look to Close July With a Bang But the August Lull Looms
• 2026-07-31 · Yahoo · Coinbase Global Inc (COIN) (Q2 2026) Earnings Call Highlights: Diversification Drives ...
• 2026-07-31 · Yahoo · Coinbase Global, Inc. Q2 2026 Earnings Call Summary
• 2026-07-31 · Yahoo · Coinbase (COIN) Q2 2026 Earnings Call Transcript
• 2026-07-31 · Yahoo · Compared to Estimates, Coinbase Global (COIN) Q2 Earnings: A Look at Key Metrics
• 2026-07-30 · Yahoo · Coinbase Q2 earnings miss Wall Street estimates

粗粒度关键词法情绪（非 ML 情绪分）

「粗粒度关键词法(非 ML 情绪分)」：对上述窗口内全部标题做小词典命中计数，仅供方向性参考，不等于真实情绪评分。

ML 评分新闻情绪(Alpha Vantage NEWS_SENTIMENT / Finnhub 付费档)= [未取] — 如需真正的 ML 评分情绪，接 Alpha Vantage NEWS_SENTIMENT 或 Finnhub 付费档。

补充定性催化剂（WebSearch）：

• 2026-07-30 Coinbase 发布 Q2 2026 财报（8-K item 2.02），营收与 EPS 均 miss 一致预期，盘后/次日股价承压（见 ⑬ 上方新闻标题"Coinbase shares take hit on quarterly loss"）。
• 2026-07-08 宣布 CLO Paul Grewal 将于 2026-07-31 离任，Molly Abraham 接任 General Counsel（见 ⑨）——恰与本次数据采集同日生效，需关注继任者对法务/监管事务处理的连续性。
• 2026年8月中旬（2026-08-21）为最近一期上市期权到期日（见 ⑲），届时到期前的 gamma/对冲需求可能放大短期波动。
• 2026Q3 QTD（截至 07-26）交易收入约 $130M，S&S 指引中位数 $500–580M，低于本季 $555M（见 ⑬b 编排者注验证留痕表）——指引本身已构成下一季的负面基准线。

Sources: Coinbase Q2 2026 slides show strategic progress despite revenue miss - Investing.com | Coinbase (COIN) Q2 2026 Earnings Call Transcript - Motley Fool

⑬b 最新电话会议纪要（已多源验证）

（front-matter 完整性已核对：source_url/retrieved_at/license/visibility/sha256 五键齐全，以下为 EARNINGS-CALL.md 全文逐字粘贴，一字未改）

source_url: https://www.sec.gov/Archives/edgar/data/1679788/000167978826000087/q226earningsdeck_sec.htm retrieved_at: 2026-07-31T07:20:00Z license: "Exhibit 99.1 to Form 8-K (item 2.02) filed with the U.S. SEC by Coinbase Global, Inc.; publicly disclosed on EDGAR. Quoted verbatim for research use." visibility: public sha256: e4e006081ccb34629e8104427874cdef7bd65808e2ad448f85a7c28ff3b40236 sha256_scope: "SHA-256 of the source exhibit HTML as served by sec.gov (q226earningsdeck_sec.htm, 91234 bytes), not of this derived markdown." accession: 0001679788-26-000087 form: 8-K items: "2.02 Results of Operations and Financial Condition; 9.01" filed_at: 2026-07-30 period: Q2 FY2026 (three months ended 2026-06-30) ticker: COIN cik: "0001679788" companion_filing: "10-Q accession 0001679788-26-000088, filed the same day (2026-07-30) — SEC companyfacts therefore ALREADY carries Q2 numbers; this file adds the segment/operating detail XBRL does not structure." derivation: "Machine-extracted from the source HTML (tags stripped, table cells split on cell boundaries). No number was retyped, rounded or rewritten by hand."

COIN Q2 2026 财报 deck 全文(SEC 8-K item 2.02, Exhibit 99.1)

这不是电话会议逐字稿,是公司提交给 SEC 的季度业绩演示全文——一手来源。 电话会的口头问答不在本文件内,勿把本文件当作管理层问答引用。 注意与 HOOD 那类只有 8-K 的情形不同:Coinbase 同日已交 10-Q,故 sec.mjs 的 SEC companyfacts 已经包含 Q2 数字。本文件的增量价值在于 XBRL 结构化不了的东西:分部交易收入拆分、预测市场收入、USDC 平台内/外余额与收入、市场份额、Base 收入的定性说明、Q3 指引。

编排者注·本季必须注意的四个口径陷阱

以下四条全部可在下方正文自行复核。任何一条读错都会得出与分项相反的结论。

1. 「S&S 占净收入 48%」是分母跌得更快跌出来的,不是分子在长。

**两条腿都在绝对下滑。**判"平台化/多元化有没有兑现",用 S&S 的绝对美元额与其分项,不要用占比。

2. 稳定币收入 $292M 同比环比双降,但拆开方向是反的。

平台内平均 USDC 余额创 ATH $20B(占 USDC 流通 >30%),Coinbase 自己那块的经济性在变强;下降全部来自平台外余额萎缩与降息。合计 $320M = S&S 口径稳定币收入 $292M + 计入 corporate interest and other income 的自有余额 $28M。

3. $(359.5)M 净亏损里,经营的部分比看上去更差,不是更好。

加密资产持有重估 $209.5M 与投资损失 $58.2M 属非经营项——但剔除后的 Adjusted Net Loss 仍从 Q1 的 $(45.6)M 扩大到 $(104.9)M,为连续第二个调整后净亏且在扩大。"亏损全是币价"只对了一半。Adjusted EBITDA $208M 仍为正(连续第 14 季),但 −31% Q/Q。

4. Base 的占比很高,收入却在降——两者不能互相抵消。

deck 原文:"Other transaction revenue of $47M (−11% Q/Q), largely driven by lower Base revenue"。同一份 deck 又给出 99%+ agentic 稳定币成交在 Base、90%+ 用 x402、97%+ 用 USDC——全是占比,没有一个美元金额。占比是分母口径,不是收入捕获;判 Base 的经济价值只能看收入那一行。

编排者注·验证留痕表

仍是 roadmap 未落地的两项(公司自述 "What's Next"):Deribit 统一全球流动性池、美国永续的 CFTC 通道。已上线并在贡献份额的:股票与 Pre-IPO 永续。

以下为 Exhibit 99.1 正文(机器提取,数字与措辞未经改写)

EX-99.1 2 q226earningsdeck_sec.htm EX-99.1 q226earningsdeck_sec Exhibit 99.1 Disclaimers Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial position, including for the third quarter ending September 30, 2026 and the year ending December 31, 2026; anticipated future expenses and investments; expectations relating to certain of our key financial and operating metrics; our business strategy and plans; expectations relating to legal and regulatory proceedings; expectations relating to our industry, the regulatory environment, market conditions, trends and growth; expectations relating to customer behaviors and preferences; our market position; potential market opportunities; and our objectives for future operations. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, among others: our ability to successfully execute our business and growth strategy and generate future profitability; market acceptance of our products and services; our ability to further penetrate our existing customer base and expand our customer base; our ability to develop new products and services; our ability to expand internationally; failure to obtain applicable regulatory approvals and satisfy other closing conditions in a timely manner or otherwise for any acquisition we make; the success of any acquisitions or investments that we make; the effects of increased competition in our markets; our ability to stay in compliance with applicable laws and regulations; stock price fluctuations; market conditions across the onchain economy, including crypto asset price volatility; and general market, political, and economic conditions, including interest rate fluctuations, inflation, changes in tariffs and trade restrictions, instability in the global banking system, economic downturns, and other global events, including regional wars and conflicts and government shutdowns. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results is, or will be, included in our filings we make with the Securities and Exchange Commission (SEC) from time to time, including our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 12, 2026 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the SEC on July 30, 2026. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. Key Metrics and Other Information This presentation includes certain of our key metrics that our management uses to help evaluate our business, measure our performance, identify trends affecting our business, and make strategic decisions. Our key metrics are Monthly Transacting Users, Assets on Platform, Net Income (Loss) and Adjusted EBITDA. Definitions of our key metrics can be found in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the SEC on July 30, 2026. See “Non-GAAP Financial Measures” below for more information on Adjusted EBITDA, a non-GAAP financial measure. This presentation may contain metrics, data, estimates, and forecasts that are based on industry publications, third-party websites, or other publicly-available information, as well as other information based on our internal sources and calculations. This information involves many assumptions and limitations, including inherent challenges in measurement as our business and the markets in which we operate evolve. We have not independently verified the accuracy or completeness of the data contained in industry publications, third-party websites, and other publicly-available information. Accordingly, we make no representations as to the accuracy or completeness of that data nor do we undertake to update such data after the date of this presentation. Non-GAAP Financial Measures This presentation includes financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Our non-GAAP financial measures include Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted Expenses. Definitions, explanations, and reconciliations to the most comparable GAAP financial measures can be found in the appendix to this presentation (“Appendix”). 2 Slide 1 Our mission is to increase economic freedom in the world 2019 2020 2021 2022 2023 2024 2025 2026 2019 2020 2021 2022 2023 2024 2025 20262019 2020 2021 2022 2023 2024 2025 2026 Crypto is updating all aspects of the financial system; Agentic Finance is an accelerant AI Agentic Finance Agents forecast to process $3-5T of transactions by 20306. Crypto is the native execution rail for the agent-led economy: • Global • Efficient • Programmable • Always on (24/7) Tokenization Tokenized RWA Supply of $30B+, expected to reach $16T by 20304 $36B RWA Market Cap as of Q2’265 [1] Total Market Crypto Trading Volume is defined as the total U.S. dollar equivalent value of all matched crypto spot, stablecoin, and crypto derivative trading volumes across exchanges defined in our proprietary competitor set, plus Stablecoin Conversions during the period of measurement, based on data obtained from CoinDesk Data, CoinMetrics, Dune, and Tardis. [2] Stablecoin Market Capitalization is the total U.S. dollar equivalent value market capitalization of substantially all stablecoins on the last day of the quarter based on data obtained from CoinDesk Data, CoinMarketCap, and CoinGecko. [3] Per remarks delivered by Treasury Secretary Scott Bessent on November 12, 2025. [4] Source: Boston Consulting Group and ADDX. [5] Source: rwa.xyz, reported as Distributed Asset Value which measures the total value of real-world assets tokenized onchain, excluding stablecoins. [6] Source: McKinsey. Trading Total Crypto Market Trading Volume1 has grown 45x over the past ~7 years $12T Total Crypto Market Trading Volume in Q2’26 Stablecoins Stablecoin Market Cap2 of $300B, expected to 10x to $3T by 20303 $300B Stablecoin Market Cap as of Q2’26 4 Q2’26 EARNINGS Coinbase is uniquely positioned to capitalize on this transformation [1] U.S. Crypto Spot Trading Volume Market Share is defined as U.S. Crypto Spot Trading Volume plus U.S. Stablecoin Volume divided by U.S. Market Crypto Spot Trading Volume. U.S. Crypto Spot Trading Volume is the total U.S. dollar equivalent value of crypto spot matched trades (excluding Stablecoin Trading Volume) transacted between a buyer and seller through our U.S. platform, plus half of the value of trades that we routed off our platform for fulfillment, during the period of measurement. U.S. Stablecoin Volume is the total U.S. dollar equivalent value of Stablecoin Trading Volume plus Stablecoin Conversions transacted through our U.S. platform. U.S. Market Crypto Spot Trading Volume is defined as the total U.S. dollar equivalent value of all matched crypto spot and stablecoin trading volumes across U.S. exchanges defined in our proprietary competitor set, plus Stablecoin Conversions transacted through our U.S. platform during the period of measurement, based on data obtained from CoinDesk Data, CoinMetrics, Dune, and Tardis. [2] Average USDC Market Capitalization is defined as the average of each day's market capitalization (end of day) of USDC over the period of measurement, based on data obtained from CoinDesk Data, CoinMarketCap, and CoinGecko. [3] Measured based on when the product generated $100 million in quarterly annualized net revenue for the most recent qualifying quarter. [4] Coinbase Crypto Trading Volume Market Share is defined as Coinbase Total Crypto Trading Volume divided by Total Market Crypto Trading Volume. Total Market Crypto Trading Volume is defined as the total U.S. dollar equivalent value of all matched crypto spot, stablecoin, and crypto derivative trading volumes across exchanges defined in our proprietary competitor set, plus Stablecoin Conversions during the period of measurement, based on data obtained from CoinDesk Data, CoinMetrics, Dune, and Tardis. Coinbase Total Crypto Trading Volume comprises Crypto Spot Trading Volume, Crypto Derivatives Trading Volume, and Stablecoin Volume. Crypto Spot Trading Volume is the total U.S. dollar equivalent value of crypto spot matched trades (excluding Stablecoin Trading Volume) transacted between a buyer and seller through our platform, plus half of the value of trades that we routed off our platform for fulfillment, during the period of measurement. Crypto Derivatives Trading Volume is the total U.S. dollar equivalent value of the notional amount of crypto derivatives matched trades transacted between a buyer and seller through our platform during the period of measurement. Note this was previously referred to as “Derivatives Trading Volume” in Q1ʼ26. Stablecoin Volume is the total U.S. dollar equivalent value of Stablecoin Trading Volume, plus Stablecoin Conversions. Stablecoin Trading Volume is the total U.S. dollar equivalent value of Fiat-Stablecoin and Stablecoin-Stablecoin matched trades transacted between a buyer and seller through our platform, plus half of the value of trades that we routed off our platform for fulfillment, during the period of measurement. Stablecoin Conversions include primary mint/burn activity from stablecoin transactions routed outside of an exchange order book through our platform during the period of measurement. These represent primary mints/burns Coinbase facilitates directly with the end customer, not the primary mints/burns with the stablecoin issuer. These measurements represent the U.S. dollar equivalent value of the product of the quantity of assets transacted and the trade price of the underlying asset at the time the transaction was executed. Total Market Crypto Trading Volume may exclude stablecoin conversions not captured in publicly reported exchange volumes, which may affect comparability across venues. [5] Corporate USDC balances and USDC held on behalf of customers in eligible Coinbase products. 1Most Trusted 80+ Licenses; global regulatory foundation #1 Platform for crypto stored globally 2Global Liquidity 10% ATH Coinbase Crypto Trading Volume Market Share4 #1 U.S. Crypto Spot Trading Volume Market Share1 3Stablecoin Platform $20B ATH Average USDC Held in Coinbase Products5 #1 Regulated stablecoin – ATH Avg USDC Market Cap of $77B in Q22 4Repeatable Innovation 48% Subscription & Services as % of total net revenue in Q2 $100M+ Annualized prediction markets revenue in Q23 5 Q2’26 EARNINGS Co-founded USDC; support 5+ stablecoins for global, efficient money movement Shared compliance and regulatory infrastructure in key markets around the world We store the most crypto in the world through our battle-tested custody platform Common foundations create network effects, compounding our edge Stablecoins4 Global Settlement2 Global Liquidity 3 Secure Custody 1 Stablecoins Custody Exchange ecosystem benefits from deep liquidity serving consumers, advanced traders, and institutions Incubated Base; support 60+ blockchains for fast, cheap settlement rails Liquidity Regulatory Foundations Settlement 5 Regulatory 6 Q2’26 EARNINGS 45% 88% % of Net Revenue Excluding BTC Spot Trading Q2'20 Q2'21 Q2'22 Q2’23 Q2’24 Q2’25 Q2'26 Subscription & services revenue has scaled meaningfully Revenue has diversified beyond BTC spot trading Our revenue has decoupled from Bitcoin trading fees 7 Q2’26 EARNINGS $6 $555 Subscription and Services Revenue ($M) Q2'20 Q2'21 Q2'22 Q2’23 Q2’24 Q2’25 Q2'26 We've accelerated product velocity across our platform 8 Q2’26 EARNINGS Stock Trading Simple Derivatives Token Sales U.S. Perpetual Style Futures Retail DEX x402 Protocol Custom Stablecoins Equity Perpetuals Direct Deposit CB1 Card DeFi Borrow/ Lend Base Azul & Beryl Upgrades Crypto- Backed Mortgages Prediction Markets Pre-IPO Perpetuals Coinbase Advisor Coinbase for Agents Coinbase Business Crypto Binaries Merchant Acceptance Suite Metals Perpetuals Prime Cross Margin H2ʼ25 H1ʼ26 Everything Exchange Stablecoins & Payments Onchain Note: Includes launches and major product updates introduced in H2ʼ25 and H1ʼ26. Product availability varies by jurisdiction, customer eligibility, and applicable onboarding requirements. Certain products and services may be offered by separate Coinbase affiliates and may be subject to additional terms, approvals, and restrictions. AI Is Multiplying Engineering Output Weʼre growing AI usage faster than spend 9 Q2’26 EARNINGS AI at Coinbase: Driving engineering efficiency and accelerating product velocity Product Velocity Increasing Rapidly Emphasis on Quality Scaling Even Faster Jun’24 Jun’25 Jun’26 ↑2.2x Y/Y Pull Requests per Engineer Jan’26 Feb’26 Mar’26 Apr’26 May’26 Jun’26 ↑2.5x Integration test coverage across core services last 6 months Monthly AI Spend Monthly Tokens Jun’25 Jul’25 Aug’25 Sep’25 Oct’25 Nov’25 Dec’25 Jan’26 Feb’26 Mar’26 Apr’26 May’26 Jun’26 All-Time High Coinbase Crypto Trading Volume Market Share1 Average USDC Held in Coinbase Products2 Prediction Markets Revenue [1] Coinbase Crypto Trading Volume Market Share is defined as Coinbase Total Crypto Trading Volume divided by Total Market Crypto Trading Volume. Total Market Crypto Trading Volume is defined as the total U.S. dollar equivalent value of all matched crypto spot, stablecoin, and crypto derivative trading volumes across exchanges defined in our proprietary competitor set, plus Stablecoin Conversions during the period of measurement, based on data obtained from CoinDesk Data, CoinMetrics, Dune, and Tardis. Coinbase Total Crypto Trading Volume comprises Crypto Spot Trading Volume, Crypto Derivatives Trading Volume, and Stablecoin Volume. Crypto Spot Trading Volume is the total U.S. dollar equivalent value of crypto spot matched trades (excluding Stablecoin Trading Volume) transacted between a buyer and seller through our platform, plus half of the value of trades that we routed off our platform for fulfillment, during the period of measurement. Crypto Derivatives Trading Volume is the total U.S. dollar equivalent value of the notional amount of crypto derivatives matched trades transacted between a buyer and seller through our platform during the period of measurement. Note this was previously referred to as “Derivatives Trading Volume” in Q1ʼ26. Stablecoin Volume is the total U.S. dollar equivalent value of Stablecoin Trading Volume, plus Stablecoin Conversions. Stablecoin Trading Volume is the total U.S. dollar equivalent value of Fiat-Stablecoin and Stablecoin-Stablecoin matched trades transacted between a buyer and seller through our platform, plus half of the value of trades that we routed off our platform for fulfillment, during the period of measurement. Stablecoin Conversions include primary mint/burn activity from stablecoin transactions routed outside of an exchange order book through our platform during the period of measurement. These represent primary mints/burns Coinbase facilitates directly with the end customer, not the primary mints/burns with the stablecoin issuer. These measurements represent the U.S. dollar equivalent value of the product of the quantity of assets transacted and the trade price of the underlying asset at the time the transaction was executed. Total Market Crypto Trading Volume may exclude stablecoin conversions not captured in publicly reported exchange volumes, which may affect comparability across venues. [2] Corporate USDC balances and USDC held on behalf of customers in eligible Coinbase products during Q2ʼ26 as compared to Q2ʼ25. [3] Average Daily Loan Book Balance is the U.S. dollar equivalent of daily market value of loan balances including crypto loans, margin loans, trade financing, and portfolio margin averaged over a period of measurement. [4] Source: Artemis Analytics, reported as “Adjusted Transaction Volume.” Adjusted stablecoin transaction volume on the Base blockchain network (MEV and intra-exchange volumes removed) in USD. 10.3% vs. 9.1% in Q1 ↓ 44% Y/Y ↓ 106% Q/Q Base Chain Stablecoin Transaction Volume4 ↓ 7x Y/Y ATH Average Daily Loan Book Balance3 ↓ 53% Y/Y ↓ Q2 2026 Highlights [1] Coinbase Crypto Trading Volume Market Share is defined as Coinbase Total Crypto Trading Volume divided by Total Market Crypto Trading Volume. Total Market Crypto Trading Volume is defined as the total U.S. dollar equivalent value of all matched crypto spot, stablecoin, and crypto derivative trading volumes across exchanges defined in our proprietary competitor set, plus Stablecoin Conversions during the period of measurement, based on data obtained from CoinDesk Data, CoinMetrics, Dune, and Tardis. Coinbase Total Crypto Trading Volume comprises Crypto Spot Trading Volume, Crypto Derivatives Trading Volume, and Stablecoin Volume. Crypto Spot Trading Volume is the total U.S. dollar equivalent value of crypto spot matched trades (excluding Stablecoin Trading Volume) transacted between a buyer and seller through our platform, plus half of the value of trades that we routed off our platform for fulfillment, during the period of measurement. Crypto Derivatives Trading Volume is the total U.S. dollar equivalent value of the notional amount of crypto derivatives matched trades transacted between a buyer and seller through our platform during the period of measurement. Note this was previously referred to as “Derivatives Trading Volume” in Q1ʼ26. Stablecoin Volume is the total U.S. dollar equivalent value of Stablecoin Trading Volume, plus Stablecoin Conversions. Stablecoin Trading Volume is the total U.S. dollar equivalent value of Fiat-Stablecoin and Stablecoin-Stablecoin matched trades transacted between a buyer and seller through our platform, plus half of the value of trades that we routed off our platform for fulfillment, during the period of measurement. Stablecoin Conversions include primary mint/burn activity from stablecoin transactions routed outside of an exchange order book through our platform during the period of measurement. These represent primary mints/burns Coinbase facilitates directly with the end customer, not the primary mints/burns with the stablecoin issuer. These measurements represent the U.S. dollar equivalent value of the product of the quantity of assets transacted and the trade price of the underlying asset at the time the transaction was executed. Total Market Crypto Trading Volume may exclude stablecoin conversions not captured in publicly reported exchange volumes, which may affect comparability across venues. Coinbase Crypto Trading Volume Market Share1 All-time high Coinbase Crypto Trading Volume Market Share through a down market 11 • Gained share in both spot & derivatives globally, reaching an all-time high (“ATH”) in our Crypto Trading Volume Market Share • Spot share gains were concentrated in Crypto- Fiat, our highest revenue channel • Derivatives share driven by continued traction with crypto perpetuals globally; positive early signals from equity and pre-IPO perpetuals 1.5% 1.8% 2.0% 2.8% 2.2% 2.6% 4.9% 6.3% 7.1% 5.6% 8.4% 9.1% 10.3% Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2’26 EARNINGS Note: This definition and the figures above have been adjusted to capture the impact of Stablecoin Conversion activity on our platform during the period of measurement. • Leading crypto platform globally, storing more crypto than any other platform • Majority of outflows were driven by ETF activity in Q2 given our position as primary custodian; trends have stabilized in Q3 QTD • Mix of units on platform was a secondary factor (i.e. outsized share of majors like ETH that declined more than the broader market) • Excluding ETFs, native units increased Q/Q [1] Assets on Platform is the total U.S. dollar equivalent value of crypto assets and payment stablecoins held or managed on behalf of customers in digital wallets on our platform, including our custody services but excluding assets for which the customer holds full or partial keys, calculated based on the market price on the date of measurement. [2] Total Crypto Market Capitalization is the total U.S. dollar equivalent value market capitalization of substantially all publicly tradable crypto assets and stablecoins on the last day of the quarter, based on data obtained from CoinDesk Data, CoinMarketCap, and CoinGecko. [3] Assets on Platform divided by Total Crypto Market Capitalization. Coinbase stores the most crypto in the world; BTC ETF outflows drove decline in AOP share Assets on Platform1 and % of Total Crypto Market Capitalization2 12 10.2% 10.2% 11.2% 12.1% 11.0% 11.2% 12.0% 11.9% 12.3% 12.5% 12.0% 12.0% 11.2% $124 $114 $191 $323 $261 $264 $404 $328 $425 $516 $376 $294 $246 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Assets on Platform ($B) % of Total Crypto Market Cap3 Q2’26 EARNINGS $30 $26 $25 $28 $33 $35 $38 $54 $61 $68 $76 $75 $77 $2 $3 $3 $4 $6 $7 $8 $12 $14 $15 $18 $19 $20 Average USDC Held in Coinbase Products ($B) Average Off-Platform USDC Balances ($B) Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 ~2.5x USDC Circulation ~10x USDC Held in Coinbase Products Leading stablecoin platform, with ATH Average USDC Held in Coinbase Products [1] Average USDC Held in Coinbase Products is defined as corporate USDC balances and USDC held on behalf of customers in eligible Coinbase products. [2] Average USDC Market Capitalization is defined as the average of each day's market capitalization (end of day) of USDC over the period of measurement, based on data obtained from CoinDesk Data, CoinMarketCap, and CoinGecko. Average USDC Held in Coinbase Products1 and Average USDC Market Capitalization2 13 • New ATH of $20B average USDC held in Coinbase products in Q2 • More than 30% of USDC in circulation is held in Coinbase products as of quarter-end • Average USDC Market Cap was stable Q/Q • Over the past year, we have captured ~50% of all USDC economics; onchain partnerships and deeper product integration driving greater USDC adoption Q2’26 EARNINGS 2026 Priorities Everything Exchange Stablecoins & Payments Onchain 1 32 Enable money to move globally at the speed of the internet. Trade every asset class in one place: crypto, equities, prediction markets, commodities, and FX with deep liquidity and capital efficiency. Update the financial system by bringing trading, payments, and agents onchain. 14 Q2’26 EARNINGS $201 $311 $851 $1,570 $2,520 $3,241 $3,996 $4,224 $4,221 Crypto Derivatives Trading Volume (TTM) Crypto Derivatives Trading Volume Market Share (TTM) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Crypto Derivatives Trading Volume1 TTM ($B) • $4.2T+ in Crypto Derivatives Trading Volume TTM, flat despite market down 12% ◦ New ATH global derivatives market share ◦ 3rd consecutive quarter of derivative share gain amidst softer market conditions • Building broadest suite of regulated derivatives globally ◦ Crypto perpetuals are driving share gains ◦ Momentum building around recent launches of equity and pre-IPO perpetuals establishing us as the home for every asset class • Coming Soon: ◦ Bringing US customers into global perpetuals liquidity via CFTC-regulated pathway ◦ Unified global liquidity for US and International customers through Deribit Everything Exchange: Derivatives outpaced the market; broadening suite and gaining share 1 15 Q2’26 EARNINGS [1] Crypto Derivatives Trading Volume is the total U.S. dollar equivalent value of the notional amount of crypto derivatives matched trades transacted between a buyer and seller through our platform during the period of measurement. Note this was previously referred to as “Derivatives Trading Volume” in Q1ʼ26. [2] Crypto Derivatives Trading Volume Market Share is defined as Crypto Derivatives Trading Volume divided by Total Market Crypto Derivatives Trading Volume. Total Market Crypto Derivatives Trading Volume is defined as the total U.S. dollar equivalent value of all matched crypto derivative trading volumes across exchanges defined in our proprietary competitor set during the period of measurement, based on data obtained from CoinDesk Data, CoinMetrics, Dune, and Tardis. • Crypto Derivatives Trading Volume flat, market down 12% ◦ ATH Crypto Derivatives Trading Volume Market Share2, 3rd straight quarter of share gains • Building broadest suite of regulated derivatives globally ◦ Crypto perpetuals are driving share gains ◦ More assets with equity and pre-IPO perpetuals live • Whatʼs Next: ◦ Bringing U.S. customers into global perpetuals liquidity via CFTC-regulated pathway ◦ U.S. and International unified global liquidity via Deribit Everything Exchange: Prediction markets contracts and revenue up over 2x Q/Q 16 Q2’26 EARNINGS Q1'26 Q2'26 Prediction Markets Revenue • Prediction markets contracts and revenue up >2x Q/Q ◦ Accelerated momentum by launching new markets & features, and improving UI and platform stability ◦ Volume across sports markets was seasonally strong given NBA playoffs and World Cup soccer • Sports continue to lead, followed by crypto ◦ Driving innovation in “fast markets” which are scaling rapidly ◦ New crypto binaries experience drove 3x increase in traders and 4x increase in revenue at launch • Whatʼs Next: ◦ Combos: bundle multiple predictions into a single trade, across any category on the platform ◦ Prosumer tools: expanding the toolkit to drive deeper liquidity and engagement 106% Q/Q • Prediction markets contracts and revenue up >2x Q/Q ◦ Launched new markets, features, and UI/stability ◦ Seasonally strong sports markets given NBA playoffs and World Cup soccer • Sports continue to lead, followed by crypto ◦ Innovation in “fast markets” is scaling rapidly ◦ New crypto binaries experience drove 3x daily traders and 4x daily revenue by quarter-end vs. Mayʼs daily average • Whatʼs Next: ◦ Combos: multiple predictions in a single trade ◦ Prosumer toolkit: deeper liquidity and engagement 1 • An initial member of the Open Standard Consortium (OUSD) • An expanding portfolio of supported stablecoins, including PYUSD, USDT, EURC, tGBP, and XSGD among others 19.3 33.5 37.1 51% 55% 79% USDC & Partner Stablecoins Other Stablecoins FY'24 FY'25 FY’26 YTD [1] Source: Artemis Analytics, reported as “Adjusted Transaction Volume.” Adjusted stablecoin transaction volume (MEV and intra-exchange volumes removed) in USD. Measured by chain. [2] USDC & Partner Stablecoins refer to stablecoin issuers with which Coinbase has a commercial partnership and economic relationship. Stablecoins & Payments: Coinbase is a leading stablecoin platform Market Stablecoin Transaction Volume by Asset1 ($T) 17 2 Q2’26 EARNINGS 2 • Auto-renewal conditions already met and the partnership will renew on the same terms • Coinbase/Circle can mutually agree to add new partners under our Stablecoin Ecosystem framework • Excited by the caliber of parties interested in aligning around USDC We benefit from our perpetually renewable partnership with Circle Coinbase is a multi-stablecoin platform We have the full stack solution for onchain Agentic Finance (AiFi) Stablecoins & Payments: Coinbase is the leading platform for onchain Agentic Finance 99%+ 90%+ 97%+ of agentic stablecoin transaction volumes were on Base in Q2ʼ26 of onchain agentic transactions completed using x402 in Q2ʼ26 of onchain agentic commerce completed using USDC in Q2ʼ26 Source: Artemis Analytics (Q2 2026). 'Onchain agentic commerce' refers exclusively to automated machine autonomous transactions executed via smart contract protocols on monitored public blockchains (EVM-compatible and Solana). Artemis identifies agentic transactions based on programmatic wallet signatures and HTTP 402 protocol interactions. Excludes traditional fiat, offchain credit card, and non-tracked protocol transactions. 18 Q2’26 EARNINGS 2 $199 $610 $1,230 $1,330 $1,491 Q2'25 Q3'25 Q4'25 Q1'26 Q2’26 Onchain: DeFi integrations driving real-world utility 3 $1B+ Y/Y growth in Average Borrow/Lend Balances, driving utility and network effects for USDC & Base Average Borrow/Lend Balances1 ($M) [1] Average Borrow/Lend Balances is the U.S. dollar equivalent value of the sum of the average loans outstanding through our Borrow product and the average lend balances through our Lend product in the relevant period. Borrow/Lend products are powered by onchain DeFi protocols accessible in the Coinbase app. [2] Source: CoinMarketCap, as of June 30, 2026. [3] Source: Blockworks (Q2 2026). ‘BTC DEX spot volume‘ refers to total U.S. dollar equivalent value of BTC pair trading settled on decentralized exchanges on major L1 and L2 blockchain networks. Categorized by network. 19 Q2’26 EARNINGS #1 in BTC DEX spot volume in Q23 $5B+ CB wrapped assets like BTC, ETH, and XRP2 Trusted onchain assets and capital markets make Base the blockchain for global finance The future of finance is onchain, and Coinbase is best positioned to power it The onchain economy has reached escape velocity Coinbase's full stack platform is powering it The next frontier is agentic and on Coinbase 1 32 20 Q2’26 EARNINGS Total revenue $1.2B Transaction revenue $599M Adjusted EBITDA1 $208M Cash & cash equivalents $8.6B Subscription & services revenue $555M [1] Adjusted EBITDA is a non-GAAP financial measure. See Appendix for definition and reconciliation. Net (loss) income $(359)M Q2 Summary Financial Results Q2’26 EARNINGS Q2 Report Card Strong fundamentals despite macro headwinds The business is healthy Gained Crypto Market Share Reached ATH in Coinbase Crypto Trading Volume Market Share; gained share in both Spot and Derivatives Everything Exchange is Working • Prediction Markets: $100M+ annualized revenue1 as of Q2ʼ26; >2x revenue and contracts growth Q/Q • Derivatives: Crypto Derivatives Trading Volumes ~flat Q/Q outpacing derivatives market overall which was down double digits Q/Q Proactive Expense Discipline T&D + G&A+ S&M below midpoint of Q2 outlook Macro headwinds outpaced growth Softening Spot Market Conditions • Total Market Crypto Spot Trading Volume2 declined 25% Q/Q • Crypto Asset Prices: Total Crypto Market Capitalization3 declined 11% Q/Q including double digit declines in BTC, ETH, and SOL Low Volatility Suppressed trading activity as Crypto Asset Volatility4 declined 14% Q/Q and reached multi-year lows 22 Q2’26 EARNINGS [1] Measured based on when the product generated $100 million in quarterly annualized net revenue for the most recent qualifying quarter. [2] Total Market Crypto Spot Trading Volume is defined as the total U.S. dollar equivalent value of all matched crypto spot and stablecoin trading volumes across exchanges defined in our proprietary competitor set, based on data obtained from CoinDesk Data, CoinMetrics, Dune, and Tardis. [3] Total Crypto Market Capitalization is the total U.S. dollar equivalent value market capitalization of substantially all publicly tradable crypto assets and stablecoins on the last day of the quarter, based on data obtained from CoinDesk Data, CoinMarketCap, and CoinGecko. [4] Crypto Asset Volatility represents our internal measure of crypto asset volatility in the market relative to prior periods. The volatility is based on intraday returns of a volume-weighted basket of all assets listed on our platform. These returns are used to compute the basketʼs intraday volatility which is then scaled to a daily window. These daily volatility values are then averaged over the applicable time period as needed. Q2 results reflect expense execution despite macro headwinds Metric Q2 Outlook (May 2026) Q2 Actuals Subscription & Services Revenue Transaction Expenses Technology & Development + General & Administrative Expenses Sales and Marketing Expenses Stock-based Compensation $565-$645 million Low-to-Mid Teens as a % of net revenue $200-$300 million $820-$870 million ~$240 million $555 million 16.4% $240 million $830 million $238 million ✓ ✓ ✓ ✓ 23 Q2’26 EARNINGS $708 $674 $954 $1,638 $1,450 $1,205 $2,272 $2,034 $1,497 $1,869 $1,781 $1,413 $1,220 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2’26 Total Revenue 24 • $1.2B total revenue (-14% Q/Q) against a backdrop of a decline in Total Market Crypto Trading Volumes1 (-15% Q/Q) and Total Market Crypto Spot Trading Volume2 (-25% Q/Q) • Transaction revenue decline of 21% Q/Q outperformed decline in Total Market Crypto Spot Trading Volume • S&S represented 48% of net revenue, providing a durable buffer independent of trading volumes TTM Total Revenue Total Revenue ($M) Q2’26 EARNINGS Total Revenue of $1.2B reflecting softer market conditions [1] Total Market Crypto Trading Volume is defined as the total U.S. dollar equivalent value of all matched crypto spot, stablecoin, and crypto derivative trading volumes across exchanges defined in our proprietary competitor set, plus Stablecoin Conversions during the period of measurement, based on data obtained from CoinDesk Data, CoinMetrics, Dune, and Tardis. [2] Total Market Crypto Spot Trading Volume is defined as the total U.S. dollar equivalent value of all matched crypto spot and stablecoin trading volumes across exchanges defined in our proprietary competitor set, based on data obtained from CoinDesk Data, CoinMetrics, Dune, and Tardis. Transaction revenue outpaced Total Market Crypto Spot Trading Volume due to new products Transaction Revenue 25 • Consumer transaction revenue of $452M (-20% Q/Q) driven by Consumer Crypto Spot Trading Volume decline of (24)%, partially offset by continued growth in prediction markets • Institutional transaction revenue of $100M (-26% Q/Q) roughly in line with market declines • Other transaction revenue of $47M (-11% Q/Q), largely driven by lower Base revenue $327 $289 $529 $1,077 $781 $573 $1,556 $1,262 $764 $1,046 $983 $756 $599 $289 $247 $469 $935 $665 $483 $1,347 $1,096 $650 $844 $734 $567 $452 $85 $64 $55 $141 $99 $61 $135 $185 $136 $100 $56 $53 $34 $68 $68 $54 $68 $64 $53 $47 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2’26 Average Crypto Market Capitalization1 Other Transaction Revenue ($M) Institutional Transaction Revenue ($M) Consumer Transaction Revenue ($M) Q2’26 EARNINGS [1] Average Crypto Market Capitalization is the average U.S. dollar equivalent value of each day's market capitalization (end of day) of substantially all publicly tradable crypto assets and stablecoins over the period of measurement, based on data obtained from Coindesk Data, CoinMarketCap, and CoinGecko. Subscription and services revenue reached 48% of net revenue, reflecting continued diversification Subscription and Services Revenue 26 $329 $327 $364 $499 $585 $542 $627 $675 $632 $717 $694 $584 $555 $145 $165 $161 $186 $227 $233 $212 $274 $309 $325 $331 $305 $292 $88 $74 $95 $151 $185 $155 $215 $197 $145 $185 $152 $101 $83 $52 $43 $49 $67 $69 $64 $66 $63 $59 $65 $60 $68 $66 $44 $45 $60 $96 $104 $90 $135 $141 $119 $143 $152 $109 $114 50% 53% 41% 32% 43% 49% 29% 35% 45% 41% 41% 44% 48% Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 % of Net RevenueOther Subscription & Services ($M) Interest and Finance Fee Income ($M) Blockchain Rewards ($M) • Stablecoin revenue of $292M driven by new ATH in Average USDC Held in Coinbase Products offset by declines in interest rates & off- platform balances • Blockchain rewards of $83M from growth in native units staked, offset by price effects and rewards rates • Interest & finance fee income of $66M reflecting new ATH in Average Defi Borrow/Lend Balances, offset by rates • New ATH in Paid Coinbase One Subscribers1; achievement of performance earn outs Stablecoin Revenue ($M) Q2’26 EARNINGS [1] Paid Coinbase One Subscriber is defined as a user with an active subscription to Coinbase One at the end of the period of measurement, and is not part of a time limited free trial. Investing strategically through the cycle while maintaining cost discipline Adjusted Expenses1 27 • T&D of $473M (-10% Q/Q) primarily driven by proactive cost reductions announced in May • G&A of $357M (-5% Q/Q) primarily driven by proactive cost reduction actions announced in May • S&M of $240M (-10% Q/Q) as costs flexed with market and on Q1 event ad timing • Transaction expense at 16% of net revenue; lower Coinbase Total Crypto Trading Volume offset by fees associated with prediction market growth $642 $640 $735 $737 $841 $867 $952 $992 $972 $1,088 $1,229 $1,133 $1,035 $321 $323 $323 $358 $364 $377 $369 $355 $387 $431 $497 $526 $473 $259 $253 $314 $287 $320 $330 $363 $394 $354 $418 $453 $376 $357$84 $78 $106 $99 $165 $165 $226 $247 $236 $260 $315 $267 $240 $(22) $(13) $(9) $(7) $(9) $(6) $(5) $(5) $(5) $(21) $(36) $(36) $(35) Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2’26 Intangible Amortization ($M) Sales & Marketing ($M) General & Administrative ($M) Technology & Development ($M) Q2’26 EARNINGS Transaction Expense as % of Net Revenue 16% 15% 14% 14% 14% 15% 15% 16% 18% 14% 13% 15% 16% [1] Adjusted Expenses: Technology & Development, General & Administrative and Sales & Marketing Expenses excluding amortization of intangible assets. Adjusted Expenses is a non-GAAP financial measure. See Appendix for definition and reconciliation. FTEs 3,406 3,427 3,416 3,416 3,486 3,672 3,772 3,959 4,279 4,795 4,951 4,988 4,321 14th consecutive quarter of positive Adjusted EBITDA across market cycles Net Income (Loss) & Adjusted EBITDA1 [1] Adjusted EBITDA is a non-GAAP financial measure. See Appendix for definition and reconciliation. 28 • $208M Adjusted EBITDA in Q2'26, 14th consecutive positive quarter across all market conditions • Maintain our commitment to generate positive Adjusted EBITDA in all market conditions Net Income (Loss) ($M) Adjusted EBITDA ($M) Q2’26 EARNINGS $189 $178 $324 $1,014 $596 $449 $1,289 $930 $512 $801 $566 $303 $208 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2’26 $(97) $(2) $273 $1,176 $36 $75 $1,291 $66 $1,429 $433 $(667) $(394) $(359) $1.6 $1.6 $1.9 $1.7 $3.8 $4.1 $2.9 $2.7 $2.5 $1.2 $1.3 $1.6 $1.3 $1.8 $2.6 $2.0 $1.6 $1.5 $0.3 $0.4 $0.4 $0.4 $1.9 $0.4 $0.6 $0.8 $0.8 $1.1 $0.3 $0.2 $0.2 Crypto Assets Held for Investment ($B) Strategic Investments ($B) Marketable Investments ($B) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2’26 $10B in available resources – fortress balance sheet with $1.6B in crypto and marketable investments 3x+ Strategic and Marketable Investments +92% BTC and +34% ETH Units Held TOTAL: $8,614M Money market funds and short-duration U.S. Treasuries $3,095M Payment stablecoins $2,957M Cash held at banks $2,468M Cash held at venues $94M Cash & Cash Equivalents Crypto Investment Portfolio, Marketable Investments & Strategic Investments1 Note: Figures presented may not sum precisely due to rounding. [1] Strategic Investments are not 100% liquid investments. 29 Q2’26 EARNINGS Managing dilution through opportunistic strategic repurchases Ending Shares Outstanding (M) $2.0B+ Returned to shareholders 10.1M+ Class A shares repurchased $2.0B Remaining authorization 85%+ of SBC issuance offset since Q4ʼ24 ~50% of buyback capacity remains as of Q2ʼ26 30 237 239 242 245 248 250 254 255 256 269 268 263 264 M&A Related Issuance Stock-Based Compensation Related Issuance Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2’26 Q2’26 EARNINGS Outlook Metric Q3ʼ26 Outlook Q3 Drivers Transaction Revenue S&S Revenue Transaction Expenses Adjusted Expenses Stock-based Compensation ~$130M QTD Through July 26 $500-$580 million Mid-teens as a % of net revenue $980-$1,080 million1 ~$245 million Caution extrapolating results (+) Average USDC Market Cap & Average USDC Held in Coinbase Products (-) Roll-off of Q2 performance earn outs (-) QTD average crypto asset prices Approximately flat vs. Q2 (+/-) Revenue mix (-) Full quarter impact of Q2 headcount reductions & other expense efficiencies (T&D + G&A + S&M) (+) USDC rewards (S&M) (+) Marketing efforts behind recent product launches (S&M) Approximately flat vs. Q2 in-line with headcount outlook 31 Q2’26 EARNINGS [1] Adjusted Expenses: Technology & Development, General & Administrative and Sales & Marketing Expenses excluding amortization of intangible assets. Adjusted Expenses is a non-GAAP measure. We expect amortization of intangible assets of $35 million to $40 million for Q3'26, implying GAAP Technology & Development, General & Administrative and Sales & Marketing expenses of $1,015 million to $1,120 million for Q3'26. $4,282 $4,600 $4,450 2025 Initial 2026 Outlook Current 2026 Outlook We are reducing and narrowing our 2026 Adjusted Expenses guidance range Adjusted Expenses ($M)1 [1] Adjusted Expenses: Technology & Development, General & Administrative and Sales & Marketing Expenses excluding amortization of intangible assets. Adjusted Expenses is a non-GAAP measure. [2] When setting our initial 2026 Outlook, we expected amortization of intangible assets of $140 million to $150 million for FY'26, implying GAAP Technology & Development, General & Administrative and Sales & Marketing expenses of $4,390 million to $4,750 million for FY'26. [3] We expect amortization of intangible assets of $140 million to $150 million for FY'26, implying GAAP Technology & Development, General & Administrative and Sales & Marketing expenses of $4,340 million to $4,600 million for FY'26. [4] 2025 annualized exit rate defined as Q4'25 Adjusted Expenses multiplied by 4. $4,200-$4,4503 -$100M At midpoint 32 • ~$600M cost reduction vs. 2025 annualized exit rate4 • 14% headcount reduction in May • 4,321 employees at the end of Q2 (vs. 4,988 at end of Q1) • Excluding USDC Rewards growth, we anticipate Adjusted Expenses to be flat Y/Y Q2’26 EARNINGS $4,250-$4,6002 +1% At midpoint Appendix Financial Recap ($ in millions) Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q2ʼ26 Q/Q Y/Y Transaction, net 764.3 1,046.3 982.7 755.8 599.2 (21)% (22)% Subscription and services 632.2 716.6 694.5 583.5 555.1 (5)% (12)% Corporate interest and other income 100.7 105.8 104.0 73.6 65.8 (11)% (35)% Total revenue 1,497.2 1,868.7 1,781.1 1,413.0 1,220.1 (14)% (19)% Total operating expenses 1,521.9 1,388.2 1,507.4 1,434.4 1,333.6 (7)% (12)% T&D + G&A + S&M expenses 977.3 1,109.3 1,265.3 1,168.5 1,069.6 (8)% 9% Adjusted Expenses1 972.0 1,088.5 1,229.4 1,132.9 1,034.8 (9)% 6% Net income (loss) 1,428.9 432.6 (666.7) (394.1) (359.5) (9)% (125)% Adjusted Net Income (Loss)1 33.2 420.7 178.0 (45.6) (104.9) 130% (416)% Adjusted EBITDA1 512.1 800.7 565.9 303.3 207.8 (31)% (59)% Note: Amounts may not add as presented due to rounding. [1] Adjusted Expenses, Adjusted Net Income (Loss), and Adjusted EBITDA are non-GAAP financial measures. See this Appendix for definitions and reconciliations. 34 Q2’26 EARNINGS Income Statement (Unaudited) ($ in millions, except per share amounts) Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q2ʼ26 Q/Q Y/Y Net revenue 1,396.5 1,762.9 1,677.1 1,339.3 1,154.3 (14)% (17)% Other revenue 100.7 105.8 104.0 73.6 65.8 (11)% (35)% Total revenue 1,497.2 1,868.7 1,781.1 1,413.0 1,220.1 (14)% (19)% Transaction expense 245.3 253.3 218.6 195.9 189.8 (3)% (23)% Technology and development 387.3 430.6 497.3 525.6 472.8 (10)% 22% Sales and marketing 236.2 260.3 314.8 266.7 239.8 (10)% 2% General and administrative 353.7 418.4 453.1 376.1 356.9 (5)% 1% (Gains) losses on crypto assets held for operations (8.7) (35.7) 30.8 35.2 31.7 (10)% (465)% Restructuring 0.0 0.0 0.0 0.0 52.4 100% 100% Other operating expense (income), net 308.0 61.3 (7.3) 34.9 (10.0) (129)% (103)% Total operating expenses 1,521.9 1,388.2 1,507.4 1,434.4 1,333.6 (7)% (12)% Operating (loss) income (24.7) 480.5 273.8 (21.4) (113.5) 430% 360% Interest expense 20.5 21.8 22.6 22.6 22.5 —% 10% (Gains) losses on crypto assets held for investment (362.1) (423.9) 718.2 482.4 209.5 (57)% (158)% Other (income) expense, net (1,506.9) 380.5 419.3 (61.6) 49.9 (181)% (103)% Provision for (benefit from) income taxes 394.9 69.6 (219.6) (70.6) (35.9) (49)% (109)% Net income (loss) 1,428.9 432.6 (666.7) (394.1) (359.5) (9)% (125)% Net income (loss) per share - Basic 5.60 1.65 (2.49) (1.49) (1.36) (8)% (124)% Net income (loss) per share - Diluted 5.14 1.50 (2.49) (1.49) (1.36) (8)% (127)% 35 Note: Amounts may not add as presented due to rounding. Q2’26 EARNINGS Reconciliation of Adjusted EBITDA ($ in millions) Q2ʼ23 Q3ʼ23 Q4ʼ23 Q1ʼ24 Q2ʼ24 Q3ʼ24 Q4ʼ24 Q1ʼ25 Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q2ʼ26 Net income (loss) (97.4) (2.3) 273.4 1,176.2 36.2 75.5 1,291.2 65.6 1,428.9 432.6 (666.7) (394.1) (359.5) Adjusted to exclude the following: Provision for (benefit from) income taxes 18.7 36.9 (140.6) 261.2 (96.4) (6.9) 205.7 16.8 394.9 69.6 (219.6) (70.6) (35.9) Interest expense 21.7 20.8 18.7 19.1 20.5 20.5 20.5 20.5 20.5 21.8 22.6 22.6 22.5 Depreciation and amortization 37.0 32.0 29.5 29.3 34.5 30.7 33.0 33.3 33.9 50.1 71.1 68.0 64.4 Stock-based compensation expense 199.8 218.2 163.9 224.5 217.9 248.4 222.0 190.7 196.2 222.1 230.5 248.1 238.3 Data Theft Incident losses (recoveries), net1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 306.7 48.0 (9.5) 8.6 (33.9) Losses (gains) on crypto assets held for investment, net 0.0 0.0 0.0 (650.4) 319.0 120.5 (476.2) 596.7 (362.1) (423.9) 718.2 482.4 209.5 Restructuring (1.0) (0.9) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52.4 Impairment on crypto assets still held, net (pre-adoption of ASU 2023-08) 8.5 8.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Non-recurring lease charges 18.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Non-recurring accrued legal contingencies, settlements, and related costs 0.0 0.0 15.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other expense (income), net2 (16.6) (135.3) (36.0) (45.6) 63.8 (40.1) (7.2) 6.2 (1,506.9) 380.5 419.3 (61.6) 49.9 Adjusted EBITDA3 188.7 178.3 324.0 1,014.3 595.6 448.6 1,289.0 929.9 512.1 800.7 565.9 303.3 207.8 Technology and development 123.5 130.8 99.5 139.8 133.6 155.4 135.9 108.1 117.2 127.3 145.7 160.6 152.9 Sales and marketing 14.9 16.6 13.3 16.6 16.7 18.7 17.4 14.9 14.5 13.9 14.3 14.8 12.6 General and administrative 61.4 70.8 51.0 68.1 67.6 74.3 68.7 67.7 64.4 80.9 70.5 72.6 72.8 Total stock-based compensation 199.8 218.2 163.9 224.5 217.9 248.4 222.0 190.7 196.2 222.1 230.5 248.1 238.3 36 Note: Amounts may not add as presented due to rounding. [1] Losses, net of recoveries, directly related to the data theft incident announced on the Current Report on Form 8-K we filed with the SEC on May 15, 2025 (the “Data Theft Incident”), including voluntary customer reimbursements, direct legal costs, and reward payments, if any, in connection with the threat actorʼs arrest and conviction. [2] See Note 17. Other Condensed Consolidated Statements of Operations Details to the Condensed Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the SEC on July 30, 2026 for additional details. [3] We calculate Adjusted EBITDA as net loss or income, adjusted to exclude provision for or benefit from income taxes, interest expense, depreciation and amortization expense, stock-based compensation expense, losses, net of recoveries, directly related to the Data Theft Incident, net gains or losses on our crypto assets held for investment, restructuring, impairment on crypto assets still held, net (pre-adoption of ASU 2023-08), non-recurring lease charges, non-recurring accrued legal contingencies, settlements, and related costs, and other income or expense, net, which represents net gains or losses on investments and other financial instruments, and other non-operating income and expense activity. Q2’26 EARNINGS Reconciliation of Adjusted Net Income (Loss) ($ in millions) Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q2ʼ26 Net income (loss) 1,428.9 432.6 (666.7) (394.1) (359.5) Adjusted to exclude the following: Losses (gains) on crypto assets held for investment, net (362.1) (423.9) 718.2 482.4 209.5 (Gains) losses on investments, net (1,472.1) 400.3 394.7 (46.8) 58.2 Tax effect of non-GAAP net income adjustments 438.5 11.8 (268.1) (87.0) (13.2) Adjusted Net Income (Loss) 33.2 420.7 178.0 (45.6) (104.9) 37 Note: Amounts may not add as presented due to rounding. Q2’26 EARNINGS Reconciliation of Adjusted Expenses ($ in millions) Q2ʼ23 Q3ʼ23 Q4ʼ23 Q1ʼ24 Q2ʼ24 Q3ʼ24 Q4ʼ24 Q1ʼ25 Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q2ʼ26 Technology and development 320.7 322.8 323.1 357.9 364.3 377.4 368.7 355.4 387.3 430.6 497.3 525.6 472.8 Portion related to intangible amortization 15.6 7.3 2.8 2.2 4.8 1.7 1.7 1.7 2.0 9.3 15.7 15.8 15.4 Sales and marketing 83.9 78.2 106.3 98.6 165.3 164.8 225.8 247.3 236.2 260.3 314.8 266.7 239.8 Portion related to intangible amortization — — — — — — — — — 10.8 18.4 18.0 17.8 General and administrative 259.0 252.6 313.9 287.2 320.1 330.4 362.5 394.3 353.7 418.4 453.1 376.1 356.9 Portion related to intangible amortization 5.9 5.9 5.7 4.5 4.3 4.3 3.5 3.4 3.3 0.7 1.8 1.8 1.7 Subtotal 663.5 653.6 743.3 743.7 849.6 872.6 957.0 997.0 977.3 1,109.3 1,265.3 1,168.5 1,069.6 Less: Intangible amortization 21.6 13.2 8.5 6.7 9.1 6.0 5.3 5.1 5.3 20.8 35.9 35.6 34.8 Adjusted Expenses 642.0 640.4 734.8 737.0 840.5 866.6 951.8 991.9 972.0 1,088.5 1,229.4 1,132.9 1,034.8 38 Note: Amounts may not add as presented due to rounding. Q2’26 EARNINGS Select Operating Metrics ($ in billions) Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q2ʼ26 Consumer 41.5 57.4 53.7 33.8 25.8 Institutional 184.1 236.9 207.8 158.7 120.6 Crypto Spot Trading Volume 225.6 294.3 261.5 192.5 146.4 Crypto Derivatives Trading Volume 1,029.5 843.8 1,318.5 1,032.1 1,027.0 Other Derivatives Trading Volume1 1.7 2.0 13.4 53.9 33.6 Derivatives Trading Volume 1,031.3 845.8 1,331.9 1,086.0 1,060.6 Stablecoin Trading Volume2 17.6 11.0 9.7 9.8 7.5 Stablecoin Conversions (Mint/Burn)3 70.6 98.0 82.0 83.1 85.2 Stablecoin Volume 88.2 108.9 91.7 92.9 92.7 Coinbase Total Trading Volume 1,345.1 1,249.1 1,685.1 1,371.4 1,299.7 39 [1] Other Derivatives Trading Volume is the total U.S. dollar equivalent value of the notional amount of non-crypto derivatives matched trades transacted between a buyer and seller through our platform during the period of measurement. Other Derivatives Trading Volume is not included in Coinbase Crypto Trading Volume Market Share. [2] Stablecoin Trading Volume is the total U.S. dollar equivalent value of Fiat-Stablecoin and Stablecoin-Stablecoin matched trades transacted between a buyer and seller through our platform, plus half of the value of trades that we routed off our platform for fulfillment, during the period of measurement. [3] Stablecoin Conversions include primary mint/burn activity from stablecoin transactions routed outside of an exchange order book through our platform during the period of measurement. These represent primary mints/burns Coinbase facilitates directly with the end customer, not the primary mints/burns with the stablecoin issuer. These measurements represent the U.S. dollar equivalent value of the product of the quantity of assets transacted and the trade price of the underlying asset at the time the transaction was executed. Note: Our previously disclosed Trading Volume metric is equivalent to our Crypto Spot Trading Volume plus Stablecoin Trading Volume. Note: Coinbase Total Crypto Trading Volume used to calculate Coinbase Crypto Trading Volume Market Share is equivalent to Total Trading Volume excluding Other Derivatives Trading Volume. Note: Amounts may not add as presented due to rounding. Q2’26 EARNINGS USDC Balances & Revenue Average USDC Market Capitalization1 ($ in billions) Stablecoin Revenue & Revenue on Corporate Balances ($ in millions) Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q2ʼ26 Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q2ʼ26 Average USDC Held in Coinbase Products2 14 15 18 19 20 144 159 172 161 174 Portion held in corporate balances 2 3 3 3 3 24 30 33 18 28 Off-platform USDC 47 53 58 56 57 188 196 192 163 146 Total 61 68 76 75 77 332 355 364 324 320 40 [1] Average USDC Market Capitalization is defined as the average of each day's market capitalization (end of day) of USDC over the period of measurement, based on data obtained from CoinDesk Data, CoinMarketCap, and CoinGecko. [2] Average USDC Held in Coinbase Products is defined as corporate USDC balances and USDC held on behalf of customers in eligible Coinbase products. Note: Amounts may not add as presented due to rounding. Q2’26 EARNINGS Condensed Consolidated Statements of Operations ($ In thousands, except per share data) (unaudited) 41 Note: Amounts may not add as presented due to rounding. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue: Net revenue .................................................................................................................................. $ 1,154,301 $ 1,396,513 $ 2,493,649 $ 3,333,334 Other revenue ............................................................................................................................... 65,767 100,695 139,401 198,169 Total revenue ......................................................................................................................... 1,220,068 1,497,208 2,633,050 3,531,503 Operating expenses: Transaction expense ................................................................................................................... 189,790 245,261 385,649 548,287 Technology and development .................................................................................................... 472,848 387,322 998,496 742,690 Sales and marketing .................................................................................................................... 239,843 236,245 506,569 483,528 General and administrative ........................................................................................................ 356,924 353,707 733,018 748,053 Losses (gains) on crypto assets held for operations, net ...................................................... 31,719 (8,702) 66,870 25,663 Restructuring ................................................................................................................................ 52,408 — 52,408 — Other operating (income) expense, net .................................................................................... (9,976) 308,025 24,949 302,126 Total operating expenses ..................................................................................................... 1,333,556 1,521,858 2,767,959 2,850,347 Operating (loss) income ....................................................................................................... (113,488) (24,650) (134,909) 681,156 Interest expense ................................................................................................................................. 22,516 20,535 45,085 41,046 Losses (gains) on crypto assets held for investment, net ............................................................ 209,499 (362,053) 691,855 234,598 Other expense (income), net ............................................................................................................ 49,908 (1,506,905) (11,733) (1,500,717) (Loss) income before income taxes ................................................................................... (395,411) 1,823,773 (860,116) 1,906,229 (Benefit from) provision for income taxes ....................................................................................... (35,943) 394,873 (106,531) 411,721 Net (loss) income .................................................................................................................. $ (359,468) $ 1,428,900 $ (753,585) $ 1,494,508 Net (loss) income attributable to common shareholders: Basic .............................................................................................................................................. $ (359,468) $ 1,428,900 $ (753,585) $ 1,494,508 Diluted ............................................................................................................................................ $ (359,468) $ 1,432,511 $ (753,585) $ 1,501,717 Net (loss) income per share: Basic .............................................................................................................................................. $ (1.36) $ 5.60 $ (2.85) $ 5.87 Diluted ............................................................................................................................................ $ (1.36) $ 5.14 $ (2.85) $ 5.39 Weighted-average shares of common stock used to compute net (loss) income per share: Basic .............................................................................................................................................. 263,412 255,188 264,128 254,537 Diluted ............................................................................................................................................ 263,412 278,913 264,128 278,700 Q2’26 EARNINGS Condensed Consolidated Balance Sheets ($ In thousands, except per share data) (unaudited) 42 Note: Amounts may not add as presented due to rounding. June 30, December 31, 2026 2025 Liabilities and Shareholders’ Equity Current liabilities: Customer custodial fund liabilities .................................. $ 4,299,190 $ 5,347,428 Current portion of long-term debt .................................... — 1,269,585 Short-term borrowings ...................................................... 539,195 452,105 Obligation to return collateral ........................................... 1,656,821 826,883 Accrued expenses and other current liabilities ............. 723,708 805,281 Total current liabilities ................................................. 7,218,914 8,701,282 Long-term debt .......................................................................... 5,944,232 5,937,034 Other non-current liabilities ..................................................... 217,475 240,458 Total liabilities .............................................................. 13,380,621 14,878,774 Commitments and contingencies Shareholders’ equity: Preferred stock, $0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of June 30, 2026 and December 31, 2025 ...... — — Class A and B common stock, $0.00001 par value; 10,500,000 (Class A 10,000,000, Class B 500,000) shares authorized at June 30, 2026 and December 31, 2025; 263,782 (Class A 222,748, Class B 41,034) shares issued and outstanding at June 30, 2026 and 267,836 (Class A 226,797, Class B 41,039) shares issued and outstanding at December 31, 2025 ............ 3 3 Additional paid-in capital .................................................. 7,710,289 8,566,854 Accumulated other comprehensive (loss) income ....... (98,270) 4,973 Retained earnings ............................................................. 5,467,643 6,221,228 Total shareholders’ equity .......................................... 13,079,665 14,793,058 Total liabilities and shareholders’ equity ........... $ 26,460,286 $ 29,671,832 June 30, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents .............................................. $ 8,614,065 $ 11,285,452 Restricted cash and cash equivalents ............................ 275,815 334,318 Customer custodial funds ................................................. 4,299,190 5,347,428 Crypto assets held for operations ................................... 86,469 120,831 Loan receivables ................................................................ 1,572,354 1,354,692 Crypto assets held as collateral ...................................... 1,645,051 822,827 Crypto assets borrowed .................................................... 229,076 318,849 Accounts receivable, net .................................................. 333,194 307,119 Marketable investments .................................................... 174,778 309,765 Other current assets .......................................................... 259,315 187,164 Total current assets .................................................... 17,489,307 20,388,445 Crypto assets held for investment ......................................... 1,468,395 1,998,871 Strategic investments .............................................................. 840,287 622,985 Deferred tax assets .................................................................. 682,446 570,819 Goodwill ..................................................................................... 4,139,490 4,168,967 Intangible assets, net ............................................................... 1,318,869 1,397,794 Other non-current assets ........................................................ 521,492 523,951 Total assets ........................................................... $ 26,460,286 $ 29,671,832 Q2’26 EARNINGS 43 Condensed Consolidated Statements of Cash Flows ($ In thousands) (unaudited) Note: Amounts may not add as presented due to rounding. Six Months Ended June 30, 2026 2025 Cash flows from operating activities Net (loss) income .......................................................... $ (753,585) $ 1,494,508 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization ................................. 132,409 67,234 Stock-based compensation expense ...................... 486,396 386,889 Deferred income taxes .............................................. (109,875) 399,971 Losses on crypto assets held for operations, net .... 66,870 25,663 Losses on crypto assets held for investment, net . 691,855 234,598 Losses (gains) on investments, net ........................ 11,381 (1,475,448) Other operating activities, net .................................. 55,689 48,582 Changes in operating assets and liabilities: Income taxes, net ..................................................... (41,799) (125,633) Crypto assets held for operations .......................... (24,055) (84,762) Other current and non-current assets ................... (59,171) 45,910 Other current and non-current liabilities ............... (76,061) 75,260 Net cash provided by operating activities ...................... 380,054 1,092,772 Cash flows from investing activities Loans originated ......................................................... (5,862,479) (4,596,581) Proceeds from repayment of loans ......................... 5,665,796 4,322,454 Purchases of crypto assets held for investment ... (166,597) (464,082) Dispositions of crypto assets held for investment . 33,865 80,781 Purchase of investments .......................................... (251,562) (91,349) Dispositions of investments ...................................... 153,555 5,735 Other investing activities, net ................................... (73,132) (69,787) Net cash used in investing activities .............................. (500,554) (812,829) Six Months Ended June 30, 2026 2025 Cash flows from financing activities Repayment of long-term debt .................................. (1,273,013) — Repurchase of common stock ................................. (1,243,488) — Customer custodial fund liabilities ........................... (1,026,160) (1,140,867) Customer collateral received ................................... 11,371 109,399 Return of customer collateral ................................... (3,729) (112,650) Taxes paid related to net share settlement of equity awards ............................................................. (224,319) (201,381) Proceeds from short-term borrowings .................... 500,918 278,162 Repayments of short-term borrowings ................... (345,927) (305,084) Other financing activities, net ................................... 31,120 60,560 Net cash used in financing activities .............................. (3,573,227) (1,311,861) Net decrease in cash, cash equivalents, and restricted cash and cash equivalents ............................ (3,693,727) (1,031,918) Effect of exchange rates on cash, cash equivalents, and restricted cash and cash equivalents..................... (47,265) 79,845 Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period ........................... 16,893,420 15,683,456 Cash, cash equivalents, and restricted cash and cash equivalents, end of period ...................................... $ 13,152,428 $ 14,731,383 Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents Cash and cash equivalents ...................................... $ 8,614,065 $ 9,367,889 Restricted cash and cash equivalents .................... 275,815 337,786 Customer custodial cash and cash equivalents .... 4,262,548 5,025,708 Total cash, cash equivalents, and restricted cash and cash equivalents ....................................................... $ 13,152,428 $ 14,731,383 Q2’26 EARNINGS Non-GAAP Financial Measures Adjusted EBITDA In addition to our results determined in accordance with GAAP, we believe Adjusted EBITDA, a non-GAAP financial performance measure, is useful information to help investors evaluate our operating performance because it: enables investors to compare this measure and component adjustments to similar information provided by peer companies and our past financial performance; provides additional company-specific adjustments for certain items that may be included in income from operations but that we do not consider to be normal, recurring, operating expenses (or income) necessary to operate our business given our operations, revenue generating activities, business strategy, industry, and regulatory environment; and provides investors with visibility to a measure management uses to evaluate our ongoing operations and for internal planning and forecasting purposes. For example: • We believe it is useful to exclude certain non-cash expenses, such as depreciation and amortization and stock-based compensation, from Adjusted EBITDA because the amounts of such expenses can vary significantly from period to period and may not directly correlate to the underlying performance of our business operations. • We believe it is useful to exclude certain items that we do not consider to be normal, recurring, cash operating expenses and therefore, not reflective of our ongoing business operations. For example, we exclude: (i) other (income) expense, net, as the income and expenses recognized in this line item are not part of our core operating activities and are considered non-operating activities under GAAP, (ii) gains and losses on crypto assets held for investment because such investments are considered primarily long-term holdings, (iii) losses, net of recoveries, directly related to the data theft incident announced on the Current Report on Form 8-K we filed with the SEC on May 15, 2025 (the “Data Theft Incident”), including voluntary customer reimbursements, direct legal costs, and reward payments, if any, in connection with the threat actor’s arrest and conviction, (iv) costs of restructuring, as these costs are associated with discrete organizational changes and are not reflective of our core, ongoing business operations, (v) non-recurring lease charges, which represent a non-recurring fee and write-off related to an early lease termination, (vi) non-recurring accrued legal contingencies, settlements, and related costs, which reduces cash available to us, and (vii) impairment on crypto assets still held, net, which represents impairment on crypto assets still held and is a non-cash expense, prior to the adoption of Accounting Standards Update (“ASU”) 2023-08. We do not plan on engaging in regular trading of crypto assets, and, as an operating company, our investing activities in crypto are not part of our revenue generating activities, which are primarily based on transactions on our platform and the sales of subscriptions and services. • We believe Adjusted EBITDA is useful to measure a company’s operating performance without regard to items such as stock-based compensation expense, depreciation and amortization expense, interest expense, other (income) expense, net, and provision for (benefit from) income taxes that can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired. Adjusted Net Income (Loss) In addition to our results determined in accordance with GAAP, we believe that Adjusted Net Income (Loss), a non-GAAP financial performance measure, provides useful information to help investors evaluate our operating performance. We believe it is useful to exclude tax- effected gains and losses on crypto assets held for investment from Adjusted Net Income (Loss) because (i) such investments are considered primarily long-term holdings, (ii) we do not plan on engaging in regular trading of crypto assets, and, (iii) as an operating company, our investing activities in crypto are not part of our revenue generating activities, which are based on transactions on our platform and the sales of subscriptions and services. Additionally, we believe it is useful to exclude tax-effected gains and losses on our marketable and strategic investments from Adjusted Net Income (Loss) because such investments are not part of our core operating activities and are considered non-operating activities under GAAP. Adjusted Expenses Adjusted Expenses is defined as the sum of technology and development, sales and marketing, and general and administrative expenses, less amortization of acquired intangible assets. We believe this non-GAAP financial measure provides useful information to help investors evaluate our results of operations excluding amortization of acquired intangible assets, which we do not consider to be normal, recurring, cash operating expenses and which may not directly correlate to the underlying performance of our business operations. Limitations of Non-GAAP Financial Measures We believe that non-GAAP financial measures may be helpful to investors for the reasons noted above. However, non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as analytical tools, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our disclosure of non-GAAP financial measures as a tool for comparison. Adjusted EBITDA There are a number of limitations related to Adjusted EBITDA rather than net (loss) income, which is the nearest GAAP equivalent of Adjusted EBITDA. Some of these limitations are that Adjusted EBITDA excludes: • provision for (benefit from) income taxes; • interest expense, or the cash requirements necessary to service interest or principal payments on our debt, which reduces cash available to us; • depreciation and amortization expense and, although these are non-cash expenses, the assets being depreciated and amortized may have to be replaced in the future; • stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; • losses directly related to the Data Theft Incident, net of recoveries; • net gains or losses on our crypto assets held for investment; • the impact of the restructuring, which is not related to normal operations but impacted our results in 2023 and 2026; • non-recurring lease charges, which represent a non-recurring fee and write-off related to an early lease termination; • non-recurring accrued legal contingencies, settlements, and related costs, which reduces cash available to us; • impairment on crypto assets still held, net, which represents impairment on crypto assets still held and is a non-cash expense, prior to the adoption of ASU 2023-08; and • other (income) expense, net, which represents net gains or losses on investments and other financial instruments, and other non-operating income and expense activity. Adjusted Net Income (Loss) There are limitations related to Adjusted Net Income (Loss) rather than net income, which is the nearest GAAP equivalent, including that Adjusted Net Income (Loss) excludes the tax-effected impact of our crypto investment gains/losses and of our marketable and strategic investments gains or losses. Adjusted Expenses There are limitations related to Adjusted Expenses rather than the sum of technology and development, sales and marketing, and general and administrative expenses, including that it excludes amortization of acquired intangible assets, which although non-cash, is an expense related to acquisitions of businesses, which have been and may be significant in the future. Additional Information For more information, including reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents, please see the reconciliation of GAAP to non-GAAP results tables in this presentation. Investors are encouraged to review the related GAAP financial measure and the reconciliations, and not to rely on any single financial measure to evaluate our business. Q2’26 EARNINGS 44

⑭ 近期文件（10-K/10-Q/8-K 索引）

见 ④ 节 sec.mjs 逐字粘贴块「近期文件」表（未重复）。

⑮ 内幕交易（Form 4）

见 ④ 节 sec.mjs 逐字粘贴块「内幕交易」表（未重复）；定性解读见 ⑨。

⑯ 宏观（结构化·FRED·带观测日期）

fred.mjs 输出（逐字粘贴）：

宏观(结构化·FRED·带观测日期)

注:Fed 政策档(目标区间/资产负债表)亦取自 FRED keyless CSV(镜像 FRB);FOMC 点阵图/会议日历为前瞻非确定性,未纳入。

定性一句话：Fed 目标区间 3.5–3.75% 维持不变，10Y-2Y 利差 0.45% 温和正值（未倒挂），VIX 20.66 较 HOOD 数据采集时(16.13)明显走高、且环比 +2.45，信用利差 HY OAS 2.87%/IG OAS 0.81% 边际走阔——整体宏观风险偏好较此前转谨慎；对 COIN 这类高 beta（2.63）、交易量/加密价格高敏感型标的而言，风险偏好收缩环境叠加自身盈利质量走弱（见 ⑫），构成额外顺周期压力。

⑱ 技术面/动量（O'Neil·CANSLIM）

oneil.py 输出（逐字粘贴）：

技术面/动量（O'Neil·CANSLIM·yfinance）

标的 COIN · 截至 2026-07-30 · 现价 163.58 USD · 报价货币 USD

注：O'Neil 的 1–99 RS RATING 需全市场分位，单票不可计算；此处给相对收益 + RS 线新高代替。

⑲ 期权 IV

oneil.py 输出（逐字粘贴，续上节）：

期权 IV（yfinance 期权链）

到期 2026-08-21（21 天）· ATM行权价 162.50 · 现价 163.58 USD

⑰ 数据缺口与需付费源

• CapEx 2024/2025 缺失：sec.mjs 未取得该两年 PaymentsToAcquirePropertyPlantAndEquipment 概念，故对应两年 FCF（④/⑦）留空；连带 reverse_dcf.py 自动读取 FCF0 失败，改用 margin 模式（反推终端 FCF 利润率而非增速），已在 ⑦ 节原样标注为"数据缺口,不代表 FCF 为负"。
• ROIC 2019/2020 缺失：LongTermDebt 概念该两年未取得，分母缺项，原样留空（见 ④/⑦）。
• Gross Profit 全部季度缺失：sec.mjs 结构化基本面史与近期季度表均未见毛利单列概念（Coinbase 利润表非制造业分类格式，常见于交易所/平台型企业），原样留空。
• Finnhub 前瞻一致预期（下一季度/年度 EPS·营收点预测、分析师目标价）：付费档未取，estimates.mjs 已标 [付费档未取]，原样保留（见 ③）。
• EPS 增长·季-YoY（estimates.mjs 快照表） 为空（—），已原样保留，未编造替代值。
• 期权 IV 数据异常：oneil.py 输出 ATM call IV = 0.00（见 ⑲），大概率为该到期日/行权价流动性不足导致的定价/拟合伪影而非真实零波动率；put IV 0.01、~10%OTM put/call IV 0.12/0.06 相对合理，故 skew 计算仍照原样保留，但 ATM 读数本身建议下游大师谨慎使用，不作为"隐含波动率极低"的结论依据。
• dojo③（财务指标摘要，东财系口径）未粘贴：COIN 为美股 10-Q 直接申报主体（非 20-F 外国私人发行人），sec.mjs 已提供完整季度基本面（④），按提示词规则 dojo③ 仅在 20-F 或 A股/港股 cn.py 不可用两种情形下粘贴，本次均不满足，故仅采用 dojo①②④，dojo③ 跳过（非数据缺失，为规则性跳过）。
• 中国 A股/港股专用提取器（cn.py）不适用——COIN 为美股，本节跳过属正常。
• 市值/股本口径：mktcap.mjs 用 sec.mjs us-gaap:CommonStockSharesOutstanding @2026-06-30（2.64亿股）；dojo 收盘快照股本为 263,460,766 股，两者差异 <0.2%，非 10× 量级误差，已在 ② 节交叉核对说明，未用 --shares 覆盖。
• SEC v. Coinbase 诉讼最终状态：WebSearch 检索到的信息存在时间戳矛盾（部分资料称 2025 年已了结，另有疑似旧文重发称 staking 未注册证券动议未被驳回），本机未做进一步第一性核实，两种说法均已在 ⑩ 节列出，留待下游 Verify/大师自行查证最新法律进展。
• 2026Q1 营收环比 -21% 一说（⑫ 引用 WebSearch）与本机 sec.mjs/⑬b 提取的口径未做交叉调和，两口径并列以供大师自行取舍。