Coinbase Global Files 2024 10-K

TL;DR

Coinbase dropped its 2024 10-K, check financials for crypto giant.

AI Summary

Coinbase Global, Inc. filed its 2024 10-K on February 13, 2025, reporting on its fiscal year ending December 31, 2024. The filing details the company's financial performance and operations within the finance services sector, specifically focusing on cryptocurrency assets. Key financial data and operational metrics for the fiscal year 2024 are presented, alongside disclosures regarding its business structure and compliance with SEC regulations.

Why It Matters

This 10-K filing provides investors and the public with a comprehensive overview of Coinbase's financial health and strategic direction for the fiscal year 2024, crucial for understanding the company's position in the evolving digital asset market.

Risk Assessment

Risk Level: medium — The cryptocurrency industry is inherently volatile and subject to significant regulatory changes, which poses a substantial risk to Coinbase's business model and financial performance.

Key Numbers

• 2024 — Fiscal Year (The period covered by the 10-K filing.)
• 1231 — Fiscal Year End (Indicates the end date of the reporting period.)
• 20250213 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• Coinbase Global, Inc. (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-13 (date) — Filing date
• 0001679788-25-000022 (other) — Accession Number
• 001-40289 (other) — SEC File Number

FAQ

Key Financial Figures

• $0.00001 — which registered Class A common stock, $0.00001 par value per share COIN The Nasdaq Sto

Filing Documents

• coin-20241231.htm (10-K) — 3189KB
• exhibit1042021eipq42024.htm (EX-10.4) — 670KB
• exhibit1052021esppq42024.htm (EX-10.5) — 132KB
• exhibit1012amendedandresta.htm (EX-10.12) — 110KB
• exhibit1015q42024.htm (EX-10.15) — 407KB
• exhibit1016q42024.htm (EX-10.16) — 106KB
• exhibit191insidertradingpo.htm (EX-19.1) — 66KB
• exhibit21110kq42024.htm (EX-21.1) — 8KB
• exhibit23110kq42024.htm (EX-23.1) — 2KB
• exhibit31110kq42024.htm (EX-31.1) — 11KB
• exhibit31210kq42024.htm (EX-31.2) — 11KB
• exhibit32110kq42024.htm (EX-32.1) — 6KB
• exhibit32210kq42024.htm (EX-32.2) — 6KB
• coin-20241231_g1.jpg (GRAPHIC) — 661KB
• 0001679788-25-000022.txt ( ) — 19721KB
• coin-20241231.xsd (EX-101.SCH) — 108KB
• coin-20241231_cal.xml (EX-101.CAL) — 154KB
• coin-20241231_def.xml (EX-101.DEF) — 554KB
• coin-20241231_lab.xml (EX-101.LAB) — 1145KB
• coin-20241231_pre.xml (EX-101.PRE) — 881KB
• coin-20241231_htm.xml (XML) — 2689KB

Risk Factors

Item 1A. Risk Factors 20

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 85

Cybersecurity

Item 1C. Cybersecurity 85

Properties

Item 2. Properties 87

Legal Proceedings

Item 3. Legal Proceedings 87

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 87 Part II 87

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 87

[Reserved]

Item 6. [Reserved] 89

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 89

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 110

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 115

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 176

Controls and Procedures

Item 9A. Controls and Procedures 177

Other Information

Item 9B. Other Information 178

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 179 Part III 179

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 179

Executive Compensation

Item 11. Executive Compensation 179

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 179

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 179

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 180 Part IV 180

Exhibit s and Financial Statement Schedules

Item 15. Exhibit s and Financial Statement Schedules 180

Form 10-K Summary

Item 16. Form 10-K Summary 183

Signatures

Signatures 184 1 Table of Contents Glossary to the Cryptoeconomy Throughout this Annual Report on Form 10-K, we use a number of industry terms and concepts which are defined as follows: Address : An alphanumeric reference to where crypto assets can be sent or stored. Bitcoin : The first peer-to-peer electronic cash system of global, decentralized, scarce, digital money as initially introduced in a white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto. Block : Synonymous with digital pages in a ledger. Blocks are added to an existing blockchain as transactions occur on the network. Miners are rewarded for "mining" a new block. Blockchain : A cryptographically secure digital ledger that maintains a record of all transactions that occur on the network and follows a consensus protocol for confirming new blocks to be added to the blockchain. Cold storage : The storage of private keys in any fashion that is disconnected from the internet. Common cold storage examples include offline computers, USB drives, or paper records. Crypto : A broad term for any cryptography-based market, system, application, or decentralized network. Crypto asset or token : Any digital asset built using blockchain technology, including cryptocurrencies, stablecoins, and security tokens. Cryptocurrency : Bitcoin and alternative coins, or "altcoins," launched after the success of Bitcoin. This category of crypto asset is designed to work as a medium of exchange, store of value, or to power applications and excludes security tokens. Cryptoeconomy : A new open financial system built upon crypto. Dapps : Decentralized applications, or Dapps, are applications that run on a decentralized network, typically using blockchain technology. DeFi : Short for Decentralized Finance. Peer-to-peer software-based network of protocols that can be used to facilitate traditional financial services like borrowing, lending, trading derivatives, insurance, and more throug

BUSINESS

ITEM 1. BUSINESS Coinbase Overview Our mission is to increase ec onomic freedom in the world. We are working to update the century-old financial system by providing a trusted platform that makes it easy for our customers to engage with crypto assets. We also provide critical infrastructure for the onchain economy and support builders who share our vision of bringing the world onchain. Onchain activities are interactions with the blockchain that take place in a broad category of blockchain-powered technologies, including self-custody wallets, decentralized apps and services, and open community engagement platforms. Together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world. We differentiate ourselves from our competition with: Trust : We are deeply invested in building the most secure and compliant platform. We hold customer assets one-to-one at all times. We do not act on customer assets, including staking, lending, rehypothecating, or engaging in fractional reserve banking, without customer consent. Ease of use : We strive to build products that are easy to use and that our customers love. We obsess over quality and craft in our products. We strive to make buying, storing, and using crypto easy. Our Business We offer products and services to three customer groups: Consumers : Retail customers seeking to invest in or trade crypto assets and engage onchain. Institutions : Businesses that include market makers, asset managers, hedge funds, banks, wealth platforms, registered investment advisors, payment platforms, and public and private corporations. Developers : Entrepreneurs, creators, merchants, crypto asset issuers, organizations and financial institutions, and other groups building decentralized protocols, applications, products, or other services onchain. Our platform serves as a trusted and compliant on-ramp to the onchain economy and enables our users to engage in a wide variety o

View Full Filing

View this 10-K filing on SEC EDGAR