Coinbase

As of September 30, 2025, Coinbase reported about 11.9 billion dollars in USD resources consisting of money market funds, cash, and USDC, vs about 7.2 billion dollars of long-term debt, leaving about 4.7 billion dollars net USD resources.

Including about 2.6 billion dollars of corporate crypto investments lifts total available resources to about 15.5 billion dollars. Liquidity supports operations through cycles and large regulatory capital demands. Convertible maturities are laddered, and risk management for collateralized lending is conservative with overcollateralization policies.

Cash flow statements are volatile due to USDC working capital mechanics; underlying cash generation remains strong after adjusting for those flows.