Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 10,205,022	$ 11,285,452
Restricted cash and cash equivalents	294,807	334,318
Customer custodial funds	5,476,614	5,347,428
Crypto assets held for operations	90,661	120,831
Loan receivables	1,444,733	1,354,692
Crypto assets held as collateral	1,141,633	822,827
Crypto assets borrowed	246,380	318,849
Accounts receivable, net	296,237	307,119
Marketable investments	232,980	309,765
Other current assets	250,743	187,164
Total current assets	19,679,810	20,388,445
Crypto assets held for investment	1,601,231	1,998,871
Strategic investments	832,420	622,985
Deferred tax assets	647,664	570,819
Goodwill	4,208,389	4,168,967
Intangible assets, net	1,364,983	1,397,794
Other non-current assets	514,295	523,951
Total assets	28,848,792	29,671,832
Current liabilities:
Customer custodial fund liabilities	5,476,614	5,347,428
Current portion of long-term debt	1,271,056	1,269,585
Short-term borrowings	564,610	452,105
Obligation to return collateral	1,151,861	826,883
Accrued expenses and other current liabilities	726,749	805,281
Total current liabilities	9,190,890	8,701,282
Long-term debt	5,940,628	5,937,034
Other non-current liabilities	236,701	240,458
Total liabilities	15,368,219	14,878,774
Commitments and contingencies (Note 19.)
Shareholders’ equity:
Preferred stock, $0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of March 31, 2026 and December 31, 2025	0	0
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 March 31, 2026 and December 31, 2025; 263,411 (Class A 222,377, Class B 41,034) shares issued and outstanding at March 31, 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	7,666,768	8,566,854
Accumulated other comprehensive (loss) income	(13,309)	4,973
Retained earnings	5,827,111	6,221,228
Total shareholders’ equity	13,480,573	14,793,058
Total liabilities and shareholders’ equity	$ 28,848,792	$ 29,671,832

Coinbase Global, Inc. 10-Q