---
schema_version: "secwatch.filing_event.v1"
accession: "0001679788-25-000088"
form_type: "8-K"
ticker: "COIN"
cik: "0001679788"
company_name: "Coinbase Global, Inc."
filed_at: "2025-05-08T23:59:59+00:00"
generated_at: "2026-05-22T04:49:46.024027+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Coinbase reports Q1 revenue $2.0B, net income $66M; acquires Deribit for ~$2.9B

## Summary
- Q1 total revenue $2.0B (down 10% Q/Q), net income $66M, adjusted EBITDA $930M, adjusted net income $527M.
- Acquiring Deribit for ~$2.9B ($700M cash + 11M shares); close expected by year-end pending regulatory approvals.
- Subscription & services revenue $698M (+9% Q/Q) driven by stablecoin revenue $298M; USDC avg. balances $12.3B.
- Q2 outlook: April transaction revenue ~$240M; subscription & services revenue forecast $600-680M.
- Ended Q1 with $9.9B USD resources; spot trading volume $393.1B, global derivatives volume $803.6B.

## SEC filing metadata
- accession: 0001679788-25-000088
- form_type: 8-K
- ticker: COIN
- cik: 0001679788
- company_name: Coinbase Global, Inc.
- filed_at: 2025-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1679788/000167978825000088/0001679788-25-000088-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1679788/000167978825000088/coin-20250508.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001679788-25-000088
- JSON: https://secwatch.observer/filing/0001679788-25-000088.json
- Plain text: https://secwatch.observer/filing/0001679788-25-000088.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.