Coinbase Global, Inc.

Filing receipts

“Investing activities Net cash used in investing activities increased by $113.7 million for the three months ended March 31, 2026 as compared to 2025 primarily due to: • a $122.6 million increase in cash and cash equivalents used for the origination of fiat and payment stablecoin loans, net of repayments, reflecting higher demand for institutional financing products; and • a $66.4 million increase in net purchases of strategic and marketable investments; offset in part by • a $72.1 million decrease in net purchases of crypto assets held for investment.”

“Net cash provided by operating activities decreased by $670.0 million for the three months ended March 31, 2026 as compared to 2025 primarily as a result of the $621.3 million decrease in total revenue.”

“ebates and commissions 29,026 59,585 (30,559) (51) Other 28,526 11,931 16,595 139 Total transaction expense $ 195,859 $ 303,026 $ (107,167) (35) % of net revenue 15 16 Transaction expense decreased for the three months ended March 31, 2026 as compared to 2025, reflecting: • lower blockchain rewards fees, which moved with blockchain rewards revenue; and • a decrease in transaction rebates and commissions, primarily those earned by institutional customers providing liquidity on our international exchange, as we tapered incentive offerings.”