COIN · CIK 0001679788
What Coinbase Global, Inc. told the SEC could break it.
Coinbase's disclosures return again and again to concentration. Its revenue leans heavily on a narrow base — Bitcoin and Ethereum trading pairs drove roughly 45% of platform volume in 2025, a single counterparty accounted for 19% of total revenue, and U.S. counterparties supplied about 84% of it — while voting control rests with its CEO through dual-class shares carrying twenty votes apiece. Set against that concentrated profile is a discrete, high-severity event: the May 2025 'Data Theft Incident,' which it says drove losses from voluntary customer reimbursements and direct legal costs.
5 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Cybersecurity
- May 2025 Data Theft Incident (customer reimbursements + legal costs)high
Coinbase incurred losses from the May 15, 2025 'Data Theft Incident' disclosed via 8-K, comprising voluntary customer reimbursements and direct legal costs.
“primarily due to losses directly associated with the incident announced on the Current Report on Form 8-K we filed with the SEC on May 15, 2025 (the “Data Theft Incident”), comprising voluntary customer reimbursements and direct legal costs.”
SEC filing →As of 2026
Customer concentration
- single counterparty = 19% of total revenue (unnamed)medium
One unnamed counterparty accounted for 19% of Coinbase's total revenue in 2025 (14% in 2024, 22% in 2023), a meaningful single-counterparty concentration.
“During the years ended December 31, 2025, 2024, and 2023, one counterparty accounted for 19 %, 14 %, and 22 %, respectively, of total revenue.”
SEC filing →As of 2026
Key person
- CEO Brian Armstrong dual-class voting controlmedium
CEO Brian Armstrong and his trusts control a majority of voting stock via Class B shares (20 votes/share), giving control over key corporate decisions.
“As a result of this structure, our Chief Executive Officer and trusts established by our Chief Executive Officer collectively have control over key decision making as a result of controlling a majority of our voting stock.”
SEC filing →As of 2026
Other disclosures
- revenue concentration in Bitcoin & Ethereum trading (~45% of volume)medium
Coinbase's net revenue is concentrated in a limited number of crypto assets; Bitcoin and Ethereum trading pairs drove ~45% of total trading volume in 2025 (46% in 2024).
“For the years ended December 31, 2025 and 2024, we derived a meaningful amount of our net revenue from transaction fees generated in connection with the trading of Bitcoin and Ethereum; these trading pairs drove approximately 45% and 46% of total Trading Volume on our platform during these periods, respectively.”
SEC filing →As of 2026
Geographic concentration
- United States (~84% of total revenue)low
Coinbase derives the large majority of revenue from U.S. counterparties ($6.0B of $7.2B total in 2025); no single foreign country exceeds 10% of revenue.
“Year Ended December 31, 2025 2024 2023 U.S. (1) $ 6,010,607 $ 5,460,820 $ 2,725,620 International (2) 1,170,718 1,103,208 382,763 Total revenue $ 7,181,325 $ 6,564,028 $ 3,108,383”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“We rely on our Custodians, NYDIG and Coinbase, to safeguard our bitcoin using cold storage.”
Cited →“In most U.S. jurisdictions, we utilize Coinbase to provide trade execution and custody services.”
Cited →“Our current custodians are Anchorage Digital Bank N.A. (“Anchorage”), Coinbase Custody Trust Company, LLC (“Coinbase”), and Fidelity Digital Assets, NA (f/k/a Fidelity Digital Asset Services, LLC) (“Fidelity”).”
Cited →
Its suppliers
“participants in the USDC ecosystem earn an amount based on terms agreed between the approved participant, Circle, and the Company, and (iv) the Company receives 50% of the remaining Payment Base. The arrangement is not within the scope of ASC 606, Revenue from Contracts with Customers (“ASC 606”) as Circle is not a customer of the Company.”
Cited →
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