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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