Coinbase Global
COIN · NASDAQFinancialHighUnited States
BTC held
17,311
as of Jun 30, 2026 · 0.082% of 21M
Value now
$1.4B
at BTC $78,038
Basic mNAV
34.89×
mkt cap $47.1B as of Aug 28, 2026
Sats per share
6,563
264M shares as of Jun 30, 2026
Cost basis
- Average cost per BTC
- $70,112
- Total invested
- $1.2B
- Unrealized gain
- $137M (+11.3%)
Treasury debt
- Convertible senior notes issued Mar 18, 2024 (incl. full $165M greenshoe); general corporate purposes — not raised specifically to fund BTC purchases. · 0.25%$1.3B · due 2030
- Zero-coupon converts issued Aug 8, 2025 as part of an upsized $2.6B two-tranche offering; conversion ~$454.44/share (52.5% premium at pricing). · 0.00%$1.5B · due 2029-10-01
- Second tranche of the Aug 2025 offering; conversion ~$394.84/share. Coinbase repaid its $1.3B 0.50% converts in full at maturity on Jun 1, 2026; aggregate convertible + senior notes carrying value was $5.9B at Jun 30, 2026. Treasury BTC is bought with operating cash, not debt proceeds. · 0.00%$1.5B · due 2032-10-01
Recent activity
Added 819 BTC in Q2 2026 on top of 1,103 BTC (~$88M) in Q1, bringing crypto-held-for-investment bitcoin to 17,311 BTC as of Jun 30, 2026 (from 15,389 at Dec 31, 2025) per its Q2 10-Q — Coinbase has been steadily converting a portion of profits into BTC.
Risk notes
An operating crypto-financial firm, not a leveraged treasury vehicle: its investment BTC (cost basis $1,213.7M) was carried below cost at $1,013.2M fair value on Jun 30, 2026, and the company posted a $359.5M Q2 2026 net loss on $1.2B revenue amid the crypto downturn. ~$5.9B of convertible/senior debt is outstanding, though none was raised specifically to buy BTC; avg cost shown is derived from the 10-Q table ($1,213,691k / 17,311 BTC).
Sources
- https://www.sec.gov/Archives/edgar/data/1679788/000167978826000088/coin-20260630.htm
- https://www.sec.gov/Archives/edgar/data/1679788/000119312524070209/d771279d8k.htm
- https://www.morningstar.com/news/business-wire/20250805428830/coinbase-announces-pricing-of-upsized-offering-of-26-billion-of-convertible-senior-notes
- https://www.theblock.co/treasuries/coin
- https://stockanalysis.com/stocks/coin/
- https://bitcointreasuries.net/public-companies/coinbase
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding COIN securities.