COIN — what changed in the latest 10-Q
A section-by-section comparison of COIN's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-29 vs the prior 10-Q · 2026-07-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +41 | −35 | ~30 | 33 |
| Market risk (Item 3) | Text added/removed | +1 | 0 | ~1 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 3 |
| Legal proceedings | Text added/removed | +2 | −1 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +3 | −1 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-29
We believe that net revenue, net income (loss), and Adjusted EBITDA best reflect the financial health of our business, and we believe that AOP and MTUs are strong operational indicators as they measure the trust customers place in Coinbase and our ability to attract and retain users. See the section…
We plan to dynamically adjust our expense base in order to be responsive to market conditions and revenue opportunities, increasing or decreasing it as needed, especially with respect to certain variable expenses. We anticipate the restructuring plan announced in May 2026 (the “Restructuring”) will …
Comparison of the three and nine months ended September 30, 2026 and 2025
For both the three and nine months ended September 30, 2026, we generated 84% of total revenue in the U.S. For the three and nine months ended September 30, 2025, we generated 81% and 84% of total revenue in the U.S. No other country accounted for more than 10% of total revenue during the periods pr…
Transaction revenue decreased for the three and nine months ended September 30, 2026 as compared to 2025, primarily due to:
Text removed vs the prior filing · source: 10-Q · 2026-07-30
decrease in MTUs was primarily due to a decrease in trading users, influenced by overall market conditions.
Beginning in the second quarter of 2026, we no longer include Trading Volume as a key metric. As our business has evolved to support multiple asset classes, we believe the prior Trading Volume metric which focused on spot crypto volume no longer reflects the breadth of our business. Additionally, we…
We plan to dynamically adjust our expense base in order to be responsive to market conditions and revenue opportunities, increasing or decreasing it as needed, especially with respect to certain variable expenses. We anticipate the restructuring plan announced in May 2026 (the “Restructuring”) will …
Comparison of the three and six months ended June 30, 2026 and 2025
For the three and six months ended June 30, 2026, we generated 85% and 84% of total revenue in the U.S. For the three and six months ended June 30, 2025, we generated 86% and 85% of total revenue in the U.S. No other country accounted for more than 10% of total revenue during the periods presented. …
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-10-29
hypothetical gains or losses since December 31, 2025 primarily reflects an increase in the units of crypto assets held for investment.
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-10-29
We are not presently a party to any other legal or regulatory proceedings that in the opinion of our management, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, financial condition, or cash flows. However, we are …
subject to various legal proceedings, inquiries, investigations, and demand letters that arise in the course of our business. For example, we have received investigative subpoenas and other inquiries from various state agencies and attorneys general for documents and information pertaining to our bu…
Text removed vs the prior filing · source: 10-Q · 2026-07-30
We are not presently a party to any other legal or regulatory proceedings that in the opinion of our management, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, financial condition, or cash flows. However, we are …
Other information
Text added vs the prior filing · source: 10-Q · 2026-10-29
On August 12, 2026, Brian Armstrong, the Company’s Chief Executive Officer and a member of the Company’s board of directors, entered into a Rule 10b5-1 Plan (the “Armstrong Plan”) providing for the potential sale of up to 8,167,446 shares of Class A common stock owned by Mr. Armstrong upon the exerc…
On September 4, 2026, Frederick Ernest Ehrsam III, a member of the Company’s board of directors, entered into a Rule 10b5-1 Plan (the “Ehrsam Plan”) providing for the potential sale of up to 3,866,620 shares of Class A common stock issuable upon the conversion of shares of Class B common stock owned…
On September 8, 2026, Emilie Choi, the Company’s President and Chief Operating Officer, entered into a Rule 10b5-1 Plan (the “Choi Plan”) providing for the potential sale of up to 1,560,453 shares of Class A common stock (i) owned by Ms. Choi, including upon the vesting and settlement of restricted …
Text removed vs the prior filing · source: 10-Q · 2026-07-30
On June 5, 2026, the LAMA Community Trust (the “LAMA Trust”), of which Marc Andreessen, a member of the Company’s board of directors, and his spouse are trustees, entered into a Rule 10b5-1 Plan (the “LAMA Trust Plan”) providing for the sale of up to 574,416 shares of Class A common stock owned by t…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice