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Operating Expense Breakdown
Details core costs such as technology, compliance, and customer support, providing insight into how efficiently Coinbase operates and where it focuses its spending to maintain and grow its platform.After aggressive cost cutting in 2023, Coinbase has clearly shifted into a reinvestment phase: Tech & Development and Sales & Marketing ramped materially from 2024–mid‑2026 while Transaction costs (tied to trading volumes) have come down, shifting the expense mix toward fixed R&D and G&A. Management’s call (Coinbase One >1M, Base scale, ~1‑year marketing payback) explains the deliberate spend to build products and subscriptions—but lumpy “Other” items and periodic restructuring show nonrecurring volatility and regulatory/leadership risks that could amplify burn before revenue catch‑up.
Date | Sales and Marketing | General and Administrative | Other | Technology and Development | Restructuring | Transaction |
|---|---|---|---|---|---|---|
Jun 30, 2026 | $239.80M | $356.90M | -$10.00M | $472.80M | $52.40M | $189.80M |
Mar 31, 2026 | $266.73M | $376.09M | $34.92M | $525.65M | $0.00 | $195.86M |
Dec 31, 2025 | $314.78M | $453.14M | -$7.28M | $497.33M | $0.00 | $218.63M |
Sep 30, 2025 | $260.30M | $418.40M | $61.30M | $430.60M | $0.00 | $253.30M |
Jun 30, 2025 | $236.20M | $353.70M | $308.00M | $387.30M | $0.00 | $245.30M |
Mar 31, 2025 | $247.30M | $394.30M | -$5.90M | $355.40M | $0.00 | $303.00M |
Dec 31, 2024 | $225.80M | $362.50M | -$20.30M | $368.70M | $0.00 | $317.00M |
Sep 30, 2024 | $164.80M | $330.40M | -$8.60M | $377.40M | $0.00 | $171.80M |
Jun 30, 2024 | $165.30M | $320.10M | $34.40M | $364.30M | $0.00 | $191.50M |
Mar 31, 2024 | $98.58M | $287.24M | $2.38M | $357.86M | $0.00 | $217.41M |