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Coinbase10-K: Customer concentration

Revenue is highly concentrated in Bitcoin, Ethereum, and USDC transactions.

What happened

The company acknowledges that a significant portion of its revenue depends on a few key crypto assets and its USDC stablecoin partnership. A decline in price or volume for these specific assets would disproportionately harm financial results, creating pressure to diversify revenue streams.

Source

SEC EDGARFeb 12, 2026

Annual report (Form 10-K)

Coinbase 10-K for FY2025

Filing excerpt

Our net revenue may be concentrated in a limited number of areas. Within transaction revenue and subscription and services revenue, a meaningful concentration is from transactions in Bitcoin and Ethereum and stablecoin revenue in connection with USDC, respectively.

sec.gov/Archives/edgar/data/1679788/000167978826000015/coin-20251231.htmRead the full source

Other signals in this filing (11)

Extracted by Autobound

From the Signal API record
Signal
10-K: Customer concentration

What this signalsFilings often name leadership changes, deals and spending plans.

Period
FY2025
Fiscal year end
12/31
Filed
Feb 12, 2026

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The full record

From the Signal API record

Details

CIK
1679788
Accession number
0001679788-26-000015
Filing year
2026
Why it matters
Diversification strategy
Signal category
Market

Topics and mentions

Technologies

  • Bitcoin
  • Ethereum
  • USDC

Vendors

  • Circle Internet Financial
  • LLC

Vendors named

  • Circle Internet Financial, LLC

Extraction

Confidence
High
Relevance
80%
Sentiment
Negative
Detected
Feb 17, 2026
signal_type
sec-10k
signal_subtype
customerConcentration

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This page shows a preview. The full sec-10k record in the Signal API and MCP can also have these 8 fields. Some fields are empty for some signals.

Company

  • linkedin_urlValue in the API
  • industriesValue in the API
  • employee_count_lowValue in the API
  • employee_count_highValue in the API
  • revenueValue in the API
  • descriptionValue in the API

Signal

  • signal_nameValue in the API
  • associationValue in the API
Show the full JSONThe record on this page and the API request

GET /v1/signals/53511155-cd65-4eb5-8a7c-06541b7cdac3 returns this record as JSON. POST /v1/companies/enrich returns every signal for coinbase.com.

{
  "signal_id": "53511155-cd65-4eb5-8a7c-06541b7cdac3",
  "signal_type": "sec-10k",
  "signal_subtype": "customerConcentration",
  "detected_at": "2026-02-17T06:31:07.781+00:00",
  "company": {
    "name": "Coinbase",
    "domain": "coinbase.com"
  },
  "data": {
    "detail": "The company acknowledges that a significant portion of its revenue depends on a few key crypto assets and its USDC stablecoin partnership. A decline in price or volume for these specific assets would disproportionately harm financial results, creating pressure to diversify revenue streams.",
    "summary": "Revenue is highly concentrated in Bitcoin, Ethereum, and USDC transactions.",
    "excerpts": "Our net revenue may be concentrated in a limited number of areas. Within transaction revenue and subscription and services revenue, a meaningful concentration is from transactions in Bitcoin and Ethereum and stablecoin revenue in connection with USDC, respectively.",
    "relevance": 0.8,
    "sentiment": "negative",
    "confidence": "high",
    "source_url": "https://www.sec.gov/Archives/edgar/data/1679788/000167978826000015/coin-20251231.htm",
    "filing_date": "2026-02-12",
    "filing_year": 2026,
    "fiscal_year_end": "12/31",
    "sales_relevance": "Diversification strategy",
    "signal_category": "market",
    "vendors_mentioned": [
      "Circle Internet Financial, LLC"
    ],
    "technologies_mentioned": [
      "Bitcoin",
      "Ethereum",
      "USDC"
    ]
  }
}

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