As of Q4'25, COIN's cash and short-term investments stood at $11.91B, reflecting a slight decline from the Q3'25 peak of $13.33B but remaining robust overall. In contrast, debt increased to $7.66B, up from $7.59B in the prior quarter, indicating a widening gap between liquidity and leverage. Over the period from Q1'23 to Q4'25, cash and short-term investments exhibited a volatile yet upward trend, starting at $10.69B, dipping to a low of $5.48B in Q2'23, and recovering strongly to reach $13.33B by Q3'25 before the minor pullback. Debt levels showed relative stability in the $3B-$4.5B range through Q2'25, followed by a sharp doubling to approximately $7.6B in the latter half of 2025, suggesting increased borrowing that has narrowed the net cash position from a comfortable surplus to a more balanced profile. This evolution highlights improving liquidity amid rising financial obligations, warranting monitoring for potential impacts on COIN's balance sheet health.