As of Q4'25, Coinbase ( COIN ) reported Cash & Short-term Investments of USD 11.9B and Debt of USD 7.7B. This marks a significant increase in both cash reserves and debt compared to previous quarters, with cash reaching its second-highest level in the observed period. From Q1'23 to Q4'25, Cash & Short-term Investments showed a volatile trend, initially dropping sharply from USD 10.7B in Q1'23 to around USD 5.5B in Q2'23, then gradually recovering and surging to a peak of USD 13.3B in Q3'25 before a slight pullback. Debt remained relatively stable near USD 3.5B until Q1'24, after which it increased steadily, spiking sharply in Q3'25 and Q4'25. The overall pattern indicates a period of financial restructuring, with notable growth in both liquidity and leverage in the latter quarters of the period.