As of Q1'26, COIN's cash and short-term investments stood at $10.5B, reflecting a slight decline of approximately $1.4B from the Q4'25 peak of $11.9B, while total debt was reported at $7.2B, down marginally from $7.7B in the prior quarter. This positions the company's net cash position at about $3.3B, indicating a solid liquidity buffer despite the recent dip in cash reserves. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited a robust upward trend, growing from $5.5B to a high of $13.3B in Q3'25 before moderating, driven by consistent quarterly increases averaging around 15-20% in earlier years. In contrast, debt levels showed relative stability at $3B-$4.5B through Q2'25, followed by a sharp rise to $7.6B by Q4'25 that partially offset cash gains, resulting in a volatile but generally improving net cash position overall, underscoring enhanced financial flexibility amid operational expansions.