Coinbase (COIN) official guidance

We expect 2026 adjusted expenses to be between $4.3 billion and $4.6 billion.

We expect technology and development and general and administrative expenses to continue to come down sequentially with a range of $820 million-$870 million in Q2, down 4%-9% from the first quarter.

In addition to our recurring expense outlook, we expect to incur $50 million-$60 million in restructuring expenses related to the headcount reduction we announced earlier this week.

Turning to our outlook, we expect subscription and services revenue in the range of $565 million-$645 million with an opportunity for quarter-over-quarter growth.

Similarly, we expect sales and marketing expenses to be flat to down quarter-over-quarter in the range of $215 million-$315 million, with our performance in the range largely depending on performance marketing opportunities and the USDC balances on our platform.

On the expense side, we expect technology and development, plus general and administrative expenses to be flat quarter-over-quarter, in the same range we guided last quarter, in the range of $925 million-$975 million.

For the first quarter, we expect subscription and services revenue to be in the range of $550 million-$630 million, reflecting the lower average crypto price environment we are in, lower interest rates, and lower staking protocol reward rates compared to the fourth quarter.

We expect headcount to grow at a slightly higher rate than Q4.

| Stock-based Compensation | ~$250 million |

| Transaction Expenses | Low-to-Mid teens as a percentage of net revenue Dependent on revenue mix |

Included within the above outlook ranges is approximately $70 million of total depreciation and amortization for Q4.

The remainder of the quarter-over-quarter increase is largely due to headcount growth, which we expect to grow at a slower rate in the fourth quarter as compared to the third quarter.

Sales and marketing is expected to be in the range of $215 million-$315 million.

On the expense side, our expense range is higher quarter-over-quarter for tech and dev and G&A in the range of $925 million-$975 million, up approximately $100 million at the midpoint.

As we look to early 2026, we plan to absorb the employees we've brought into the company and focus on execution, and anticipate that our sequential rate of operating expense growth will slow as compared to our Q4 rate.

We expect subscription and services revenue to be in the range of $710 million-$790 million, driven by higher average crypto prices and continued growth of the Coinbase One subscriber base.

The fourth quarter is off to a strong start, and we expect October transaction revenue to be approximately $385 million.

Approximately half of the Q/Q increase is due to our acquisitions of Deribit and Echo; the remainder is largely due to headcount, which we expect to grow at a slower rate in Q4 compared to Q3.

| Transaction Expenses | Mid-Teens as a percentage of net revenue Dependent on revenue mix |