Numeral Secures $18 Million in Series A Funding to Help Businesses Manage State-by-State Sales Tax Requirements
'A company doing $5M in sales typically owes sales tax in more than 30 states, which means they need to comply with the tax rules of nearly 10,000 jurisdictions,' said Sam Ross, co-founder, Numeral. 'By streamlining and automating the sales tax process and handling everything from registration to remittance, Numeral takes a major task off the plate of accounting teams, giving them their time and resources back and increasing productivity throughout the business.'
Numeral will use its financing to extend its focus to include SaaS companies, as 25 states today require sales tax on software sales, a number that is sure to grow in the coming year as states seek new revenue sources. Numeral will also use the new funds for international expansion and to secure additional engineering talent.
'Sales tax for digital businesses like ecommerce and software is a huge lift with an extraordinary amount of complexity. Further, adding international markets increases this complexity exponentially,' said Chetan Puttagunta, General Partner, Benchmark, and new Numeral board member. 'Numeral is leveraging AI to solve critical business challenges and help businesses expand into new markets with fewer barriers.'
Numeral was founded in early 2023. Co-founders Sam Ross, an entrepreneur with multiple ecommerce startups generating over $50 million in revenue, and Matt DuVall, a software engineer who led teams at Stripe, Notion, and Box, bring deep industry experience to the company. Ross' direct experience with the headache of filing sales taxes across many states was the basis for starting Numeral.
About Numeral
Numeral, founded in 2023 and based in San Francisco, handles the intricacies of sales tax compliance for both ecommerce and SaaS companies, providing support throughout the process, from registration to remittance. Numeral has nearly 1,000 active customers and is funded by Benchmark Capital, Uncork Capital, Y Combinator, and FundersClub. For more information, visit www.numeralhq.com
Jennefer Traeger
720-988-6149
SOURCE: Numeral
Copyright Business Wire 2025.
PUB: 03/05/2025 12:30 PM/DISC: 03/05/2025 12:30 PM
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
Sticky by design: Why embedded finance is the SaaS retention strategy nobody talks about
Customer retention has become the defining challenge in SaaS. As the industry matures and product categories become saturated, differentiation is no longer about who can ship features fastest; it's about who can keep users coming back, and right now, many can't. Recent Weavr research found that 51% UK-based product managers cited retention as their primary business concern. This problem isn't exclusive to underperforming companies, since even well-funded platforms are struggling to maintain loyalty in categories like CRM, marketing automation, and procurement, where competition is fierce and switching costs are low. So, what's driving the churn? In 43% of cases, product managers say users leave not because they dislike the software, but because it forces them to jump between disconnected tools to get basic jobs done. This insight is critical as it means that business efficiency - in terms of delivering better outcomes (desired results, fewer errors, less fraud) with less effort now trumps functionality or pricing. This is where embedded finance (EF) offers SaaS platforms a powerful, under-utilised advantage. The friction no one wants to own We've all felt it. You're using a business platform to manage projects or suppliers or customers - and then you hit a wall. You need to pay a bill, issue an invoice, top up a card, or approve an expense. Suddenly you're in a different tab, logging into another system, rechecking data, and praying the sync holds. It's not just annoying, it's a risk for error, and dare we say it, for fraud too. For instance, the highly effective fraud attack known as CEO fraud relies on the human in the loop taking advantage of financial activities that are disconnected from SaaS workflows such as paying an invoice. Every time a user toggles between systems, there's an opportunity for dissatisfaction, inefficiency and poor outcomes. In other words, a reason for churn and competitors know this. Many have built their onboarding messages around the promise of 'fewer integrations' or 'one workspace to rule them all.' However, here's the irony: a lot of that fragmentation isn't due to bad product design. It's because finance - billing, payments, lending, card issuing, reconciliation - have traditionally sat outside the domain of software. Most SaaS teams either punt those workflows to third party platforms and, or leave them to their customers to handle manually. The result? A disjointed experience that feels less like a product and more like a toolkit. In a crowded SaaS marketplace, that's often the difference between growth and churn. Embedded finance as a retention lever Embedded finance changes that equation. It allows platforms to offer fully integrated financial capabilities inside their own user flows - without becoming banks or fintech companies themselves. Think of a SaaS platform for managing temporary staff. Instead of asking employers to manually process payments through external banking apps or payroll systems, the platform can embed a payment execution feature that disburses wages directly through pre-approved logic and connected accounts. These aren't just features; they're strategies for stickiness. By embedding finance, you remove points of friction, reduce context-switching, and eliminate operational dead ends. Users stay longer because their workflows are complete - not because they've been locked in, but because they're getting more done with less hassle. And nothing makes customers more reluctant to leave than having to go back to disjointed processes. Keeping users in the ecosystem One of the strongest predictors of retention is frequency of use. If your product becomes the default place where users handle their day-to-day tasks, it becomes much harder for competitors to win them over. This is where embedded finance excels as it doesn't just streamline a specific task, but it's also capable of expanding the scope of what your platform can be used for. A procurement platform that lets buyers not only manage suppliers but also approve budgets and issue virtual cards becomes a control centre, not just a reporting tool. An HR platform that handles not just employee data but also benefits disbursement and expense reimbursements becomes an essential workflow hub. The more users rely on your platform to operate, the more value they derive from it. That value compounds over time, reducing the likelihood that they'll defect to a newer or flashier competitor. Retention is the new growth In today's economic climate, retention isn't just a defensive metric - it's a growth strategy. Retention is recurring revenue without customer acquisition cost. According to Bain & Company, increasing customer retention by just 5% can boost profits by up to 95% depending on the sector. For SaaS businesses under pressure to do more with less, it's an obvious place to invest. Yet while most product managers obsess over feature releases, roadmap alignment, and funnel optimisation, few look at the financial touchpoints in their product experience. Even fewer ask: what if we stopped outsourcing payments and made them part of the product? The resistance is understandable. Finance is complex, regulated, and historically hard to embed. However, that's changing. Modern embedded finance platforms offer ready-to-integrate infrastructure that abstracts the hard parts - from compliance to licensing - while giving product teams control over the user experience. As a result, financial functionality no longer has to be tacked on at the edges. It can be woven into the product flow, natively and securely, at the moments users expect it most. From fintech feature to product strategy Too often, embedded finance is dismissed as something for fintechs or marketplaces. But its real power lies in the broader SaaS world, where it can transform user value and switching costs, ultimately reducing churn, and deepening platform utility. It's time we stopped thinking about EF as just a payment button or a lending module. It's a design strategy for building products that keep users engaged, productive, and loyal. Especially in sectors where switching is easy and attention is scarce, that edge is not just useful, it's essential. Alex Mifsud is CEO and Co-founder, Weavr "Sticky by design: Why embedded finance is the SaaS retention strategy nobody talks about" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
24 minutes ago
- Business Wire
Angel Oak Mortgage REIT, Inc. Reports Second Quarter 2025 Financial Results
ATLANTA--(BUSINESS WIRE)-- Angel Oak Mortgage REIT, Inc. (NYSE: AOMR) (the 'Company,' 'we,' and 'our'), a leading real estate finance company focused on acquiring and investing in first lien non-QM loans and other mortgage-related assets in the U.S. mortgage market, today reported financial results for the quarter ended June 30, 2025. Second Quarter 2025 and Year-to-Date Highlights Q2 2025 GAAP net income of $0.8 million, or $0.03 per diluted share of common stock. Q2 2025 net interest income of $9.9 million demonstrates an increase of 5.0% versus Q2 2024 net interest income of $9.5 million and a slight decrease of 1.5% compared to Q1 2025 net interest income of $10.1 million. Net interest income of $20.0 million for the six months ended June 30, 2025, an increase of 11% compared to the six months ended June 30, 2024. GAAP book value of $10.37 per share of common stock and economic book value of $12.97 per share of common stock as of June 30, 2025, decreases of 3.1% and 3.3%, respectively, from March 31, 2025. Q2 2025 Distributable Earnings of $2.6 million, or $0.11 per diluted share of common stock. Declared a dividend of $0.32 per share of common stock, which will be paid on August 29, 2025, to common stockholders of record as of August 22, 2025. Sreeni Prabhu, Chief Executive Officer and President of Angel Oak Mortgage REIT, Inc., said "The second quarter of 2025 was an active one for AOMR, as we completed two securitizations in addition to issuing $42.5 million of senior unsecured notes in May. These transactions are designed to support our strategic goal of earnings growth through accretive capital markets participation and diligent capital deployment. We quickly deployed the capital from this quarter's senior unsecured notes issuance into high-quality, current market coupon non-QM loans and other target assets." He continued, "As such, we expect to resume our quarterly sequential net interest income growth in the next quarter, as demonstrated with 2024's senior unsecured notes issuance. As always, we will remain committed to growing long-term shareholder value through disciplined risk management, securitization execution, and strategic capital deployment.' Portfolio and Investment Activity In April 2025, the Company issued AOMT 2025-4, a $284.3 million scheduled unpaid principal balance securitization backed by a pool of residential mortgage loans. We issued AOMT 2025-4 as the sole participant in the securitization. We used the proceeds to repay outstanding debt of approximately $242.4 million, and the $24.7 million of cash released was used for new loan purchases and operational purposes. In May 2025, we participated in AOMT 2025-6, an approximately $349.7 million scheduled unpaid principal balance securitization backed by a pool of residential mortgage loans, to which we contributed loans with a scheduled principal balance of $87.2 million. We used the proceeds of the securitization to repay outstanding debt of approximately $73.1 million, and retained bonds of $8.1 million. The securitization released $9.2 million of cash, which was used for operational purposes. We participated in this securitization alongside other Angel Oak entities. During the quarter ended June 30, 2025, the Company purchased $146.6 million of newly-originated, current market coupon non-QM residential mortgage loans and home equity lines of credit ("HELOC"), with a weighted average coupon of 8.68%, a weighted average combined loan-to-value ratio (or 'CLTV', calculated as the primary or first lien mortgage loan amount plus any additional borrowings secured by the property, such as a HELOC, divided by the estimated value of the property) of 68.4% and a weighted average credit score of 757. As of June 30, 2025, the weighted average coupon of our residential whole loans portfolio was 8.37%, marking a 66 basis point increase compared to June 30, 2024. Capital Markets Activity In May 2025, we closed an underwritten public offering and sale of, and issued, $42.5 million in aggregate principal amount of our 9.750% Senior Notes due 2030 (the '2030 Notes'). The 2030 Notes bear interest at a rate of 9.750% per annum. After deducting the underwriting discount and other debt issuance costs, we received net proceeds of approximately $40.6 million. We used the majority of the net proceeds from the offering for general corporate purposes, which included the acquisition of non-QM loans and other target assets in a manner consistent with our strategy and investment guidelines. As of June 30, 2025, the Company was a party to three loan financing lines which permit borrowings in an aggregate amount of up to $1.1 billion, of which approximately $118.6 million is drawn, leaving capacity of approximately $931.4 million for new loan purchases. Balance Sheet Target assets totaled $2.5 billion as of June 30, 2025. The Company held residential mortgage whole loans with fair value of $200.7 million as of June 30, 2025. As of June 30, 2025, the Company's recourse debt to equity ratio was approximately 1.1x. Dividend On August 5, 2025, the Company declared a dividend of $0.32 per share of common stock, which will be paid on August 29, 2025, to common stockholders of record as of August 22, 2025. Conference Call and Webcast Information The Company will host a live conference call and webcast today, August 5, 2025 at 8:30 a.m. Eastern time. To listen to the live webcast, go to the Investors section of the Company's website at at least 15 minutes prior to the scheduled start time in order to register and install any necessary audio software. To Participate in the Telephone Conference Call: Dial in at least 15 minutes prior to start time. Domestic: 1-844-826-3033 International: 1-412-317-5185 For the conference call playback (which can be accessed through August 19, 2025), dial one of the following numbers: Domestic: 1-844-512-2921 International: 1-412-317-6671 Pass code: 10200567 Non-GAAP Metrics Distributable Earnings is a non‑GAAP measure and is defined as net income (loss) allocable to common stockholders as calculated in accordance with generally accepted accounting principles in the United States of America ('GAAP'), excluding (1) unrealized gains and losses on our aggregate portfolio, (2) impairment losses, (3) extinguishment of debt, (4) non-cash equity compensation expense, (5) the incentive fee earned by Falcons I, LLC, our external manager (our 'Manager'), (6) realized gains or losses on swap terminations and (7) certain other nonrecurring gains or losses. We believe that the presentation of Distributable Earnings provides investors with a useful measure to facilitate comparisons of financial performance among our real estate investment trust ('REIT') peers, but has important limitations. We believe Distributable Earnings as described above helps evaluate our financial performance without the impact of certain transactions but is of limited usefulness as an analytical tool. Therefore, Distributable Earnings should not be viewed in isolation and is not a substitute for net income computed in accordance with GAAP. Our methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our Distributable Earnings may not be comparable to similar measures presented by other REITs. Distributable Earnings Return on Average Equity is a non-GAAP measure and is defined as annual or annualized Distributable Earnings divided by average total stockholders' equity. We believe that the presentation of Distributable Earnings Return on Average Equity provides investors with a useful measure to facilitate comparisons of financial performance among our REIT peers, but has important limitations. Additionally, we believe Distributable Earnings Return on Average Equity provides investors with additional detail on the Distributable Earnings generated by our invested equity capital. We believe Distributable Earnings Return on Average Equity as described above helps evaluate our financial performance without the impact of certain transactions but is of limited usefulness as an analytical tool. Therefore, Distributable Earnings Return on Average Equity should not be viewed in isolation and is not a substitute for net income computed in accordance with GAAP. Our methodology for calculating Distributable Earnings Return on Average Equity may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our Distributable Earnings Return on Average Equity may not be comparable to similar measures presented by other REITs. Economic book value is a non-GAAP financial measure of our financial position. To calculate our economic book value, the portions of our non-recourse financing obligation held at amortized cost are adjusted to fair value. These adjustments are also reflected in our end of period total stockholders' equity. Management considers economic book value to provide investors with a useful supplemental measure to evaluate our financial position as it reflects the impact of fair value changes for our legally held retained bonds, irrespective of the accounting model applied for GAAP reporting purposes. Economic book value does not represent and should not be considered as a substitute for book value per share of common stock or stockholders' equity, as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies. Forward-Looking Statements This press release contains certain forward-looking statements that are subject to various risks and uncertainties, including, without limitation, statements relating to the performance of the Company's investments. Forward-looking statements are generally identifiable by use of forward-looking terminology such as 'may,' 'will,' 'should,' 'potential,' 'intend,' 'expect,' 'endeavor,' 'seek,' 'anticipate,' 'estimate,' 'believe,' 'could,' 'project,' 'predict,' 'continue,' or by the negative of these words and phrases or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of results of operations, liquidity and/or financial condition, or state other forward-looking information. The Company's ability to predict future events or conditions or their impact or the actual effect of existing or future plans or strategies is inherently uncertain. Although the Company believes that such forward-looking statements are based on reasonable assumptions, actual results and performance in the future could differ materially from those set forth in or implied by such forward-looking statements. You are cautioned not to place undue reliance on these forward‐looking statements, which reflect the Company's views only as of the date of this press release. Additional information concerning factors that could cause actual results and performance to differ materially from these forward-looking statements is contained from time to time in the Company's filings with the Securities and Exchange Commission. Except as required by applicable law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward‐looking statements. The Company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise. About Angel Oak Mortgage REIT, Inc. Angel Oak Mortgage REIT, Inc. is a real estate finance company focused on acquiring and investing in first lien non-QM loans and other mortgage-related assets in the U.S. mortgage market. The Company's objective is to generate attractive risk-adjusted returns for its stockholders through cash distributions and capital appreciation across interest rate and credit cycles. The Company is externally managed and advised by an affiliate of Angel Oak Capital Advisors, LLC, which, collectively with its affiliates, is a leading alternative credit manager with market leadership in mortgage credit that includes asset management, lending, and capital markets. Additional information about the Company is available at Angel Oak Mortgage REIT, Inc. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except for share and per share data) As of: December 31, 2024 ASSETS Residential mortgage loans - at fair value $ 200,665 $ 183,064 Residential mortgage loans in securitization trusts - at fair value 1,902,721 1,696,995 RMBS - at fair value 361,884 300,243 Cash and cash equivalents 40,500 40,762 Restricted cash 3,867 2,131 Principal and interest receivable 6,836 8,141 TBA securities and interest rate futures contracts - at fair value — 1,515 Other assets 38,015 36,918 Total assets $ 2,554,488 $ 2,269,769 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Notes payable $ 118,619 $ 129,459 Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts (see Note 2) 1,767,929 1,593,612 Securities sold under agreements to repurchase 68,062 50,555 Senior unsecured notes 88,601 47,740 TBA securities and interest rate futures contracts - at fair value 4,355 — Due to broker 254,228 201,994 Accrued expenses 2,812 2,291 Accrued expenses payable to affiliate 393 766 Interest payable 2,258 934 Income taxes payable 163 2,785 Management fee payable to affiliate 679 666 Total liabilities $ 2,308,099 $ 2,030,802 Commitments and contingencies STOCKHOLDERS' EQUITY Common stock, $0.01 par value. As of June 30, 2025: 350,000,000 shares authorized, 23,765,202 shares issued and outstanding. As of December 31, 2024: 350,000,000 shares authorized, 23,500,175 shares issued and outstanding. $ 238 $ 234 Additional paid-in capital 463,580 461,057 Accumulated other comprehensive income (loss) (4,661 ) (3,475 ) Retained earnings (deficit) (212,768 ) (218,849 ) Total stockholders' equity $ 246,389 $ 238,967 Total liabilities and stockholders' equity $ 2,554,488 $ 2,269,769 Expand Three Months Ended Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 ($ in thousands) Average total stockholders' equity $ 248,934 $ 259,565 $ 245,612 $ 258,412 Distributable Earnings Return on Average Equity 4.2 % (3.5 )% 5.5 % 0.4 % Expand
Business Wire
24 minutes ago
- Business Wire
Coinbase Announces Proposed Private Offering of $2.0 Billion of Convertible Senior Notes
Remote-First-Company/PHOENIX--(BUSINESS WIRE)--Coinbase Global, Inc. ('Coinbase') (Nasdaq: COIN) today announced its intention to offer, subject to market conditions and other factors, $1.0 billion aggregate principal amount of Convertible Senior Notes due 2029 (the '2029 notes') and $1.0 billion aggregate principal amount of Convertible Senior Notes due 2032 (the '2032 notes' and, together with the 2029 notes, the 'notes') in a private offering (the 'offering') to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the 'Securities Act'). Coinbase also expects to grant the initial purchasers of each series of notes options to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $150.0 million principal amount of the 2029 notes and $150.0 million principal amount of the 2032 notes. The notes will be senior, unsecured obligations of Coinbase and will accrue interest payable semi-annually in arrears. The 2029 notes will mature on October 1, 2029 and the 2032 notes will mature on October 1, 2032, unless earlier repurchased, converted or, in the case of the 2032 notes, redeemed. The notes will be convertible into cash, shares of Coinbase's Class A common stock, or a combination thereof, at Coinbase's election. The interest rate, initial conversion rate, and other terms of each series of notes are to be determined upon pricing of the offering. In connection with the pricing of the notes, Coinbase expects to enter into privately negotiated capped call transactions relating to each series of notes with one or more of the initial purchasers or their affiliates and/or other financial institutions (the 'option counterparties'). The capped call transactions relating to the 2029 notes will cover, subject to customary adjustments, the number of shares of Coinbase's Class A common stock that will initially underlie the 2029 notes, and the capped call transactions relating to the 2032 notes will cover, subject to customary adjustments, the number of shares of Coinbase's Class A common stock that will initially underlie the 2032 notes. The capped call transactions relating to each series of notes are expected generally to reduce the potential dilution to Coinbase's Class A common stock upon any conversion of the relevant series of notes and/or offset any potential cash payments Coinbase is required to make in excess of the principal amount of converted notes of such series, as the case may be, with such reduction and/or offset subject to a cap. Coinbase has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Coinbase's Class A common stock and/or purchase shares of Coinbase's Class A common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Coinbase's Class A common stock or the notes at that time. In addition, Coinbase has been advised that the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Coinbase's Class A common stock and/or purchasing or selling Coinbase's Class A common stock or other securities of Coinbase in secondary market transactions following the pricing of the notes and from time to time prior to the maturity of each series of notes (and are likely to do so during the relevant valuation periods under the capped call transactions or following any early conversion of the notes, any repurchase of the notes by Coinbase on any fundamental change repurchase date, any redemption date (with respect to the 2032 notes) or any other date on which the notes are retired by Coinbase, in each case if Coinbase exercises its option to terminate the relevant portion of the capped call transactions). This activity could also cause or avoid an increase or a decrease in the market price of Coinbase's Class A common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of a series of notes, it could affect the number of shares of Class A common stock, if any, and value of the consideration that noteholders will receive upon conversion of the applicable notes. Coinbase intends to use a portion of the net proceeds from the offering to pay the cost of the capped call transactions relating to each series of notes. If the initial purchasers exercise their options to purchase additional 2029 notes and/or 2032 notes, Coinbase expects to use a portion of the net proceeds from the sale of such additional notes to enter into additional capped call transactions with the option counterparties with respect to the relevant series of notes as to which the option was exercised. Coinbase intends to use the remainder of the net proceeds from the offering for general corporate purposes, which may include working capital, capital expenditures and investments in and acquisitions of other companies, products or technologies that Coinbase may identify from time to time, as well as to repurchase, repay at maturity, or repurchase or redeem prior to maturity, as applicable, from time to time and subject to market conditions, shares of its Class A common stock and/or its outstanding 0.50% Convertible Senior Notes due 2026, 3.375% Senior Notes due 2028, 3.625% Senior Notes due 2031 and 0.25% Convertible Senior Notes due 2030. The notes will only be offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act by means of a private offering memorandum. Neither the notes nor the shares of Coinbase's Class A common stock potentially issuable upon conversion of the notes, if any, have been, or will be, registered under the Securities Act or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from such registration requirements. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of the notes or any shares of Class A common stock potentially issuable upon conversion of the notes and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful. About Coinbase Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (Nasdaq: COIN) is on a mission to increase economic freedom for more than 1 billion people. Coinbase is updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. Coinbase also provides critical infrastructure for onchain activity and support builders who share its vision that onchain is the new online. And together with the crypto community, Coinbase advocates for responsible rules to make the benefits of crypto available around the world. Cautionary Statement Regarding Forward-Looking Statements This press release contains 'forward-looking statements' including, among other things, statements relating to the completion, timing, and size of the proposed offering, the granting of options to purchase additional notes, the potential effects of capped call transactions, and the expected use of proceeds from the offering. Statements containing words such as 'could,' 'believe,' 'expect,' 'intend,' 'will,' or similar expressions constitute forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, whether or not Coinbase will offer the notes or consummate the offering, the final terms of the offering, prevailing market conditions, the anticipated principal amount of the notes, which could differ based upon market conditions, the anticipated use of the net proceeds of the offering, which could change as a result of market conditions or for other reasons, the impact of general economic, industry or political conditions in the United States or internationally, and whether the capped call transactions will become effective. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. For information about other potential factors that could affect Coinbase's business and financial results, please review the 'Risk Factors' described in Coinbase's Annual Report on Form 10-K for the year ended December 31, 2024 and in Coinbase's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, filed with the Securities and Exchange Commission (the 'SEC') and in Coinbase's other filings with the SEC. Except as may be required by law, Coinbase undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.
