The cash you actually lose each month after revenue covers part of the spend, and the number that decides your runway when you divide it into the bank balance.
Coinbase's late-2023 and early-2024 filings showed roughly $90M of quarterly adjusted net burn during the crypto bear market, sustained against a cash position above $5B. The healthy ratio of cash to net burn let Coinbase keep investing in product even as competitors like FTX, Voyager, and BlockFi collapsed.