Coinbase Reports $667 Million Q4 Loss as Crypto Market Slump Weighs on Revenue

Coinbase reported a net loss of $667 million in the fourth quarter of 2025, ending an eight-quarter streak of profitability as weaker cryptocurrency prices and lower trading volumes pressured results.

The company posted earnings per share of 66 cents, falling short of analyst estimates of 92 cents. Net revenue declined 21.5% year over year to $1.78 billion, below expectations of $1.85 billion.

Transaction revenue, a key driver of performance, dropped nearly 37% from a year earlier to $982.7 million. In contrast, subscription and services revenue rose more than 13% to $727.4 million, partially offsetting the decline in trading activity.

Bitcoin Price Decline Impacts Trading Activity

The earnings downturn coincided with a sharp pullback in digital asset markets. Bitcoin fell nearly 30% during the quarter, sliding from a high of $126,080 in early October to below $88,500 by the end of December. The broader decline dampened retail and institutional trading volumes across the sector.

Despite the earnings miss, Coinbase shares rose 2.9% in after-hours trading to $145.18 after closing the regular session down 7.9%.

For the first quarter, the company reported generating $420 million in transaction revenue through Feb. 10 and expects subscription and services revenue to range between $550 million and $630 million.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.