Coinbase Reports $666.7M Q4 2025 Net Loss

Coinbase, the leading U.S. cryptocurrency exchange, reported a surprise net loss of $666.7 million for the fourth quarter of 2025, its first since the third quarter of 2023, amid a sharp decline in trading volumes and a broader downturn in digital asset prices. The results, released on Thursday, came just a day after a widespread service outage disrupted user access to buying, selling, and transferring cryptocurrencies, heightening concerns about the platform's reliability.

The quarterly loss of $2.49 per share contrasted with analyst expectations of a 55-cent profit, according to estimates from LSEG. Total revenue fell 20 percent year-over-year to approximately $1.8 billion, missing Wall Street forecasts of $1.83 billion. Transaction revenue, a core driver of Coinbase's income, dropped more than 45 percent to $982.7 million from $1.56 billion in the prior year's fourth quarter, reflecting reduced consumer activity during a period of subdued market volatility. Subscription and services revenue provided some offset, rising 13.5 percent to $727.4 million, bolstered by growth in stablecoin operations, which generated $364.1 million, up from $225.9 million a year earlier.