- For the first time since 2023, the exchange Coinbase recorded a quarterly net loss.
- Revenue and earnings per share figures fell short of market expectations.
- Transaction revenue significantly declined despite growth in the services segment.
Coinbase released its financial report for the fourth quarter of 2025, showing a net loss for the first time in two years. This result was due to decreased activity in the cryptocurrency market and falling prices of digital assets.
This is reported by Finway
According to the company’s data, the net loss for the quarter amounted to $667 million, breaking an eight-quarter streak of profitability. Earnings per share were reported at $0.66, while analysts had expected $0.92. Total revenue decreased by 21.5% year-over-year, reaching $1.78 billion, which also fell short of the projected $1.85 billion.
Revenue Trends and Market Impact
Coinbase’s transaction revenue shrank by nearly 37%, totaling $982.7 million. Meanwhile, the subscription and services segment grew by more than 13%, reaching $727.4 million, partially offsetting the decline in trading activity.
“The decline in results coincided with the collapse of the crypto market. Bitcoin lost about 30% in the fourth quarter from its October peak of $126,000 and traded below $88,500 by the end of December. Since the beginning of the year, the asset has decreased by approximately a quarter.”
Despite the weak financial results, Coinbase’s shares rose by 2.9% in after-hours trading following the main session, reaching $145.2. Investors reacted positively to the company’s forecasts and its long-term stability prospects.
Annual Summary and Outlook
As of February 10, 2026, the company reported that transaction revenue in the fourth quarter was around $420 million, while subscription and service revenues could fall within the range of $550–$630 million.
Coinbase emphasized that 2025 was strong from an operational standpoint: annual revenue increased by 9.4%, reaching $6.88 billion. The platform holds over 12% of the world’s total cryptocurrency, highlighting its leading position in the market. The company also noted its focus on expanding its product ecosystem and retaining its customer base.