Coinbase reported a net loss of $667 million in Q4 2025 as weaker crypto market conditions reduced trading activity and revenue. Quarterly revenue fell 5% to $1.8 billion, with transaction revenue down 6% and subscription and services revenue down 3%. The loss was mainly driven by investment-related write-downs in its crypto asset and strategic investment portfolio.

Retail trading revenue dropped sharply, while institutional spot volumes declined, though derivatives trading helped lift institutional transaction revenue. Stablecoin revenue remained a bright spot, rising 3% as USDC balances on the platform reached new highs.

After the earnings release, Coinbase shares briefly fell to a two-year low in after-hours trading before rebounding amid volatility. Despite market pressure and recent insider share sales by the CEO, the company continues expanding into stocks, ETFs, derivatives, payments, and stablecoin infrastructure under its “Everything Exchange” strategy, and has already generated about $420 million in transaction revenue early in the current quarter, while warning that volatility remains high.