股价暴涨17%！巨亏财报反引发抄底潮，Coinbase四季度收入下滑20%，净亏损超6亿美元

Core Viewpoint - The cryptocurrency exchange Coinbase reported a significant net loss of $667 million in Q4, with revenue declining by 20% to $1.8 billion, primarily due to a cooling crypto market. However, the company saw strong performance in institutional business and derivatives, with subscription service revenue reaching a record high of $2.8 billion, driven by USDC growth [1][3][8]. Financial Performance - Coinbase's Q4 revenue fell to $1.8 billion, a 20% decrease year-over-year, exceeding market expectations [3][8]. - The company recorded a net loss of $667 million, contrasting sharply with a net profit of $1.3 billion in the same quarter last year [3][8]. - Total trading volume for the year reached $5.2 trillion, a 156% increase year-over-year, with market share in crypto trading doubling to 6.4% [8]. Revenue Breakdown - Trading revenue for Q4 was $983 million, down 6% quarter-over-quarter, with consumer trading revenue dropping 13% to $734 million [9][13]. - Institutional trading revenue increased by 37% to $185 million, despite a 13% decline in institutional spot trading volume [13]. - Subscription and service revenue reached $2.8 billion, a 23% increase year-over-year, with USDC-related income contributing significantly [16]. Market Dynamics - The overall decline in trading income reflects challenges faced by the entire cryptocurrency exchange industry, with competitors like Gemini and Robinhood also reporting significant revenue drops [8][9]. - Coinbase's stock price surged nearly 17% following the earnings report, attributed to low investor expectations and bottom-fishing activities [3][5]. Strategic Initiatives - Coinbase is focusing on diversifying its revenue streams, with a strong emphasis on subscription services and institutional trading to reduce reliance on retail trading [11][12]. - The company is expanding its workforce, increasing full-time employees by 3% to 4,951, primarily in customer service and product teams [24]. Future Outlook - For Q1 2026, Coinbase provided cautious revenue guidance, expecting subscription service revenue to be between $550 million and $630 million, lower than Q4 levels due to declining interest income and staking rewards [28]. - The company has initiated a substantial stock buyback program, repurchasing $895 million in shares since early 2026, with an additional $2 billion authorized for buybacks [30]. Regulatory Environment - Upcoming stablecoin legislation in the U.S. may impact Coinbase's revenue-sharing arrangements with Circle, potentially affecting income from USDC [19].