Core Insights - The company is transitioning to an "everything exchange" model, focusing on monetizing customer assets through stablecoins, payments, lending, and subscriptions rather than just trades [1][4][10] Financial Performance - Coinbase reported a fourth-quarter loss of $667 million, primarily due to markdowns in its crypto investment portfolio, with fourth-quarter revenue declining by approximately 20% [3][4] - Despite the loss, total trading volume for Coinbase reached $5.2 trillion in 2025, representing a 156% year-over-year increase, and its share of global crypto trading doubled to 6.4% [9][12] Strategic Focus - The leadership emphasizes a shift away from relying solely on crypto market sentiment for revenue, aiming for a diversified growth strategy centered around an "asset accumulation flywheel" [10][12] - Assets held on Coinbase have tripled over the past three years, with over 12% of global crypto stored on its platform in 2025, allowing for monetization through staking, lending, and payments [12] Operational Challenges - Operating expenses increased by 35% year-over-year to $5.7 billion, driven by acquisitions, regulatory investments, marketing, and infrastructure development [13] - The transition to a diversified financial ecosystem is capital-intensive, and the company views the current market phase as a build period rather than a harvest period [14] Regulatory Environment - Regulatory clarity is seen as crucial for the next phase of blockchain adoption, with ongoing debates in the U.S. regarding stablecoin legislation potentially delaying progress [15][16] - Coinbase has been involved in regulatory discussions, with its CEO actively engaging with lawmakers [16]

Read the Shareholder letter here ↓https://t.co/67QTSKiRPf ...

Locked in. https://t.co/1Onm6Vjb0T ...

🔥 UPDATE: Coinbase added $39 million worth of Bitcoin in Q4 2025. https://t.co/ZrKhEGTvNy ...

Financial Data and Key Metrics Changes - In 2025, total revenue reached $7.2 billion, a 9% year-over-year increase [14] - Subscription and services revenue hit $2.8 billion, up 23% year-over-year, and more than 5.5 times higher than the peak in 2021 [14][16] - Q4 total revenue was $1.8 billion, down 5% quarter-over-quarter [17] - Q4 transaction revenue was $983 million, down 6% quarter-over-quarter, while subscription and services revenue was $727 million, down 3% quarter-over-quarter [18] - Adjusted EBITDA in Q4 was $566 million, and adjusted net income was $178 million [19] - The company ended the year with $11.3 billion in cash and cash equivalents, and total available resources of approximately $14.1 billion [20] Business Line Data and Key Metrics Changes - The company has 12 products generating over $100 million in annualized revenue, with half of those exceeding $250 million [17] - Subscription and services revenue reached all-time highs, up 5.5 times from the peak in 2021 [16] - Derivatives volume and revenue hit all-time highs in Q4, indicating strong growth in this segment [9] Market Data and Key Metrics Changes - Global trading volume and market share doubled year-over-year, reaching new all-time highs [3] - The crypto market cap was down 11% quarter-over-quarter, but the company outperformed the market on total trading volume [16] Company Strategy and Development Direction - The company aims to grow the Everything Exchange, which integrates various asset classes including crypto, equities, and commodities [8] - Focus on scaling stablecoins and payments, with USDC reaching an all-time high market cap of about $75 billion [10] - The strategy includes bringing the world on-chain, emphasizing DeFi and self-custodial wallets [12] - The company plans to continue investing in its product offerings and expanding its market presence internationally [4][10] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about regulatory clarity and the growth of crypto adoption [3] - The company is prepared for market volatility and has diversified its revenue streams [16] - Management believes that stablecoins will become the default payment method for AI agents [11] - The company is confident in its ability to drive growth through its diversified revenue base and strong balance sheet [23] Other Important Information - The company has repurchased $1.7 billion of its common stock to offset dilution from stock-based compensation [20] - The company is exploring a Base token and improving developer tools to incentivize builders on the Base platform [28] Q&A Session Summary Question: Are you making any headway on positive outcomes regarding the CLARITY Act? - Management is optimistic about progress on the CLARITY Act and believes there is a good path to a positive outcome [24] Question: What percentage of overall subscription and services revenue do you expect Layer 2 activity from Base to contribute in 2026? - Base revenue is monetized both directly and indirectly, but no specific forecast was provided [26] Question: What product or platform initiative are you most excited about that investors may be underestimating today? - Management highlighted the Everything Exchange and stablecoin payments as key initiatives with significant growth potential [29] Question: Could your economic relationship with Circle change depending upon language in a market structure bill? - Management does not foresee any changes to the economic relationship with Circle due to the market structure legislation [34] Question: How does Coinbase think about the opportunities in larger scale buybacks and M&A? - The company is focused on buybacks and opportunistic M&A, having completed 10 acquisitions in 2025 [37] Question: Can you talk about your 2026 spending plans? - The company plans to maintain flat expenses in Q1 2026 while being nimble in response to market conditions [44] Question: Was the Coinbase issue just a tech mishap and not a more severe issue? - A technical issue caused brief interruptions for some users, but trading remained unaffected [48] Question: How should we think about the strength of the casual crypto trader in this winter? - Retail consumers tend to hold through price declines and are currently net buyers [67]

Financial Data and Key Metrics Changes - In 2025, total revenue reached $7.2 billion, a 9% year-over-year increase [14] - Subscription and services revenue hit $2.8 billion, up 23% year-over-year, and more than 5.5 times higher than the peak in 2021 [14][16] - Q4 total revenue was $1.8 billion, down 5% quarter-over-quarter [17] - Q4 transaction revenue was $983 million, down 6% quarter-over-quarter, while subscription and services revenue was $727 million, down 3% quarter-over-quarter [18] - Adjusted EBITDA in Q4 was $566 million, and adjusted net income was $178 million [19] - The company ended the year with $11.3 billion in cash and cash equivalents, and total available resources of approximately $14.1 billion [20] Business Line Data and Key Metrics Changes - The company has 12 products generating over $100 million in annualized revenue, with half of those exceeding $250 million [17] - Subscription and services revenue reached all-time highs, up 5.5 times from the peak in 2021 [6] - Derivatives volume and revenue hit all-time highs in Q4, indicating strong growth in this segment [9] Market Data and Key Metrics Changes - Global trading volume and market share doubled year-over-year, reaching new all-time highs [3] - The crypto market cap was down 11% quarter-over-quarter, but the company outperformed the market on total trading volume [16] Company Strategy and Development Direction - The company aims to grow the Everything Exchange, which integrates various asset classes including crypto, equities, and commodities [8] - Focus on scaling stablecoins and payments, with USDC reaching an all-time high market cap of about $75 billion [10] - The strategy includes bringing the world on-chain, emphasizing DeFi and self-custodial wallets [12] - The company is positioned to capitalize on the transformation of financial services through crypto [4] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about regulatory clarity and the growth of crypto adoption [3] - The company is prepared for market volatility and has diversified its revenue streams [16] - Management believes that stablecoins will become the default payment method for AI agents [11] Other Important Information - The company has repurchased $1.7 billion of its common stock to offset dilution from stock-based compensation [20] - The company is exploring a Base token and improving developer tools to incentivize builders [28] Q&A Session Summary Question: Are you making any headway on positive outcomes regarding the CLARITY Act? - Management is optimistic about progress on the CLARITY Act and appreciates the efforts of the Senate and administration [24][25] Question: What percentage of overall subscription and services revenue do you expect Layer 2 activity from Base to contribute in 2026? - Base revenue is monetized both directly and indirectly, but no specific forecast was provided [26] Question: What product or platform initiative are you most excited about that investors may be underestimating today? - Management highlighted the Everything Exchange and stablecoin payments as key initiatives [29][30] Question: Could your economic relationship with Circle change depending upon language in a market structure bill? - Management does not foresee changes in the economic relationship with Circle due to the market structure legislation [34][35] Question: How does Coinbase think about the opportunities in larger scale buybacks and M&A? - The company is focused on buybacks and opportunistic M&A, having completed 10 acquisitions in 2025 [37][38] Question: What have you seen in terms of prediction market adoption to date among Coinbase customers? - Prediction markets were recently rolled out to all customers, and initial interest has been positive [39][40] Question: Do you think we're heading into another crypto winter? - Management does not predict the future but emphasizes the importance of building great products regardless of market conditions [41][42] Question: Can you talk about your 2026 spending plans? - The company plans to be prudent with spending, focusing on flat expenses in Q1 2026 [44][45] Question: Was the Coinbase issue just a tech mishap and not a more severe issue? - A technical issue caused brief interruptions for some users, but it was unrelated to trading volume or market conditions [46][48] Question: How do you work with Circle and USDC on real-world volume commercialization? - The company is focused on driving payments verticals and creating a strong go-to-market strategy for USDC [66]

Coinbase reported a down quarter for the end of 2025, with its investment portfolio plunging alongside Bitcoin and other crypto assets. https://t.co/IDOYMBZvtY ...

Financial Data and Key Metrics Changes - Total revenue for 2025 was $7.2 billion, a 9% year-over-year increase [15] - Subscription and services revenue reached $2.8 billion, up 23% year-over-year, and more than 5.5 times higher than the peak in 2021 [15][19] - Q4 total revenue was $1.8 billion, down 5% quarter-over-quarter [18] - Q4 transaction revenue was $983 million, down 6% quarter-over-quarter, while subscription and services revenue was $727 million, down 3% quarter-over-quarter [19] - Adjusted EBITDA in Q4 was $566 million, and adjusted net income was $178 million [20] Business Line Data and Key Metrics Changes - The company has 12 products generating over $100 million in annualized revenue, with half of those exceeding $250 million [15][18] - Subscription and services revenue hit all-time highs, up 5.5 times from the peak in 2021 [7] - Derivatives volume and revenue reached all-time highs in Q4 [10] Market Data and Key Metrics Changes - Global trading volume and market share doubled year-over-year, reaching new all-time highs [4] - The crypto market cap was down 11% quarter-over-quarter [16] - USDC market cap reached an all-time high of about $75 billion [11] Company Strategy and Development Direction - The company aims to grow the Everything Exchange, which integrates various asset classes including crypto, equities, and commodities [8][10] - Focus on scaling stablecoins and payments, with plans to expand stablecoin utility and payment infrastructure [11][12] - Emphasis on bringing the world on-chain, promoting decentralized technology and self-custodial wallets [13] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about regulatory clarity and the growth of crypto adoption [4][25] - The company is prepared for market volatility and has diversified its revenue streams [17][23] - Management believes that stablecoins will become the default payment method for AI agents [12] Other Important Information - The company ended the year with $11.3 billion in cash and cash equivalents, and total available resources of approximately $14.1 billion [21] - The company has repurchased $1.7 billion of its common stock to offset dilution from stock-based compensation [21] Q&A Session Summary Question: Are you making any headway on positive outcomes regarding the CLARITY Act? - Management is optimistic about progress on the CLARITY Act and appreciates the efforts of the Senate and administration [24][25] Question: What percentage of overall subscription and services revenue do you expect Layer 2 activity from Base and partners to contribute in 2026? - Base revenue is monetized both directly and indirectly, but no specific forecast was provided [27] Question: What product or platform initiative are you most excited about that investors may be underestimating today? - Management highlighted the Everything Exchange and stablecoin payments as key initiatives [30][32] Question: Could your economic relationship with Circle change depending upon language in a market structure bill? - Management does not foresee changes in the economic relationship with Circle due to market structure legislation [36] Question: How does Coinbase think about the opportunities in larger scale buybacks and M&A? - The company is focused on buybacks and opportunistic M&A, having completed 10 acquisitions in 2025 [39] Question: Can you talk about your 2026 spending plans? - The company plans to maintain flat expenses in Q1 2026 while being nimble in response to market conditions [47] Question: Was the Coinbase issue just a tech mishap and not a more severe issue? - A technical issue caused brief interruptions for some users, but it was unrelated to trading volume or market conditions [49] Question: How should we think about the strength of the casual crypto trader in this winter? - Retail consumers tend to hold through price declines and are currently net buyers [68]

分组1 - Coinbase Global, Inc. reported quarterly earnings of $0.66 per share, missing the Zacks Consensus Estimate of $0.92 per share, and down from $3.39 per share a year ago, representing an earnings surprise of -28.26% [1] - The company posted revenues of $1.78 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 0.55%, and down from $2.27 billion year-over-year [2] - Over the last four quarters, Coinbase has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] 分组2 - Coinbase shares have lost about 32.3% since the beginning of the year, while the S&P 500 has gained 1.4% [3] - The current consensus EPS estimate for the coming quarter is $1.34 on $1.96 billion in revenues, and for the current fiscal year, it is $5.37 on $7.85 billion in revenues [7] - The Zacks Industry Rank for Financial - Miscellaneous Services is currently in the top 30% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Core Insights - Coinbase experienced a significant decline in revenue and profit in the final quarter of 2025, reporting a net income loss of $667 million compared to a profit of $1.3 billion in the same period in 2024 [1] - The total revenue for the last quarter fell to $1.8 billion from $2.3 billion year-over-year, with transaction revenue dropping by 36% to $982.7 million [2] - Despite the downturn, Coinbase's subscription revenue from stablecoins surged by 61% year-over-year, reaching $364 million [4] Financial Performance - The net income loss for Coinbase in Q4 2025 was $667 million, a stark contrast to the $1.3 billion profit in Q4 2024 [1] - Total revenue decreased from $2.3 billion in Q4 2024 to $1.8 billion in Q4 2025 [2] - Transaction revenue saw a 36% decline, falling to $982.7 million [2] Market Context - The decline in Coinbase's revenue coincided with a broader downturn in the cryptocurrency market, particularly affecting Bitcoin and Ethereum, which are now significantly below their 2025 highs [6] - Coinbase's stock experienced volatility, dropping 8% ahead of earnings but rebounding in after-hours trading; however, it has fallen over 40% year-to-date [3] Business Developments - The stablecoin segment has shown robust growth, with revenue from stablecoins increasing by 61% year-over-year, attributed to a product launched in 2021 that allows users to earn yield [4] - There are ongoing discussions regarding legislation affecting stablecoin rewards, with some crypto executives indicating progress in talks [5]