Coinbase disclosed $1.78 billion in fourth-quarter revenue on Thursday, indicating that its business suffered alongside Bitcoin’s retreat from all-time highs last year. The figure represented a 22% decrease compared to a year ago, while fourth-quarter revenue also fell short of analysts’ expectations of $1.84 billion. Coinbase posted a net loss of $667 million for Q4, marking a reversal from a year ago, when the firm notched $1.3 billion in profits alongside President Donald Trump’s re-election. Coinbase ...

JUST IN: Coinbase buys $39,000,000 worth of Bitcoin in Q4, 2025. https://t.co/ZuOLOADeF2 ...

JUST IN: Coinbase announces: "We increased our bitcoin holdings by $39 million, driven by weekly purchases for our crypto investment portfolio." 🚀 https://t.co/2Krm0YS0eL ...

Core Insights - Coinbase reported a surprise quarterly loss of $666.7 million, or $2.49 per share, for the three months ended December 31, contrasting with analysts' expectations of a profit of 55 cents per share [2][3] - The cryptocurrency exchange experienced a significant decline in trading volumes, with transaction revenue dropping to $982.7 million from $1.56 billion a year earlier, primarily due to a more than 45% decrease in consumer transaction revenue [2][3] - The overall sentiment in the cryptocurrency sector remains downbeat, impacting trading activities and leading to a broader digital-asset selloff [1][2] Financial Performance - The loss marked Coinbase's first quarterly deficit since Q3 2023, attributed to weaker trading volumes amid a digital asset market downturn [1][2] - Bitcoin's value has nearly halved since its peak on October 6, contributing to the decline in trading activity [3] - Despite the losses, Coinbase's subscription and services revenue increased by 13.5% to $727.4 million, supported by growth in stablecoin operations [5][6] Market Dynamics - Investors withdrew significant amounts from spot bitcoin ETFs, with withdrawals totaling $7 billion in November, $2 billion in December, and over $3 billion in January, which negatively affected market sentiment [4] - The company's stock is down nearly 40% this year, although it saw a 1.2% increase in volatile extended trading following the earnings report [4] Stablecoin Operations - Stablecoin revenue rose to $364.1 million from $225.9 million, indicating a shift towards more stable revenue sources [5][6] - The diversification into stablecoins is seen as a strategy to mitigate revenue volatility, reducing reliance on cryptocurrency trading revenues [6][7] - Coinbase generates revenue from USDC held on and off its platform through a partnership with Circle, earning interest on the U.S. dollar reserves backing the stablecoin [7]

Coinbase股价在盘后交易中下跌2.1%。 来源：滚动播报 ...

Cryptocurrency exchange Coinbase swings to quarterly loss on trading slowdown | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]Item 1 of 2 The Coinbase logo in this illustration taken on November 3, 2025. REUTERS/Dado Ruvic/Illustration[1/2]The Coinbase logo in this illustration taken on November 3, 2025. REUTERS/Dado Ruvic/Illustration [Purchase Licensing Rights, opens new tab]- Companies[Circle Internet Group Inc]Follow[Coinbase G ...

Financial Performance - Coinbase achieved total revenue growth of 9% year-over-year (Y/Y) to $7.2 billion in 2025, with Q4 total revenue at $1.8 billion, down 5% quarter-over-quarter (Q/Q) [11]. - Total revenue for the year ended December 31, 2025, was $7,181,325, an increase of 9.4% compared to $6,564,028 in 2024 [116]. - Net loss for the year ended December 31, 2025, was $1,260,327, compared to a net income of $2,579,066 in 2024 [116]. - Operating income for the year ended December 31, 2025, was $1,435,441, down from $2,307,160 in 2024 [116]. - Net cash provided by operating activities for the year ended December 31, 2025, was $2,426,383, compared to $3,103,935 in 2024 [120]. - The company reported a loss of $476,153 on crypto assets held for investment in Q1'25, which contrasts with a gain of $596,651 in Q4'24, indicating volatility in this segment [125]. - Adjusted net income for Q1'25 was $931,288, while the adjusted net income per share (diluted) was $3.37, reflecting a strong performance compared to FY'24's adjusted net income of $2,073,353 [125]. - Adjusted EBITDA for Q1'25 was $929,868, a decrease from Q4'24's $1,289,048, highlighting potential challenges in maintaining growth momentum [21]. Revenue Streams - Transaction revenue for 2025 totaled $4.1 billion, growing 2% Y/Y, while Q4 transaction revenue was $983 million, down 6% Q/Q [31]. - The number of Paid Coinbase One Subscribers reached an all-time high, contributing to the growth in subscription and services revenue, which totaled $727 million in Q4, down 3% Q/Q [11][31]. - Subscription and services revenue in Q4 was $727 million, down 3% Q/Q due to lower average crypto asset prices [37]. - Q4 stablecoin revenue was $364 million, up 3% Q/Q, driven by higher average USDC held in Coinbase products [42]. - Average USDC held in Coinbase products reached a new all-time high of $17.8 billion, up 18% Q/Q [42]. Market Position and Growth - Coinbase Total Trading Volume grew 156% Y/Y to $5.2 trillion in 2025, with the company's crypto trading volume market share doubling [3][23]. - Coinbase achieved a 4x year-over-year increase in U.S. derivatives market share, driven by the launch of 24/7 U.S. perpetual-style futures [90]. - Quarterly derivatives trading volume reached all-time highs in Q4, following the acquisition of Deribit, which positioned Coinbase as the global leader in crypto derivatives by open interest and options volume [90]. - The company has expanded its regulated market access internationally, becoming the largest FCA-registered VASP in the UK and completing its pan-European expansion under MiCA [85]. Expenses and Liabilities - Total operating expenses for Q4 were $1.5 billion, up 9% Q/Q, with technology & development, general & administrative, and sales & marketing expenses increasing 14% Q/Q to $1.3 billion [11]. - Operating expenses for 2025 were $5.7 billion, up 35% Y/Y, largely driven by USDC rewards and marketing programs [56]. - Total liabilities increased to $14,878,774 as of December 31, 2025, from $12,265,109 in 2024 [113]. - Customer custodial fund liabilities decreased to $5,347,428 as of December 31, 2025, from $6,158,949 in 2024 [113]. Strategic Initiatives - Coinbase plans to focus on three priorities in 2026: growing the Everything Exchange, scaling stablecoins and payments infrastructure, and enhancing DeFi integrations [4]. - The company aims to invest in key priorities for 2026, focusing on product momentum and expanding adoption [99]. - The company repurchased a total of 8.2 million shares since November 2025, with an additional $2.0 billion share repurchase authorization approved in January 2026 [5]. - The company repurchased approximately 3.3 million shares for $850 million in Q4, with an additional 4.9 million shares repurchased for $895 million as of February 10, 2026 [67]. Asset Management - The company ended 2025 with $11.3 billion in cash and cash equivalents, including payment stablecoins classified as cash equivalents [12]. - Cash and cash equivalents increased to $11,285,452 as of December 31, 2025, from $9,308,266 in 2024 [121]. - Total assets grew to $29,671,832 as of December 31, 2025, compared to $22,541,951 in 2024 [113]. - Average USDC held in Coinbase products reached all-time highs, contributing to record stablecoin revenue [3]. - BTC Borrow originations exceeded $1.5 billion by Q4, indicating strong customer utilization of onchain financing [92]. Technology and Infrastructure - Base App infrastructure upgrades improved transaction speeds to ~200ms block times, facilitating consumer-grade experiences [98]. - USDC distribution and utility were scaled across Coinbase products, enhancing its role as a trading collateral and payment asset [98]. - The launch of stock and ETF trading within the Coinbase app provided early access users with 3,000 stocks, expected to increase to nearly 10,000 by late February [91]. - Assets on Platform increased 3x over the last 3 years, marking the 9th consecutive quarter of native unit growth [40][38].

Core Viewpoint - The crypto giant is facing a service issue as it prepares to report earnings on Thursday [1] Group 1 - The company is experiencing operational challenges that may impact its upcoming earnings report [1]

🚨 ALERT: Coinbase says some users are unable to buy, sell, or transfer crypto as it investigates an issue, adding that funds are safe. https://t.co/irJll1J6v1 ...

We're back with Morning Trade Live. Coinbase will be in focus when it reports earnings after the closing bell today. Analysts are expecting adjusted EPS of 61 cents on revenue of $1.82% billion.You can see how this stock has correlated with Bitcoin prices since it began trading in April of 2021. Pretty much moving in tandem there. Coinbase is down more than 30% so far in 2026.We are trading lower this morning. So, let's go inside out on this name ahead of earnings. Joining us now is David Sema, who's the CE ...