Coinbase Suffers $667M Loss Amid Crypto Market Decline

Coinbase reported a $667 million net loss in Q4 2025, ending an eight-quarter profitability streak. The company's earnings per share came in at 66 cents, missing analyst expectations of 92 cents by 26 cents.

The exchange's net revenue fell 21.5% year-over-year to $1.78 billion, below the projected $1.85 billion. Transaction-related revenue dropped nearly 37% from the prior year to $982.7 million, while subscription and services revenue climbed more than 13% to $727.4 million.

Coinbase's loss marks its first negative quarter since Q3 2023 and comes as Bitcoin dropped nearly 30% from a high of $126,080 in early October to under $88,500 by Dec. 31.