Coinbase reported a net loss of $667 million for the fourth quarter of 2025, marking the first time in two years that it ended a reporting period with losses. This result was driven by a significant decrease in activity in the cryptocurrency market and a decline in the value of digital assets.
This is reported by Business • Media
- The exchange recorded its first quarterly net loss since 2023.
- Revenue and earnings per share fell short of analysts’ expectations.
- Transaction revenue sharply declined even as the services segment grew.
After eight profitable quarters, the company returned to losses, with earnings per share at only $0.66, significantly below analysts’ expectations of $0.92. Coinbase’s revenue for the period also decreased by 21.5% year-over-year, totaling $1.78 billion, falling short of the projected $1.85 billion.
Revenue Trends in Key Segments
The most significant decline was observed in the transaction segment, where revenues dropped nearly 37% to $982.7 million. Meanwhile, the subscriptions and services segment showed growth of over 13%, reaching $727.4 million, partially offsetting the decrease in trading activity among customers.
A serious deterioration in financial results occurred against the backdrop of a collapse in the prices of leading crypto assets. Specifically, Bitcoin lost about 30% from its October peak of $126,000 in the fourth quarter of 2025, and by the end of December, its price had fallen below $88,500. Over the year, the asset depreciated by approximately a quarter.
“The exchange ended the period with its first net loss in two years.”
Market Situation and Investor Expectations
Despite the negative report, Coinbase shares rose 2.9% in after-hours trading, climbing to $145.2 after a decline during the main trading session. Investors reacted positively to the company’s forecast and its long-term prospects.
As of February 10, 2026, transaction revenue for the fourth quarter is estimated to be around $420 million. At the same time, revenues from subscriptions and services may decrease to a range of $550–$630 million.
Coinbase noted that 2025 was a strong year for the company from an operational perspective. Annual revenue grew by 9.4%, reaching $6.88 billion. The platform holds over 12% of all cryptocurrencies in the world, and the company is focused on developing its product ecosystem and retaining customers.
As a reminder, Coinbase previously introduced cryptocurrency wallets for AI agents.