Coinbase 2025 Financial Report: Q4 pressured with a net loss of $667 million, but full-year performance remains strong.

Coinbase released its Q4 and full-year 2025 financial results. Despite the overall downturn in the crypto market, Coinbase achieved several all-time highs, with trading volume and market share doubling. However, Q4 revenue slightly missed expectations and a net loss was recorded. Coinbase recorded a net loss of $667 million, or $2.49 per share, in Q4, far exceeding analysts' expectations. Total revenue was $1.78 billion, a 5% decrease sequentially and approximately a 22% decrease year-over-year, falling short of market expectations of $1.83 billion to $1.85 billion. Adjusted earnings per share were $0.66, adjusted net income was $178 million, and adjusted EBITDA was $566 million. Coinbase faced pressure in the fourth quarter but maintained a strong full-year performance, with total trading volume reaching $5.2 trillion, a 156% year-over-year increase. Its market share in the crypto trading arena doubled to approximately 6.4%, and subscription and service revenue grew by 23% to approximately $2.8 billion. Coinbase One's paid subscribers approached 1 million, and platform assets and USDC balances reached all-time highs. Coinbase stated it is advancing its "Everything Exchange" strategy, including derivatives expansion and stablecoin payments. Despite short-term drag from the bear market, Coinbase views 2025 as a strong year and remains optimistic about product innovation and market recovery in 2026.