Coinbase reports $667 million net loss in Q4 2025
Coinbase just reported a $667 million net loss for the last quarter of 2025, with revenue dropping to $1.78 billion—well below what analysts hoped for.
Earnings per share also missed the mark at $0.66 versus the expected $0.83.
Full-year gains show brighter picture for the exchange
Even with a rough quarter, Coinbase's full-year story is much brighter: revenue showed gains, powered by a huge 156% jump in trading volume and market share doubling to 6.4%.
Subscriptions on Coinbase One hit around one million users, and USDC balances reached record highs.
Slower trading and higher costs hit Q4 hard
Q4 took a hit from slower trading and higher costs—and Coinbase completed acquisitions including Deribit.
Operating margins shrank compared to the same quarter a year earlier (Q4 2024), showing that growth comes with some growing pains right now.