Coinbase Reports $667 Million Loss in Fourth Quarter

Crypto exchange Coinbase posted a net loss of $667 million in the fourth quarter of 2025, ending a streak of eight profitable quarters. This marks the first loss since the third quarter of 2023, according to the financial report released Thursday ^[1].

Earnings per share reached only $0.66, falling well short of analyst estimates of $0.92. Net revenue declined 21.5 percent year-over-year to $1.78 billion—also below expectations of $1.85 billion ^[1].

Transaction-based revenues were particularly hard hit, plunging nearly 37 percent to approximately $980 million. In contrast, subscription and services revenue managed to increase by more than 13 percent to about $730 million ^[1].

The weak figures coincide with a significant market correction: Bitcoin lost roughly 30 percent of its value during the quarter, falling from a record high of $126,000 to below $88,500 ^[1]. Chief Financial Officer Aleshia Haas announced plans to remain flexible throughout the year and weigh opportunities against expenses ^[1].