Coinbase Global Inc. reported a significant fourth-quarter net loss of $667 million, breaking an eight-quarter streak of profitability. The crypto exchange’s earnings per share and net revenue both fell short of Wall Street expectations, driven by a sharp decline in transaction-related revenue as Bitcoin’s price dropped nearly 30% during the quarter. Despite the earnings miss, the company’s stock rose in after-hours trading.
Coinbase reported a net loss of $667 million for the fourth quarter of 2025. This marks the exchange’s first net loss since the third quarter of 2023.
The company’s earnings per share was 66 cents. This missed analyst expectations of 92 cents per share by a significant margin.
Net revenue fell 21.5% year-on-year to $1.78 billion. This result also fell short of analyst expectations of $1.85 billion.
Transaction-related revenue dropped nearly 37% year-on-year to $982.7 million. In contrast, subscription and services revenue jumped more than 13% over the year to $727.4 million.
The losses coincided with a major downturn in the crypto market. Bitcoin dropped nearly 30% from a high of $126,080 in early October to under $88,500 by December 31.
Bitcoin has fallen a further 25.6% to $65,760 so far in 2026. This followed a crash to under $60,000 earlier in the month.
Despite the earnings miss, shares in Coinbase rose 2.9% in after-hours trading to $145.18. The stock had closed the trading day down 7.9% at $141.1.
The company stated that 2025 was a “strong year” operationally and financially. It also said it made strides toward its plan of an “everything exchange.”
“In 2025, more than 12% of all crypto in the world resided on Coinbase,” the company said in its shareholder letter. “We’re building and connecting more products to facilitate customers doing more with their assets.”
