Coinbase shares rose 17% in early U.S. trading Friday despite missing Q4 2025 earnings estimates. The exchange reported a $2.49 loss per share and revenue of about $1.8 billion, down 22% year-over-year. (Ed. note: The stock move followed remarks on the earnings call.)
On an adjusted basis, Coinbase posted $0.66 in earnings per share, beating expectations of $0.56. FactSet had forecast $1.00 per share on a GAAP basis.
On the call, Brian Armstrong said the company and the crypto industry remain in a solid position. “We’ve been through cycles like this many times at Coinbase. And adoption continues to grow, and regulatory clarity is on the horizon, and I’m more bullish than ever,” he said.
Armstrong also highlighted business diversification to reduce revenue correlation with crypto prices. “Moreover, we’ve successfully diversified the business where stablecoins, subscription and services revenue, and now trading of other asset classes like stocks, prediction markets, and commodities, means our revenue is less correlated to crypto price fluctuations.”
For Q1 2026, Coinbase expects subscription and services sales of $550 million to $630 million. Analysts polled by FactSet project roughly $747 million for that segment.
Benchmark analysts noted several intact indicators, including doubled trading volume and market share in 2025, scaling of the derivatives platform, and continued stablecoin adoption.
