Coinbase reported a net loss of $670 million in the fourth quarter of 2025, aligning with its own forecasts amid slowing crypto trading activity. Despite the quarterly loss, the company saw annual trading volume surge to $5.2 trillion and doubled its global market share. Its stock initially fell before rebounding over 16% intraday, a move attributed to aggressive dip-buying as Bitcoin stabilized.
Coinbase revealed a $670 million net loss for Q4 2025, as detailed in a company blog post. The results were “in line with Coinbase’s own forecasts” and credited to its “Everything Exchange” diversification strategy.
For the full year 2025, the exchange’s total trading volume reached $5.2 trillion, a 156% increase from 2024. Its global crypto trading market share also doubled to 6.4% during that period.
Recurring revenue from staking, stablecoins, and custody totaled $2.8 billion for the year. Furthermore, subscriptions for its Coinbase One service grew to nearly one million within three years.
The company’s product diversification now includes U.S.-style perpetual futures and the acquisition of Deribit. Its custody services currently safeguard over 12% of global crypto assets.
Coinbase ended 2025 with $11.3 billion in cash and equivalents after repurchasing $1.7 billion of its own shares. Trading data showed the stock, COIN, rose 16.46% intraday to $164.32 following the earnings report.
The share price rebound occurred as Bitcoin stabilized, reinforcing the stock’s historical correlation with broader crypto market sentiment. Coinbase shares historically track Bitcoin’s price movements due to their reliance on trading and staking activity.
