Coinbase reported a net loss of $667 million in Q4 2025, its first since Q3 2023. Earnings per share of 66 cents missed analyst expectations by 26 cents. Net revenue fell 21.5% to $1.78 billion, below the expected $1.85 billion. Transaction-related revenue dropped nearly 37% while subscription revenue rose over 13%.

Despite the loss, Coinbase shares rose 2.9% in after-hours trading to $145.18. Bitcoin fell 25.6% to $65,760 this year. Coinbase called 2025 a “strong year” operationally and financially, with plans for an “everything exchange.” Over 12% of global crypto resides on Coinbase, aiming to offer more products for asset management.

Read more at Cointelegraph: Coinbase Misses Expectations With $667M Loss in Q4