Coinbase 2025 Financial Report: Q4 Under Pressure with Net Loss of $667 Million, Full-Year Performance Remains Strong

Odaily News Coinbase has released its financial report for the fourth quarter and full year of 2025. Despite the overall downturn in the crypto market, Coinbase achieved several historical highs, with trading volume and market share doubling. However, Q4 revenue fell slightly short of expectations and resulted in a net loss.

Coinbase recorded a net loss of $667 million in the fourth quarter, with a loss per share of $2.49, significantly exceeding analyst expectations. Total revenue was $1.78 billion, down 5% quarter-over-quarter and approximately 22% year-over-year, missing market expectations of $1.83 billion to $1.85 billion. Adjusted earnings per share were $0.66, adjusted net income was $178 million, and adjusted EBITDA was $566 million.

While Coinbase faced pressure in the fourth quarter, its full-year performance was strong. Total trading volume reached $5.2 trillion, a 156% year-over-year increase. Its crypto trading market share doubled to approximately 6.4%. Subscription and services revenue grew 23% to about $2.8 billion. Coinbase One paid subscribers approached 1 million. Platform assets and USDC balances reached all-time highs.

Coinbase stated that it is advancing its "Everything Exchange" strategy, including derivatives expansion and stablecoin payments. Despite short-term headwinds from the bear market, Coinbase still views 2025 as a strong year and remains optimistic about product innovation and market recovery in 2026.