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

Odaily reports that Coinbase has released its Q4 and full-year 2025 financial results. Despite the overall downturn in the crypto market, Coinbase achieved several historical highs, with trading volume and market share doubling. However, Q4 revenue slightly missed 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 neared 1 million. Platform assets and USDC balances reached all-time highs.

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