Coinbase’s fourth-quarter earnings missed Wall Street expectations, with the crypto exchange reporting its first net loss since the third quarter of 2023.
Coinbase has reported a net loss of $667 million in the fourth quarter of 2025, snapping the crypto exchange’s eight-quarter streak of profitability.
In its Q4 earnings released on Thursday, Coinbase said its earnings per share was 66 cents, which missed analyst expectations of 92 cents per share by 26 cents.
The company said its net revenue fell 21.5% year-on-year to $1.78 billion, falling short of analyst expectations of $1.85 billion.
Transaction-related revenue dropped nearly 37% year-on-year to $982.7 million, while subscription and services revenue jumped more than 13% over the year to $727.4 million.
It’s the first net loss Coinbase has reported since the third quarter of 2023, and comes as the crypto market fell over the quarter, with Bitcoin (BTC) dropping nearly 30% from a high of $126,080 in early October to under $88,500 by Dec. 31.
Bitcoin has fallen 25.6% to $65,760 so far this year, having climbed from a crash to under $60,000 earlier this month.
Despite the earnings miss, shares in Coinbase (COIN) rose 2.9% in after-hours trading on Thursday to $145.18 after a 7.9% decline over the trading day to close at $141.1.
Coinbase said 2025 was a “strong year” for the company, both operationally and financially, and said it made strides towards its plan of an “everything exchange.”
Related: Coinbase unveils crypto wallets designed specifically for AI agents
“In 2025, more than 12% of all crypto in the world resided on Coinbase,” the company said. “We’re building and connecting more products to facilitate customers doing more with their assets.”
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