Coinbase reports $667M Q4 loss as crypto market slumps earnings
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Ahmed Balaha
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Crypto News Editorial Team
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Coinbase earnings broke streak, and not in a good way. After eight straight winning quarters, it posted a net loss of $667 million in Q4 2025. This is a punch in the face.
As crypto prices slipped from their annual highs, the exchange completely missed Wall Street's earnings expectations.
Its revenue reached $1.78 billion. It sounds big, but it was below the $1.85 billion analysts were expecting. Trading revenue was a real disaster. It fell 37 percent to $982.7 million.
That now tells you everything about trader activity.
Key receivers
Coinbase reported a $667 million net loss, the first missed profit since Q3 2023. Revenue fell 21.5% YoY to $1.78 billion, missing analysts' expectations. As retailers exited the market, transaction fees fell by 37 percent. Shares ( COIN ) fell 7.9% on the day but rallied about 3% after hours.
Is the bull market officially over? How can Coinbase survive?
That $667 million loss isn't just a bad quarter. A deep cycle screams weakness. A large portion of Coinbase's own crypto holdings came from unseen losses since the October 2025 highs.
No one walks away clean when Bitcoin drops from $126,000 to the mid-$60k range. Not even the exchanges.
This kind of volatility is similar to the uncertainty in FTX crash days. Brian Armstrong still attributes this failure to psychology.
Retailers are less active. Trading revenue, the main engine of the business, has dried up.
Everyday funds are left on the side. And that's the last thing Coinbase needs.
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COIN STOCK RESISTANCE OR DEAD CAT BOUNCING?
Even after that ugly earnings report, COIN stock rose 2.9% after hours, settling at $145. Sounds crazy, right?
But the stock is already down 7.9% in the regular session. Traders probably priced in the risk before the number was hit.
Still, the outlook isn't exactly comforting. Subscription and services revenue was the only real bright spot, up 13 percent to $727.4 million.
This helped soften the blow. But management is guiding lower for Q1 2026, expecting that figure to fall in the $550 million to $630 million range. That's not small.
If even so-called stable income begins to decline, the safety cushion will quickly become thinner. And if that happens, it wouldn't be surprising to see a retest of the $139 zone near the 52-week lows.
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