Coinbase reported a loss of $667 million in Q4, with revenue down 20% year-over-year.

According to Bloomberg, Coinbase Global Inc.'s revenue in the fourth quarter of 2025 fell 20% year-over-year to $1.8 billion, and it turned from a profit of $1.3 billion in the same period last year to a net loss of $667 million, mainly due to the decline in cryptocurrency prices dragging down trading activity and impairment of holdings; its stock price has fallen nearly 37% year-to-date. During the same period, Bitcoin has fallen nearly 50% from its October high, retail trading has cooled, and several platforms are under pressure, including Gemini Space Station Inc. planning to lay off up to 25% of its staff, the departure of Payward Inc.'s CFO, and Robinhood Markets Inc. reporting a 38% decline in cryptocurrency trading revenue.