Coinbase reported a 20% drop in revenue to $1.8 billion in the fourth quarter, exceeding market expectations. The company recorded a net loss of $667 million, compared to a net profit of $1.3 billion in the same period last year. The loss was primarily due to impairment provisions for unrealized losses on cryptocurrency holdings and investments. Overall, Coinbase's institutional business performed strongly, but its consumer business was weak. First-quarter revenue expectations were lower than consensus estimates, and EBITDA fell short of expectations. The core issue is that revenue is too closely tied to crypto trading; the sharp decline in the cryptocurrency market naturally impacted Coinbase's crypto revenue. In fact, Coinbase's stock price has fallen from a high of over $400 to the current $140 in the past few months; even considering the market downturn, Coinbase's financial report wouldn't be much better. Future performance will depend on several factors: 1) When the cryptocurrency market recovers; 2) The effectiveness of Coinbase's diversification strategy: further development of its institutional business, tokenization of its US stock market, prediction markets, etc. 3) Continued share buybacks: $850 million worth of shares were repurchased in Q4 2025, and another $895 million worth of shares were repurchased from the beginning of 2026 to February 10th. With the newly approved $2 billion buyback mandate from the board, Coin currently has approximately $2.3 billion in buyback "ammunition."