Coinbase released its 2025 financial report, showing a net loss of $667 million in Q4. Coinbase recorded a net loss of $667 million in the fourth quarter, or $2.49 per share, far exceeding analysts' expectations. Total revenue was $1.78 billion, a 5% decrease sequentially and approximately 22% year-over-year, falling short of market expectations of $1.83 billion to $1.85 billion. The only bright spot was that Coinbase's subscription and service revenue grew by 23% to approximately $2.8 billion. Coinbase One's paid subscribers approached 1 million, and platform assets and USDC balances reached record highs. Coinbase shares fell another 8% last night as the founders sold off a large number of shares.