📅 February 12 - United States | Crypto giant Coinbase felt the impact of the bear market once again. After a solid third quarter, the company closed the fourth quarter of 2025 with a surprising net loss of $667 million, a sharp reversal from previous gains.
📖The company reported $1.8 billion in total revenue, a 5% decrease compared to the previous quarter. Transaction revenue fell 6% to $983 million, while the subscriptions and services segment declined 3% to $727 million.
The decline was largely attributed to losses related to its digital asset portfolio and other strategic investments.
The context didn't help. Towards the end of the year, the crypto market lost approximately $1.1 trillion in capitalization, a decline of nearly 25%. So far in 2026, another $700 billion has evaporated, deepening the pressure on exchanges and companies linked to the sector.
In detail, retail transaction revenue fell 13%, driven by increased use of advanced trading tools with lower fees and the expansion of Coinbase One.
Institutional spot trading volume also declined, although institutional revenues grew thanks to the dynamism in derivatives, including the recent integration of Deribit. One positive point was the stablecoins business: USDC-linked revenues grew 3%, reaching $364 million, supported by record average balances within the platform.
Despite the adverse quarter, Coinbase ended the year with $11.3 billion in cash and equivalents, and continued to buy back shares, accumulating around $1.7 billion in buybacks through early February.
Meanwhile, the company continues to expand its vision of the so-called “Everything Exchange”, incorporating stock and ETF trading, US prediction markets, stablecoin payment infrastructure, and a greater focus on derivatives.
Topic Opinion:
Coinbase is heavily dependent on volume and volatility. When the market cools, revenue contracts rapidly. But it is also true that the company maintains a solid liquidity position and continues to diversify its offerings.
💬 Do you think Coinbase can sustain its model in a prolonged sideways market?
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