#Coinbase Reports $667M Loss as Q4 Revenue Misses Estimates


Coinbase posted a $667 million net loss in the fourth quarter of 2025, ending an eight-quarter profitability streak as #crypto markets declined. The exchange reported earnings per share of 66 cents, missing analyst expectations of 92 cents by 26 cents.


Net revenue fell 21.5% year-over-year to $1.78 billion, below the $1.85 billion analysts projected. Transaction-related revenue dropped nearly 37% from the prior year to $982.7 million, while subscription and services #revenue climbed more than 13% to $727.4 million.


The loss marks Coinbase's first negative quarter since Q3 2023 and comes as $BTC dropped nearly 30% from a high of $126,080 in early October to under $88,500 by Dec. 31. Bitcoin has fallen 25.6% to $66,760 so far this year after briefly crashing below $60,000 earlier this month.


Shares of Coinbase rose 2.9% in after-hours trading Thursday to $145.18 despite the earnings miss, following a 7.9% decline during the trading day to close at $141.10. The #stock movement suggests investors may have anticipated worse results given the broader market downturn.


For the Q1 outlook, Coinbase said it generated $420 million in transaction revenue as of Feb. 10 but expects subscription and services revenue to decline from $727.4 million to a range between $550 million and $630 million. The company projects continued pressure on transaction volumes amid #marketvolatility.

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February 13, 2026 at 2:15 PM
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