Coinbase Posts Brutal Q4: Revenue Drops 22%, Swings to $667M Loss
Coinbase's Q4 2025 results came in ugly, missing estimates as transaction revenue cratered 37% year-over-year.
Coinbase just delivered a rough end to 2025. The crypto exchange posted Q4 revenue of $1.78 billion, down 22% year-over-year and missing Wall Street's $1.84 billion estimate.
The real damage? Transaction revenue plummeted 37% to $983 million. That's the bread-and-butter metric for a trading platform, and it got hammered.
Bottom line was even worse. Coinbase swung to a net loss of $667 million — a brutal reversal from the $1.3 billion profit it booked in Q4 2024.
The culprit: a tanking investment portfolio dragged down alongside Bitcoin and the broader crypto market. When the assets you hold and the assets your customers trade both nosedive, there's nowhere to hide.
The results paint a clear picture of how tightly Coinbase's fortunes remain tied to crypto market cycles. Down market, down Coinbase.