Coinbase Posts $667M Q4 Loss as Revenue Falls 20% Amid Bitcoin Decline

Coinbase Global Inc. reported fourth-quarter 2025 revenue of $1.8 billion, down more than 20%, and posted a net loss of $667 million compared with a $1.3 billion profit a year earlier, Bloomberg reports. The company said weaker crypto markets and Bitcoin's roughly 50% decline from its October peak curbed trading activity, though it has reduced reliance on spot trading by acquiring crypto options exchange Deribit and launching stock trading and prediction markets. Coinbase's revenue-sharing arrangement tied to USD Coin, issued by Circle Internet Group Inc., has historically delivered steadier, higher-margin income than transaction fees, but draft stablecoin legislation in Washington could constrain rewards on user balances and prompted CEO Brian Armstrong to pull his support for the bill after Coinbase twice met with White House officials. One analyst at Mizuho Securities said Coinbase's soft revenue mix, below-consensus first-quarter run rate and EBITDA miss warrant closer examination.