Coinbase reported a net loss of $667 million in the fourth quarter of 2025, reversing the profitability recorded in the previous quarter, as weaker crypto markets reduced trading activity and pressured revenue.
The U.S.-based exchange generated $1.8 billion in total revenue, marking a 5% decline compared to the prior quarter. Transaction revenue fell 6% quarter-over-quarter to $983 million, while subscription and services revenue decreased 3% to $727 million.
The downturn occurred amid broader market weakness. Total crypto market capitalization declined by approximately $1.1 trillion, or around 25%, toward year-end. Pressure extended into the start of the new year, with the market shedding an additional $700 billion, according to CoinGecko data.
Coinbase ended the year with $11.3 billion in cash and cash equivalents and continued its share repurchase program, buying back approximately $1.7 billion in stock through early February.
The shares have also faced pressure in recent weeks after disclosures showed CEO Brian Armstrong sold more than $500 million in stock over the past nine months, alongside broader weakness in crypto-linked equities.
Source: Coinbase, CoinGecko, The Block
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