Coinbase incurred a loss of $667 million in Q4 2025, with a year-on-year increase of 156% in trading volume for the year

On February 13th, Coinbase released its Q4 and full year financial reports for 2025. Q4 net loss was $667 million, with a loss of $2.49 per share and total revenue of $1.78 billion, a decrease of 5% month on month and 22% year-on-year, falling short of market expectations of $1.83 billion to $1.85 billion. The total transaction volume for the year reached 5.2 trillion US dollars, a year-on-year increase of 156%. The market share of cryptocurrency trading increased to about 6.4%, and subscription and service revenue increased by 23% to about 2.8 billion US dollars. Coinbase has stated that it is advancing its "Everything Exchange" strategy, including the expansion of derivatives and stablecoin payments, and remains optimistic about the market's recovery in 2026.