**[Coinbase 2025 Financial Report: Q4 Under Pressure with a Net Loss of $667 Million, Strong Performance for the Full Year]** BlockBeats News, February 13 – Coinbase released its Q4 and full-year 2025 financial report this morning after the U.S. stock market closed. Despite the overall downturn in the crypto market, Coinbase achieved several historical milestones, with trading volume and market share doubling. However, Q4 revenue slightly missed expectations and recorded a net loss. In the fourth quarter, Coinbase reported a total net loss of $667 million, with a loss of $2.49 per share, significantly exceeding analysts' expectations. Total revenue was $1.78 billion, down 5% quarter-over-quarter and approximately 22% year-over-year, falling short of the market's expected range of $1.83 billion to $1.85 billion. Adjusted earnings per share were $0.66, adjusted net income was $178 million, and adjusted EBITDA was $566 million. While Coinbase faced pressure in Q4, its full-year performance remained strong. Total trading volume reached $5.2 trillion, up 156% year-over-year. Its crypto trading market share doubled to approximately 6.4%, and subscription and services revenue grew 23% to about $2.8 billion. Coinbase One's paid subscription users approached 1 million, while platform assets and USDC balances hit all-time highs. Coinbase stated that it is advancing its "Everything Exchange" strategy, which includes derivatives expansion and stablecoin payments. Despite short-term challenges from the bear market, Coinbase views 2025 as a strong year and remains optimistic about product innovation and market recovery in 2026.