Coinbase FY2025 Q4: Revenue of $1.78 billion, below expectations; net loss of $667 million, stock down after hours. Losses mainly stem from portfolio losses of $718 million and strategic investment losses of $395 million. Annual trading volume reached $5.2 trillion, up 156% year-over-year; net profit approximately $1.26 billion; spot market share increased from 3.2% to 6.4%. Stablecoin revenue was $364 million, up 3% quarter-over-quarter, with average USDC holdings rising to $17.8 billion.