Although Coinbase's Q4 earnings report released after the market closed yesterday was disappointing, with revenue dropping 20% to $1.8 billion—exceeding market expectations for a decline—and recording a net loss of $667 million for the quarter compared to a net profit of $1.3 billion in the same period last year. But as the saying goes, you never know if the previous price drop has already factored in the performance decline. When everyone can see the bad news, it’s likely that the bad news is no longer bad news. The market hasn’t opened yet, but Coinbase is already up 5.73% in pre-market trading, likely thanks to the future buyback plan and the growth of subscription services. The earnings report shows that institutional business has boosted the USDC ecosystem, with USDC holdings on the platform surging to $17.8 billion, contributing $364 million in revenue in Q4 alone. Meanwhile, the growth of subscription services proves the effectiveness of Coinbase's diversification strategy. Nearly 1 million Coinbase One users have significantly improved user engagement and fund retention, becoming a stabilizing force for Coinbase to navigate through cycles.