Coinbase (COIN) Q4 Earnings Miss: $667M Loss Amid Crypto Slide

Coinbase (COIN) reported fourth-quarter revenue of $1.78B on February 12, 2026, down 22% from the prior-year period and below analyst expectations of $1.84B. The company posted a net loss of $667M, led by a $718M decline in the value of its investment portfolio and $395M in write-downs on strategic investments. Transaction revenue totaled $983M, down from $1B in Q3, while stablecoin revenue rose to $364M from $226M a year earlier, and blockchain rewards reached $151M. The stock reacted sharply, falling 7.9% to $141 pre-announcement and later hovering near $142 as analysts trimmed price targets and volume retreated amid lower crypto market cap and USDC supply. Coinbase remains exposed to macro volatility, with shares down over 55% in six months.