Coin (COIN) Reports $667M Q4 Loss Amid Bitcoin Slide; Agentic Wallets Launched

Coin (COIN) reported a net loss of $667 million for Q4 2025, down from a $1.3 billion profit in Q4 2024, as revenue fell 22% YoY to $1.78 billion and transaction revenue dipped 6% q-o-q to $983 million. The largest U.S. crypto exchange recorded a $718 million unrealized writedown on its crypto investment portfolio and $395 million in strategic investment write-offs, including its stake in Circle. Bitcoin retreated during the period,拖累 trading fees, while operating expenses rose 9% to $1.5 billion and stock-based compensation added $250 million. CEO Brian Armstrong and CFO Alesia Haas sold over $500 million in shares collectively in the past nine months. COIN closed at $163 after a 16% early Friday spike, but is down roughly 50% over the past six months. The company launched Agentic Wallets, part of its thesis on agentic commerce, alongside Q1 guidance of $550–$630 million for subscriptions and a $420 million run rate for transactions through Feb. 10.