Coinbase Posts Q4 Loss Amid Crypto Correction (COIN: -$2.49/share)

Coinbase reports a $666.7 million fourth-quarter loss, or $2.49 per share, down sharply from a $4.68 per share profit in the same period of 2024. Fourth-quarter revenue was $1.78 billion, a 21.6% year-over-year decline and below the $1.81 billion FactSet forecast. The company holds about 12% of the world’s cryptocurrency and has seen Bitcoin fall from roughly $125,000 in October 2025 to about $60,000 earlier this month. “We don’t try to predict the future too much,” said co-founder and CEO Brian Armstrong. “I do think these down markets allow us to keep building.” CFO Alesia Haas noted nine consecutive quarters of native inflows, with the company’s monthly verified users at 9.2 million as of December 2025, down from 11.2 million at the end of 2021. For Q1 2026, Coinbase projects subscription and services revenue of $550M–$630M. The Everything Exchange, launched in Q2 2024, now includes 12 products on track to generate over $100 million in annualized revenue, up from 8 in 2025. The company expanded its partnership with Standard Chartered in late December to include institutional crypto services, and Klarna plans to issue short-term funding in USDC stablecoins.