Coinbase 2025 Financial Report: Q4 Under Pressure, Net Loss of $667M, Strong Full-Year Performance

BlockBeats News, February 13th, Coinbase released its Q4 2025 and full-year financial report this morning after the US stock market closed. Despite the overall downturn in the crypto market, Coinbase achieved multiple historical highs, with trading volume and market share doubling. However, Q4 revenue was slightly below expectations, resulting in a net loss.

In Q4, Coinbase recorded a net loss of $667 million, with a loss per share of $2.49, far exceeding analysts' expectations. Total revenue was $17.8 billion, a 5% decrease from the previous quarter and a 22% decrease year-on-year, falling short of the market's expectation of $18.3 billion to $18.5 billion. Adjusted earnings per share were $0.66, adjusted net income was $1.78 billion, and adjusted EBITDA was $566 million.

While Coinbase faced pressure in Q4, its full-year performance was strong, with total trading volume reaching $52 trillion, a 156% year-on-year increase. Its crypto trading market share doubled to about 6.4%, and subscription and service revenue grew by 23% to around $2.8 billion. Coinbase's Coinbase One paid subscription users approached 1 million, and platform assets and USDC balance reached a historical high.

Coinbase stated that it is advancing its "Everything Exchange" strategy, including derivatives expansion and stablecoin payments. Despite short-term bear market challenges, Coinbase still sees 2025 as a strong year and remains optimistic about product innovation in 2026 and a market recovery.