Coinbase reported a $667 million loss in the fourth quarter as revenue declined roughly 20% from a year earlier, missing analyst expectations.
The exchange generated approximately $1.8 billion in revenue during the quarter, below Wall Street forecasts. Non-GAAP earnings came in at $0.66 per share, more than 30% under consensus estimates.
The earnings miss comes amid a broader slowdown in crypto markets. Bitcoin has fallen more than 47% from its October 2025 peak near $126,000, with trading volumes and overall investor activity declining across exchanges.
Despite the weak quarter, Coinbase posted strong full-year metrics. Trading volume reached $5.2 trillion in 2025, up 156% from the prior year, while its global market share more than doubled to 6.4%.
Revenue from subscriptions and services totaled $2.8 billion for the full year, having grown more than fivefold since 2021. The platform now has roughly one million paying subscribers, triple the figure from three years ago.
Throughout 2025, Coinbase expanded its product lineup, launching 24-hour perpetual futures for U.S. customers, prediction markets, and equity trading. Twelve separate offerings now generate at least $100 million in annualized revenue, according to the company.
Shares of Coinbase fell 7.9% on Thursday, before rebounding 3% in after-hours trading following the earnings report.