Coinbase Reports Q4 Miss With $667 Million Loss Amid Bitcoin Retreat

André Beganski

Fri, February 13, 2026 at 6:27 AM GMT+9 3 min read

In this article:

BTC-USD

-3.58%

Coinbase disclosed $1.78 billion in fourth-quarter revenue on Thursday, indicating that its business suffered alongside Bitcoin’s retreat from all-time highs last year.

The figure represented a 22% decrease compared to a year ago, while fourth-quarter revenue also fell short of analysts’ expectations of $1.84 billion.

Coinbase posted a net loss of $667 million for Q4, marking a reversal from a year ago, when the firm notched $1.3 billion in profits alongside President Donald Trump’s re-election.

Coinbase said the loss stemmed from a $718 million decrease in the value of its investment portfolio, which was largely unrealized. At the same time, strategic investments, including in Circle, lost $395 million in value.

The company said that it earned $983 million from facilitating customers’ transactions. That marked a quarter-over-quarter decrease from $1 billion in Q3. Amid Trump’s White House win, transaction revenue surged to $1.56 billion in Q4 2024.

Coinbase shares slid 7.9% to $141 before the company announced fourth-quarter earnings, according to Yahoo Finance. As the crypto market has come under pressure, the company’s stock price has dropped more than 55% within the past six months.

In after-hours trading, the company’s stock swung wildly, recently showing a slight uptick to just above $142.

Coinbase Price Projections Slashed By Analysts Ahead of Earnings

Despite Coinbase’s efforts to diversify its business in recent years, the firm’s latest performance showed how the San Francisco-based exchange is still exposed to a fast-changing crypto market through its reliance on charging customers trading fees.

Still, Coinbase disclosed $364 million in fourth-quarter stablecoin revenue, up from $226 million a year prior. The company earns income through a revenue sharing agreement with Circle, where it reserves a portion of the interest that USDC’s reserves generate.

The metric falls under the exchange’s subscriptions and services umbrella, along with staking. In its fourth quarter, Coinbase said that so-called blockchain rewards, which come from users participating in the process of validating transactions, came in at $151 million.

Crypto’s Super Bowl Moment Shrinks to Single Coinbase Ad

Earlier this week JPMorgan analysts downgraded their price target to $290 from $399. They pointed to lower crypto trading volumes, a significant drop in the total crypto market capitalization in Q4, and falling USDC circulation.

There were hints that Coinbase could be bracing for a disappointing quarter, with Argus Research analyst Kevin Heale telling Decrypt earlier this week that he’d never seen a company ask analysts to submit questions in advance of an earnings announcement.

Story Continues  

The company continues to prioritize Base, its Ethereum layer-2 scaling network, as a way to augment its business using decentralized finance. And last year, the company said that it was exploring a token for the network that could be worth an estimated $12 billion to $34 billion.

The firm views Base as a key stepping stone towards tokenization. Last year, the company signaled that it would allow users to trade stocks traditionally as it works towards that vision.

Terms and Privacy Policy

Privacy Dashboard

More Info