Coinbase’s revenue and profit fell in the final quarter of last year, following a brutal Bitcoin sell-off that continues to hurt crypto markets.
The largest crypto exchange in the United States on Thursday reported a net income loss of $667 million for the final three months of the year, down from profit of $1.3 billion for the same period in 2024.
Transaction revenue in the final quarter of 2025 was $982.7 million, a 36% decline from the same quarter of 2024. Total revenue for the period fell to $1.8 billion from $2.3 billion the previous year.
“We are the most trusted brand in crypto,” Brian Armstrong said during an earnings call Thursday. “We will continue to buy Bitcoin, we will continue to buy back our shares, and we will not stop building now.”
Coinbase stock faced increased volatility ahead of its earnings after analysts cut the exchange’s ratings, and users reported Thursday that they were unable to transact on the platform.
Its Nasdaq-listed shares fell 8% before earnings but then re-emerged after hours. Since the start of the year, it has fallen more than 40% and has not been this low since February 2024.
But the subscription side has exploded, notably thanks to stable coins. Token revenue was $364 million, up 61% year-over-year. Coinbase allows users to earn yield on their stablecoins, a product launching in 2021.
The product is increasingly controversial, however: Banks have warned that allowing users to earn yield on stablecoins like USDC could lead to deposit withdrawals – and have called on Congress to ban the practice.
In January, Armstrong withdrew his support for the bill, citing bankers’ dissatisfaction with stable rewards as one of the reasons he amended the bill. But crypto executives like Ripple’s head of legal Stuart Alderoty said this week that progress had been made with the bill during recent negotiations.
Coinbase’s revenue decline came as crypto markets took a hit in the final quarter of 2025. Bitcoin, Ethereum and other major coins erased gains they made thanks to US President Donald Trump’s victory following a huge sell-off.
The two largest digital assets are now well below their 2025 highs and have taken an even bigger hit following a selloff last week.
