x
Coinbase revenue and profit slid in the final quarter of last year, following a brutal Bitcoin selloff that is still hurting crypto markets.
The US’ biggest crypto exchange on Thursday posted a net income loss of $667 million for the final three months of the year, down from a $1.3 billion profit from the same period in 2024.
Transaction revenue in the last quarter of 2025 stood at $982.7 million, a 36% drop compared to the same quarter in 2024. Total revenue for the period dropped to $1.8 billion from $2.3 billion the year before.
“We’re the most trusted brand in crypto,” Brian Armstrong said in an earnings call Thursday. “We’ll keep buying Bitcoin, we’ll continue to buy our stock back, and we won’t stop building now.”
Coinbase stock faced increased volatility ahead of its earnings after analysts slashed ratings for the exchange, and users reported Thursday that they were unable to make transactions on the platform.
Its Nasdaq-listed stock slid 8% ahead of earnings but then popped in after hours trading. Year-to-date, it has dropped more than 40%, and hasn’t been this low since February 2024.
But the subscription side of things boomed, most notably from stablecoins. Revenue from the tokens came in at $364 million, up 61% year-over-year. Coinbase allows users to earn yield on their stablecoins, a product launched in 2021.
The product is increasingly controversial, though: banks have warned that allowing users to earn yield on stablecoins like USDC could lead to deposit withdrawals — and called for Congress to ban the practice.
Armstrong in January pulled support for the draft legislation, citing bankers’ gripe with stablecoin rewards as one of the reasons for amending the bill. But crypto executives like Ripple’s legal lead, Stuart Alderoty, said this week that progress was being made with the bill in the latest talks.
Coinbase’s drop in revenue came as crypto markets took a hit in the last quarter of 2025. Bitcoin, Ethereum, and other major coins erased gains they had made off the back of US president Donald Trump’s victory following a huge selloff.
The two biggest digital assets are now well below their 2025 records and have been further hurt following a selloff last week.
Bitcoin is nearly 50% below its October record; Ethereum has dropped by more than 60%.
“Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems,” Coinbase said in a release.
Coinbase last year announced it would debut stock market trading and prediction markets in its bid to become a “super app” and “everything exchange.”
Tokenised stocks are now available on the app, and soon, according to Coinbase executives, 10,000 tickers will be available on the platform.
The move, according to Armstrong, is “to bring the world onchain.”
“For customers, the ideal experience is to have access to every investment and trading product that they want in one trusted place, wherever their assets reside,” Armstrong said during the earnings call.
