NEW YORK, Feb 12, 2026, 16:55 EST
- Coinbase reported a net loss of $667 million for Q4, with net revenue dropping roughly 22% to $1.71 billion.
- Stablecoin revenue climbed to $364 million, while subscription and services revenue posted a 13% increase to $727 million.
- Coinbase reported roughly $420 million in Q1 transaction revenue as of Feb. 10. The company’s outlook for Q1 subscription and services revenue stands between $550 million and $630 million.
Coinbase Global posted a fourth-quarter loss of $667 million, hit by a broad selloff in crypto that slashed trading activity and hammered its results. Net revenue dropped roughly 22% year-over-year to $1.71 billion, while total revenue landed at $1.78 billion. “Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems,” the company said in its report. Looking ahead, Coinbase expects first-quarter subscription and services revenue between $550 million and $630 million. (S27 Q4cdn)
Crypto prices stumbled hard late in 2025, wiping out gains from early October, after President Donald Trump rolled out new tariffs on Chinese goods and dangled the threat of export controls, according to Reuters. Coinbase didn’t escape the fallout — transaction revenue cratered to $982.7 million, down from $1.56 billion the previous year, as consumer activity tumbled over 45%. Since Oct. 6, bitcoin has dropped by nearly half. U.S. spot bitcoin ETFs, which let investors trade bitcoin like stocks, hemorrhaged billions between November and January. (Reuters)
That didn’t leave Coinbase much margin for error. The company’s own analyst consensus put net revenue at $1.75 billion, alongside adjusted EBITDA—earnings before interest, taxes, depreciation and amortization, with adjustments—of $655 million. Actual net revenue was $1.71 billion. Adjusted EBITDA landed at $566 million. (S27 Q4cdn)
Coinbase swung to a GAAP loss of $2.49 per share from last year’s $4.68 profit, with adjusted earnings landing at 66 cents per share, according to Investors.com. That topped the 56 cents analysts had projected, the site noted. Shares slipped around 8% after results, Investors.com added. (Investors)
Coinbase blamed a $718 million markdown in its crypto investment portfolio for the quarterly loss — the bulk of that unrealized. Another $395 million loss came from strategic bets, including its investment in Circle.
Transaction revenue landed at $983 million in Q4, a 6% drop from the prior quarter with spot volumes sliding on both the consumer and institutional sides. Coinbase reported consumer spot volume at $56 billion and institutional spot volume reaching $215 billion. Consumer transaction revenue dropped to $734 million, according to the company.
Subscription and services revenue climbed 13% year-over-year to $727.4 million, fueled in part by $364.1 million from stablecoin revenue. Stablecoins—crypto tokens meant to keep a fixed value—contributed to the uptick, with Coinbase attributing the gain to larger average USDC balances on its platform.
Coinbase reported roughly $420 million in transaction revenue for the first quarter through Feb. 10, but warned investors not to assume that pace will carry through the remainder of the quarter. For Q1, the company is projecting between $925 million and $975 million in combined tech, development, and general and administrative expenses, and sales and marketing costs are expected to land somewhere from $215 million up to $315 million.
Brian Armstrong, Coinbase’s chief executive, declared “The Everything Exchange is working” as the company extends its reach into derivatives, equities, and prediction markets, aiming to cut back on its reliance on crypto price swings for revenue. Coinbase confirmed it has completed its acquisition of Deribit and launched U.S. perpetual-style futures that trade around the clock — contracts with no set expiration. The firm also highlighted early-Q1 records for trading in gold, silver, and spot trading routed through decentralized exchanges (DEXs). CFO Alesia Haas said Coinbase was “delivering or outperforming” its financial targets for both revenue and expenses in 2025. (Coinbase Investor Relations)
Shares of Coinbase kept losing ground ahead of earnings, dropping for a third straight session Thursday and finishing roughly 8% lower near $140, according to Yahoo Finance. The stock took another hit after Monness Crespi Hardt issued a downgrade, following a series of price-target reductions, the outlet reported. (Yahoo Finance)
Mike Colonnese of H.C. Wainwright sees potential for shares to slip given what he calls the “optics of a large reported net loss.” He slashed his price target to $350 from $425 but maintained his buy rating, according to TheStreet. (TheStreet)
Regulatory pressure hasn’t let up, particularly when it comes to USDC rewards tied to Coinbase One subscriptions. Back in January, Armstrong took aim at the Senate Banking Committee’s Clarity Act draft, flatly stating Coinbase wouldn’t back the proposal. “We’d rather have no bill than a bad bill,” he cautioned, adding the measure could “kill” stablecoin rewards for customers. (Reuters)
Coinbase faces a bigger problem if the current crypto downturn drags on: think lower volatility, lighter trading, shrinking fees. Volumes could rebound, sure, but with Binance, Kraken, and Robinhood also in the picture, pricing stays under pressure. And if regulators target stablecoin rewards, that’s a blow to one of Coinbase’s quicker-growing revenue streams.
