Coinbase Posts Its First Quarterly Loss Since 2023
This was Coinbase’s first quarterly loss since the third quarter of 2023, and the result was directly tied to the crypto market’s collapse.
Quick overview
- Coinbase reported a net loss of $667 million in Q4 2025, its first quarterly loss since Q3 2023, primarily due to a significant decline in Bitcoin prices.
- Transaction revenues fell 37% year over year, contributing to a 21.5% drop in net revenue to $1.78 billion, which was below analysts' expectations.
- The ongoing bearish trend in the crypto market has continued into 2026, with Bitcoin down 25.6% year-to-date.
- Despite the losses, revenue from subscriptions and services, particularly stablecoins, increased by 13% year over year.
Coinbase Posts First Quarterly Loss Since 2023 After Bitcoin Slump
The leading U.S. cryptocurrency exchange reported losses in the final quarter of 2025, hit hard by the sharp downturn in Bitcoin. Transaction revenues plunged 37% year over year.
Coinbase posted a net loss in the fourth quarter of 2025, marking its first quarterly loss since Q3 2023. Even the largest crypto exchange in the United States—and the second largest globally—was not immune to the late-year collapse in the crypto market.
Specifically, the platform recorded a net loss of $667 million in Q4 2025, according to financial results released on Thursday. Net revenue fell 21.5% year over year to $1.78 billion, also below analysts’ consensus estimate of $1.85 billion.
Earnings per share came in at $0.66, well below the $0.92 expected by Wall Street analysts. The biggest удар came from transaction activity: revenue from transactions dropped nearly 37% year over year to $982.7 million.
Bitcoin’s decline dragged down Coinbase
This was Coinbase’s first quarterly loss since the third quarter of 2023, and the result was directly tied to the crypto market’s collapse during the period, led by Bitcoin.
The world’s largest cryptocurrency fell almost 30% from its peak of $126,080 in early October, ending the year below $88,500 on December 31.
The bearish trend has deepened in 2026: Bitcoin is down 25.6% year-to-date, trading around $65,760, after briefly falling below $60,000 earlier this month.
Coinbase and the battle over the Clarity Act
The results were released amid continued gridlock over the Clarity Act in the U.S. Congress. This is a key issue for the sector: Coinbase’s withdrawal of support for the bill in January became a defining moment, deepening divisions between parts of the crypto industry and the White House.
At the time, Coinbase CEO Brian Armstrong opposed provisions that would limit “rewards” on stablecoins, arguing that the company preferred no regulation over a framework that would harm the sector.
A meeting held at the White House earlier this month, aimed at bridging gaps between major U.S. banks and crypto firms, ended without progress—highlighting the depth of the industry’s internal divisions.
The issue of stablecoin “rewards” sits at the center of the debate. Banks argue these mechanisms amount to disguised interest payments, which are prohibited under current law and would be explicitly restricted under the Clarity Act.
Notably, subscriptions and services—particularly stablecoins—were the most resilient segment in Coinbase’s latest earnings report. Revenue from this segment rose 13% year over year to $727.4 million, with stablecoin revenue jumping to $364.1 million from $225.9 million the year before.
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