Coinbase Global Inc. (Nasdaq: COIN) released its fourth-quarter and full-year 2025 shareholder letter on Feb. 12, 2026, detailing revenue growth, rising market share, and continued product expansion across crypto, derivatives, and equities. For the full year, total revenue reached $7.18 billion, compared with $6.56 billion in 2024. Net revenue rose 9% year over year to $6.88 billion, while net income totaled $1.26 billion. Adjusted EBITDA for the year came in at $2.81 billion.
Q4 Results: Revenue Slips, Net Loss Driven by Markdowns
Fourth-quarter revenue was $1.78 billion, down from $2.27 billion a year earlier. Coinbase reported a Q4 net loss of $667 million, largely driven by a $718 million loss on crypto assets held for investment and a $395 million loss on strategic investments. On an adjusted basis, net income was $178 million and adjusted EBITDA was $566 million. Transaction revenue for Q4 totaled $983 million, down 6% quarter over quarter. Consumer spot trading volume reached $56 billion, while institutional spot trading volume hit $215 billion.
Subscription & Stablecoin Revenue: A Steady Anchor
Subscription and services revenue continued to provide ballast. The segment generated $2.83 billion in 2025, including $1.35 billion in stablecoin revenue. In Q4 alone, stablecoin revenue reached $364 million, supported by record average USDC held in Coinbase products of $17.8 billion and average USDC market capitalization of $76.2 billion. Assets on the platform have tripled over three years, and Coinbase disclosed it now stores roughly 12% of all crypto globally, including 2.85 million BTC under management on behalf of ETFs, mining operators, and publicly traded companies.
Bitcoin Holdings and Capital Returns
Coinbase increased its bitcoin holdings by $39 million in Q4 through weekly purchases for its crypto investment portfolio. As of Dec. 31, 2025, the fair market value of crypto assets held for investment totaled $2.0 billion. The company ended the year with $11.3 billion in cash and cash equivalents; including crypto assets and collateral, total available resources reached $14.1 billion. On capital returns, Coinbase repurchased more than $1.7 billion of Class A shares through Feb. 10, 2026, and its board authorized an additional $2 billion for share and long-term debt repurchases.
2026 Strategic Priorities: Everything Exchange, Stablecoins, Onchain Expansion
Looking ahead, Coinbase generated approximately $420 million in transaction revenue through Feb. 10, 2026, roughly halfway through the first quarter. The company expects Q1 subscription and services revenue between $550 million and $630 million. Management outlined three priorities for 2026: expanding the “Everything Exchange” across crypto, derivatives, equities, and prediction markets; scaling stablecoins and payments infrastructure; and driving more activity onchain through DeFi integrations and Base.
In a note shared with Bitcoin.com News, David Bartosiak of Zacks Investment Research said Coinbase is framing 2025 as the year its “Everything Exchange” vision began evolving from concept into an operational platform. “They claim 12%+ of all crypto globally sat on Coinbase, while total trading volume surged 156% to $5.2T and market share doubled. The business is diversifying fast, with 12 products that now run at $100M+ annualized revenue and with stablecoins and subscriptions acting like the shock absorbers when trading cools.” He added that although Q4 generated $1.8 billion in revenue, it also brought higher expenses and a $667 million GAAP loss. “Underneath, the core engine stayed profitable ($178M adjusted net income, $566M adjusted EBITDA). They’re leaning into buybacks and sitting on $11.3 billion in cash. That leaves them optimistic on 2026, but cautioning that lower rates could pressure stablecoin/interest-driven revenue near-term.”