Coinbase Global Inc. released its fourth-quarter and full-year 2025 shareholder letter on Feb. 12, 2026, revealing total revenue of $7.18 billion for the year, while the fourth quarter recorded a net loss of $667 million driven by sizable crypto investment and strategic asset markdowns. Despite the quarterly loss, the company continued to accumulate bitcoin and returned over $1.7 billion to shareholders through buybacks.
Full-Year 2025 Results: Revenue Growth, Mixed Profitability
For the full year 2025, Coinbase generated $7.18 billion in total revenue, up from $6.56 billion in 2024. Net revenue reached $6.88 billion, a 9% year-over-year increase. Net income stood at $1.26 billion, while adjusted EBITDA came in at $2.81 billion. Fourth-quarter revenue was $1.78 billion, down from $2.27 billion in the same period a year earlier.
Q4 Loss Explained: Mark-to-Market Write-Downs
The Q4 net loss of $667 million was primarily caused by a $718 million loss on crypto assets held for investment and a $395 million loss on strategic investments. On an adjusted basis, however, Coinbase reported net income of $178 million and adjusted EBITDA of $566 million, indicating the core exchange and subscription businesses remained profitable.
Transaction Revenue Flat; Subscriptions and Stablecoins Provide Stability
Transaction revenue for 2025 totaled $4.06 billion, up 2% year over year. Q4 transaction revenue was $983 million, down 6% sequentially. Consumer spot trading volume in the quarter reached $56 billion, while institutional spot volume hit $215 billion. Subscription and services revenue contributed $2.83 billion for the full year, with $1.35 billion coming from stablecoins alone. In Q4, stablecoin revenue reached $364 million, supported by an average USDC balance on Coinbase of $17.8 billion and average USDC market capitalization of $76.2 billion.
Bitcoin Holdings and Platform Scale
Coinbase increased its bitcoin holdings by $39 million during Q4 through weekly purchases. As of Dec. 31, 2025, the fair market value of crypto assets held for investment reached $2.0 billion. The company now stores approximately 12% of all crypto assets globally, managing 2.85 million BTC on behalf of ETFs, mining firms, and publicly traded companies. Total trading volume across the platform surged 156% year over year to $5.2 trillion, and its crypto market share doubled.
Strong Balance Sheet and Capital Returns
Coinbase ended 2025 with $11.3 billion in cash and cash equivalents. Including crypto assets held for investment and collateral, total available resources stood at $14.1 billion. Operating expenses rose 35% year over year to $5.75 billion, driven by higher marketing spending, USDC rewards, and acquisition-related costs. Headcount increased 31% to 4,951 employees. The company repurchased over $1.7 billion of Class A shares through Feb. 10, 2026, and the board authorized an additional $2 billion for share and long-term debt repurchases.
2026 Outlook: Everything Exchange, Stablecoins, and Onchain Growth
Management outlined three priorities for 2026: expanding the "Everything Exchange" across crypto, derivatives, equities, and prediction markets; scaling stablecoins and payments infrastructure; and driving onchain activity through DeFi integrations and Base. Coinbase generated approximately $420 million in transaction revenue through Feb. 10, 2026, roughly halfway through Q1. The company expects Q1 subscription and services revenue in the range of $550 million to $630 million.
David Bartosiak of Zacks Investment Research commented that while Q4 revenue was solid, higher expenses and the GAAP loss reflect market volatility. He noted that underneath, the core engine remained profitable, and the company's cash position and buyback program position it well for 2026.