Coinbase’s losses have more than doubled compared to last year’s profits., 2026/02/13 14:56:30

The largest American cryptocurrency exchange, Coinbase, reported a net loss of $667 million for the last quarter of the previous year. This loss ended an eight-quarter streak of profitable reporting periods, with the last recorded losses occurring in the third quarter of 2023.

Coinbase’s earnings per share were 66 cents, falling short of investment analysts’ expectations by 26 cents, who had predicted a figure of 92 cents. Year-over-year, net revenue decreased by 21.5%, reaching $1.78 billion. Transaction revenue dropped nearly 37% year-on-year to $982.7 million, while income from subscriptions and services increased by approximately 13% compared to the previous year, totaling $727.4 million. 

The exchange characterized the past year as “strong” both operationally and financially. According to reporting documents, total annual revenue rose by 9.4% compared to 2024, amounting to $6.88 billion. The company stated that in 2025, over 12% of all cryptocurrency in the world passed through Coinbase.  

Since the beginning of the year, Coinbase has generated $420 million in transaction revenue, as reported by the company. However, in 2026, the exchange’s team anticipates a decline in revenue from subscriptions and services, projecting a decrease from $727.4 million to a range of $550–630 million.

Following the report, Coinbase’s shares (COIN) fell by 7.9%, reaching $141.09. However, in pre-market trading, the stock prices surged by 5.61%, climbing to $149 per share. 

The exchange’s losses coincided with a general downturn in the cryptocurrency market. Over the course of three months, the price of Bitcoin dropped nearly 30%, from a peak of $126,080 in early October to below $88,500 by December 31. The total losses in the cryptocurrency market from the peak in early October to early February reached $2 trillion—almost half of the entire market capitalization.