Coinbase Global trades to all-time high, nets Q4 loss
Coinbase Global Inc has revealed significant expansion across key operational metrics while navigating a challenging market environment, as it delivered its fourth-quarter and full-year results.
There was record growth in trading volume, market share and subscription services for 2025, even as revenue and profitability dynamics showed mixed results.
Net income for the 12 months ending September 30 was $3.218 billion.
While the investor letter characterised Q4 results as “within expected ranges”, the full picture was not all rosy.
Coinbase’s Q4 revenue was reported at approximately $1.78 billion, which missed analyst expectations and was down sequentially.
The company also recorded a Q4 net loss of about $667 million — driven in part by mark-to-market losses on crypto investments.
For full-year 2025, Coinbase posted $7.18 billion in total revenue, a modest 9 per cent increase year-over-year, but net income declined as operational costs increased. The company also continued share repurchases and expanded its buyback authorisation, signalling confidence in long-term positioning.
Coinbase reported all-time-high trading volumes for 2025, with total trading value reaching $5.2 trillion, up 156 per cent, year-over-year. That surge outpaced broader market growth and reflected renewed trading activity across crypto markets.
Crypto trading volume market share doubled to 6.4 per cent, underscoring Coinbase’s improved competitive positioning among centralised exchanges.
According to the company, this expansion was driven by strong execution of its product strategy and diversification of trading offerings.
CEO Brian Armstrong framed the results as validation of this strategy, pointing to heightened engagement and user adoption across multiple asset classes.
“The Everything Exchange is working,” said Mr Armstrong. “In 2025, we drove all-time highs across our products: Coinbase One subscriptions reached ~1 million, trading volume and market share doubled, and USDC held on platform reached an all-time high.
“We’re in pole position to capitalise on whatever 2026 has in store. Already in Q1, we’ve had the highest 24-hour trading volume in over a year, as well as record-breaking volumes in gold and silver, DEX-enabled spot trading, and prediction markets.”
“2025 was a strong year for Coinbase, both operationally and financially,” said Alesia Haas, CFO. “We executed consistently against our goals, delivering or outperforming our revenue and expense guidance every quarter, and extending our multiyear track record of profitability. We also drove growth and diversification of revenue, reaching 12 products that generate more than $100 million in revenue on an annualised basis.”
• For the full results from Coinbase, see Related Media
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