{"id":94237,"date":"2026-02-13T10:41:27","date_gmt":"2026-02-13T07:41:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=94237"},"modified":"2026-02-16T11:22:54","modified_gmt":"2026-02-16T08:22:54","slug":"crypto-market-crash-costs-coinbase-667-million-in-q4-losses","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/crypto-market-crash-costs-coinbase-667-million-in-q4-losses\/","title":{"rendered":"Crypto Market Crash Costs Coinbase $667 Million in Q4 Losses"},"content":{"rendered":"<p>Coinbase, the largest American cryptocurrency exchange, <a href=\"https:\/\/investor.coinbase.com\/financials\/quarterly-results\/default.aspx\">reported<\/a> losses for the fourth quarter of 2025. Following the report&#8217;s release, the company&#8217;s shares hit a two-year low in after-hours trading.<\/p>\n<p><!--more--><\/p>\n<p>Total revenue fell by 5% from the previous quarter, amounting to $1.8 billion. Operating income dropped by 6% (to $983 million), while subscription and service revenues decreased by 3% ($727 million).<\/p>\n<p>The net loss reached $667 million, primarily due to the negative revaluation of the crypto portfolio and strategic investments. In contrast, the third quarter ended with a profit amid high activity on the Ethereum network.<\/p>\n<p>Financial results were impacted by a significant year-end correction: market capitalization fell by 25% (around $1.1 trillion). The downward trend continued into early 2026, with the industry losing another $700 billion.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"306\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-b388ec8f32db736d-6184604076823357-1024x306.png\" alt=\"cap\" class=\"wp-image-275099\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-b388ec8f32db736d-6184604076823357-1024x306.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-b388ec8f32db736d-6184604076823357-300x90.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-b388ec8f32db736d-6184604076823357-768x229.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-b388ec8f32db736d-6184604076823357-1536x459.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-b388ec8f32db736d-6184604076823357-2048x612.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Dynamics of total cryptocurrency market capitalization at the turn of 2025-2026. Source: <a href=\"https:\/\/www.coingecko.com\/en\/charts\">CoinGecko<\/a>.<\/figcaption><\/figure>\n<p>Analysts at Coinbase Institutional <a href=\"https:\/\/assets.ctfassets.net\/k3n74unfin40\/4AbRPLNhVxHcGnqMz9ld1H\/bc629d95eb2b2e0cb61d692a577f3f27\/Charting_Crypto_1Q26.pdf\">described<\/a> the downturn as a necessary &#8220;reset&#8221; intended to rejuvenate the market ahead of a new cycle.<\/p>\n<h2 class=\"wp-block-heading\">Revenue Structure<\/h2>\n<p>Revenue from retail operations decreased by 13%. This was due to users shifting to Advanced Trading tools with lower fees and the growing popularity of the Coinbase One subscription.<\/p>\n<p>Despite a decline in spot volumes, total revenue in the institutional segment increased. Growth was driven by derivatives trading, bolstered by the integration of the <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-completes-acquisition-of-deribit\">recently acquired Deribit platform<\/a>.<\/p>\n<p><iframe loading=\"lazy\" width=\"100%\" height=\"420\" frameborder=\"0\" src=\"https:\/\/www.theblock.co\/data\/crypto-markets\/public-companies\/coinbase-volume-by-customer-segment\/embed\" title=\"Coinbase's Volume by Customer Segment\"><\/iframe><\/p>\n<p>The stablecoin segment also showed positive dynamics. Quarterly revenue in this area grew by 3%, reaching $364 million. Growth was supported by record average balances of <a href=\"https:\/\/forklog.com\/en\/news\/what-are-stablecoins\">USDC<\/a> on the platform, which offset the effect of declining interest rates.<\/p>\n<p>Coinbase ended the year with cash and equivalents totaling $11.3 billion. The company continued its buyback program, purchasing its own shares worth approximately $1.7 billion by early February.<\/p>\n<h2 class=\"wp-block-heading\">Market Reaction and Volatility<\/h2>\n<p>After the report&#8217;s release, shares under the ticker COIN initially fell by 4% in after-hours trading, hitting a two-year low at $135. However, the stock later rebounded, gaining 4%.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"451\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-d36366d81c712bdc-6184676850567261-1024x451.png\" alt=\"COIN\" class=\"wp-image-275100\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-d36366d81c712bdc-6184676850567261-1024x451.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-d36366d81c712bdc-6184676850567261-300x132.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-d36366d81c712bdc-6184676850567261-768x338.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-d36366d81c712bdc-6184676850567261-1536x676.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-d36366d81c712bdc-6184676850567261-2048x901.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Dynamics of Coinbase&#8217;s stock price. Source: <a href=\"https:\/\/www.google.com\/finance\/quote\/COIN:NASDAQ?sa=X&#038;sqi=2&#038;ved=2ahUKEwip3rik8tWSAxV9BdsEHdF4MFIQ3ecFKAV6BAgtEAY&#038;window=5Y\">Google Finance<\/a>.<\/figcaption><\/figure>\n<p>Pressure on the stock in recent weeks was exerted by <a href=\"https:\/\/x.com\/matthew_sigel\/status\/2021640462201692568\">news of CEO Brian Armstrong<\/a> selling $500 million worth of shares, as well as overall sector weakness.<\/p>\n<h2 class=\"wp-block-heading\">Everything Exchange<\/h2>\n<p>The exchange continues to expand its product line under the &#8220;Everything Exchange&#8221; concept. Priorities include integrating stock and <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETF<\/a> trading, launching prediction markets in the US, and developing derivatives and payment infrastructure.<\/p>\n<p>In the first half of the current quarter, operating income already amounted to about $420 million. However, the company cautioned investors against directly projecting these results for the entire period due to high market volatility.<\/p>\n<p>Earlier, Coinbase <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-unveils-wallet-infrastructure-for-ai-agents\">launched<\/a> the Agentic Wallets infrastructure, designed for AI agents.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coinbase, the largest American cryptocurrency exchange, reported losses for the fourth quarter of 2025. Following the report&#8217;s release, the company&#8217;s shares hit a two-year low in after-hours trading.<\/p>\n","protected":false},"author":1,"featured_media":94238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Coinbase reported Q4 2025 losses; shares hit two-year low.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[138],"class_list":["post-94237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinbase"],"aioseo_notices":[],"amp_enabled":true,"views":"151","promo_type":"1","layout_type":"1","short_excerpt":"Coinbase reported Q4 2025 losses; shares hit two-year low.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=94237"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94237\/revisions"}],"predecessor-version":[{"id":94239,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94237\/revisions\/94239"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/94238"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=94237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=94237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=94237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}