The U.S.-based crypto exchange saw revenue drop to $1.8 billion amid a market downturn, though retail activity stayed firm with $59 billion in trading volume.
Coinbase recorded a $667 million net loss for the fourth quarter of 2025, alongside a 5% decline in revenue to $1.8 billion. Despite continued weakness in the global crypto market, retail trading volumes remained robust at $59 billion, representing 20% of total activity. Institutional trading, however, dominated overall exchange performance with $237 billion in volume, underscoring Coinbase’s dependence on large-scale traders during volatile periods.