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Coinbase reported a internet lack of $667 million within the fourth quarter of 2025, snapping the crypto trade’s eight-quarter streak of profitability.

In its This fall earnings launched on Thursday, Coinbase reported earnings per share of 66 cents, lacking analyst expectations of 92 cents by 26 cents.

The corporate mentioned its internet income fell 21.5% year-on-year to $1.78 billion, falling in need of analyst expectations of $1.85 billion.

Transaction-related income dropped practically 37% year-on-year to $982.7 million, whereas subscription and companies income jumped greater than 13% from the yr previous to $727.4 million.

It’s the primary internet loss Coinbase has reported because the third quarter of 2023, and comes because the crypto market fell over the quarter, with Bitcoin (BTC) dropping practically 30% from a excessive of $126,080 in early October to underneath $88,500 by Dec. 31.

Bitcoin has fallen 25.6% to $65,760 to date this yr, having climbed from a crash to underneath $60,000 earlier this month.

Regardless of the earnings miss, shares of Coinbase (COIN) rose 2.9% in after-hours buying and selling on Thursday to $145.18, after a 7.9% decline throughout the buying and selling day to shut at $141.1.

For its Q1 outlook, the crypto platform mentioned that it had generated $420 million in transaction income as of Feb. 10 however expects its subscription and companies income to fall from $727.4 million to the $550 million to $630 million vary.

Coinbase added that 2025 was a “sturdy yr” for the corporate, each operationally and financially, with its full-year 2025 revenues climbing 9.4% from 2024 to $6.88 billion.

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“In 2025, greater than 12% of all crypto on the planet resided on Coinbase,” the corporate mentioned. “We’re constructing and connecting extra merchandise to facilitate prospects doing extra with their property.”