Coinbase reports $667 million Q4 2025 net loss on crypto markdowns

Coinbase posted a $667 million net loss for Q4 2025, reversing a $1.3 billion profit in the prior-year quarter. Revenue fell 21.6% year over year to $1.78 billion as transaction revenue declined 36% to $983 million, and adjusted EPS of $0.66 missed forecasts. Portfolio markdowns totaled $718 million alongside a $395 million loss on strategic investments.