Coinbase posted a $667 million Q4 2025 loss after crypto markdowns hit its holdings even though it registered record trading growth.

Coinbase reported a $667 million net loss for the fourth quarter of 2025, its first quarter in the red since 2023.

The loss, which was largely driven by non-cash write-downs on the company’s crypto holdings and strategic investments, landed far below analyst expectations and reversed a $1.3 billion profit from the same period last year.

Record Growth Metrics Masked by Portfolio Pain

Coinbase’s shareholder letter, published after market close, painted two divergent pictures of its 2025 performance. On the operational side, the company…