Shares in Coinbase Global Inc. were up slightly in late trading today despite the cryptocurrency exchange provider reporting earnings and revenue below expectations in its fiscal 2025 fourth quarter amid declining transaction numbers due to a significant fall in the price of bitcoin and other cryptocurrencies.

For the quarter that ended Dec. 31, Coinbase reported adjusted earnings of 66 cents per share, down from $3.70 per share in the fourth quarter of 2024, on revenue of $1.781 billion, down 21.6% year-over-year. Analysts had been expecting earnings of $1.05 per share and revenue of $1.85 billion.

Reflecting the slowdown in cryptocurrency trading, Coinbase saw transaction revenue of $983 million, down 6% quarter-over-quarter…