Coinbase has reported a net loss of $667 million in the fourth quarter of 2025, snapping the crypto exchange’s eight-quarter streak of profitability.

In its Q4 earnings released on Thursday, Coinbase said its earnings per share was 66 cents, which missed analyst expectations of 92 cents per share by 26 cents.

The company said its net revenue fell 21.5% year-on-year to $1.78 billion, falling short of analyst expectations of $1.85 billion.

Transaction-related revenue dropped nearly 37% year-on-year to $982.7 million, while subscription and services revenue jumped more than 13% over the year to $727.4 million.

It’s the first net loss Coinbase has reported since the third quarter of 2023, and comes as the crypto market fell over the…