Coinbase Global Inc (NASDAQ:COIN) reported fourth quarter 2025 results that fell short of analyst expectations as crypto market activity softened during the period.

The company posted revenue of $1.78 billion for the quarter, below the $1.85 billion consensus estimate, while earnings per share came in at $0.66 versus the $1.05 forecast. Total revenue declined 5% quarter-over-quarter, reflecting weaker trading conditions late in the year.

Transaction revenue fell 6% sequentially to $983 million, which Coinbase said coincided with an approximately 11% drop in the overall crypto market capitalization during the period. Subscription and services revenue declined 3% quarter-over-quarter to $727 million.

Despite the softer fourth…