PORTLAND, Oregan – Coinbase Global showed how quickly a cooling crypto market can pressure even one of the industry’s most diversified exchanges.

The company swung to a fourth-quarter net loss of US$667 million (S$842 million) from profit of US$1.3 billion in the year-ago period after revenue tumbled a more-than-estimated 20 per cent to US$1.8 billion.

Falling token prices drained trading activity across digital assets and forced Coinbase to mark down the value of its crypto holdings. The stock is down nearly 37 per cent in 2026.

The results arrive as Bitcoin has fallen nearly 50 per cent from October’s high, a retreat that has left many retail traders sitting on the sidelines and revived comparisons to earlier crypto downturns. Those…