Coinbase reported Q4 2025 losses; shares hit two-year low.

Coinbase, the largest American cryptocurrency exchange, reported losses for the fourth quarter of 2025. Following the report’s release, the company’s shares hit a two-year low in after-hours trading.

Total revenue fell by 5% from the previous quarter, amounting to $1.8 billion. Operating income dropped by 6% (to $983 million), while subscription and service revenues decreased by 3% ($727 million).

The net loss reached $667 million,…