Coinbase earnings simply broke its streak, and never in a great way. After eight straight profitable quarters, it posted a brutal $667 million web loss in This autumn 2025. That could be a punch to the face.

As crypto costs slid from their yearly highs, the trade fully missed Wall Avenue income expectations.

Income got here in at $1.78 billion. Sounds huge, nevertheless it was beneath the $1.85 billion analysts anticipated. Transaction income was the actual injury. Down 37% to $982.7 million.

That tells you the whole lot about dealer exercise proper now.

Key Takeaways

• Coinbase reported a $667 million web loss, its first revenue miss since Q3 2023.
• Income fell 21.5% YoY to $1.78 billion, lacking analyst expectations.
• Transaction charges plummeted 37% as retail merchants exited the market.
• Shares (COIN) dipped 7.9% intraday however rebounded practically 3% after hours.

Is the Bull Market Formally Over? How Coinbase Can Survive It

That $667 million loss isn’t just a foul quarter. It screams deeper cycle weak spot. An enormous chunk of it got here from unrealized losses on Coinbase personal crypto holdings after costs collapsed from the October 2025 highs.

When Bitcoin falls from practically $126,000 to the mid $60k vary, no one walks away clear. Not even the exchanges.

This sort of volatility feels just like the uncertainty in the course of the FTX fallout days. Brian Armstrong continues to be calling this downturn psychological.

Retail merchants are barely lively. Transaction income, which is the core engine of the enterprise, dried up as quantity vanished.

Informal cash is staying on the sidelines. And that’s the last item Coinbase wanted.

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COIN Inventory Resilience or Useless Cat Bounce?

Even after that ugly earnings report, COIN inventory truly climbed 2.9% in after-hours, sitting close to $145. Sounds loopy, proper?

However the inventory had already dropped 7.9% in the course of the common session. Merchants most likely priced within the catastrophe earlier than the numbers even hit.

Nonetheless, the outlook just isn’t precisely comforting. Subscription and companies income was the one actual brilliant spot, up 13% to $727.4 million.

That helped soften the blow. However administration is already guiding decrease for Q1 2026, anticipating that determine to fall into the $550 to $630 million vary. That isn’t small.

If even the so-called secure income begins shrinking, the security cushion will get skinny quick. And if that occurs, a retest of the $139 zone, close to the 52-week lows, wouldn’t be shocking in any respect.

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