Q4 2025 Coinbase Global Inc Earnings Call Transcript

Feb 12, 2026 / 10:30 PM GMT

Release Date Price: €209.2

Transcript 10-K8-K

Key Points

Positve

Coinbase Global Inc (COIN) has successfully diversified its revenue streams, reducing dependency on crypto price fluctuations.
The company launched the 'Everything Exchange' in Q4, doubling global trading volume and market share year over year.
Coinbase Global Inc (COIN) has a strong balance sheet, allowing continued investment in market conditions.
The company is the most trusted brand in crypto, storing 12% of all crypto globally, more than the next four competitors combined.
Subscription and services revenue reached an all-time high, up 5.5 times from the peak in 2021.

Negative

Q4 total revenue was down 5% quarter over quarter, with transaction revenue down 6% and subscription and services revenue down 3%.
The company reported a GAAP net loss of $667 million, primarily due to unrealized losses on its crypto investment portfolio.
Operating expenses increased by 9% quarter over quarter, driven by costs associated with acquisitions and higher USDC rewards.
Crypto market cap was down 11% quarter over quarter, impacting market conditions.
Coinbase Global Inc (COIN) experienced a technical issue that briefly interrupted users' ability to buy, sell, and transfer crypto.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

COIN.OQ - Coinbase Global Inc
Q4 2025 Coinbase Global Inc Earnings Call
Feb 12, 2026 / 10:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon and welcome to the Coinbase fourth quarter and full year 2025 earnings call. My name is Anil Gupta and I'm Vice President of investor relations at Coinbase. Joining me on today's call are Brian Armstrong, co-founder and CEO Emily Choi, President and COO, Alicia Haas, CFO, and Paul Greywll, Chief Legal Officer.

During today's call, we may make forward-looking statements which may vary materially from actual results, information concerning risks, uncertainties, and other factors that could cause these results to differ.

Is included in our SEC filings.

Our discussion today will also include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial

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