Coinbase Q4 Earnings Show Operational Strength
Coinbase Q4 earnings showed $5.2 trillion volume and rising subscriptions, but a brief service disruption and analyst downgrades clouded market reaction.
KEY TAKEAWAYS
- Total 2025 trading volume reached $5.2 trillion, up 156% year-over-year.
- Subscription and services revenue totaled $2.8 billion, roughly 5.5x since the 2021 bull peak.
- Average USDC balances on Coinbase were $17.8 billion, underscoring on-platform stablecoin scale.
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Coinbase Global (NASDAQ: COIN) reported Q4 earnings on February 12, 2026, showing 2025 trading volume rose to $5.2 trillion, up 156% year-over-year. Subscription and services revenue reached $2.8 billion, and average USDC stablecoin balances on the platform hit $17.8 billion, reflecting operational scale despite secondary reports of a quarterly trading loss and a brief service disruption the same day.
Earnings and Platform Scale
The company posted Q4 and full-year 2025 results in a shareholder letter on its investor site, stating the figures were within expected ranges. It attributed the performance to sustained customer growth and product expansion rather than a one-time market rebound.
Crypto trading volume market share doubled to 6.4%, up 103% year-over-year, while assets on the platform roughly tripled over three years. Coinbase held more than 12% of global crypto in 2025. The filing also noted an average USDC market capitalization of $76.2 billion, highlighting stable on-platform stablecoin holdings alongside trading activity.
Paid Coinbase One subscriptions reached about 1 million, tripling over three years. The company said 12 products generated more than $100 million in annualized net revenue in the most recent qualifying quarter, signaling a diversified revenue base beyond spot trading.
Coinbase filed its Annual Report on Form 10-K for 2025 with the SEC the same day, noting that forward-looking statements are subject to risks described in those filings.
Product Momentum and Market Pressure
Following the acquisition of Deribit, Coinbase reported all-time highs in volume and revenue post-close. It launched first-to-market 24/7 U.S. perpetual-style futures, helping U.S. derivatives market share grow roughly fourfold year-over-year. CEO Brian Armstrong wrote, "The Everything Exchange is working..." to emphasize the company’s push into derivatives and international trading.
A brief service disruption on the same day limited customer buy, sell, and transfer functions. Analysts issued downgrades and price-target cuts ahead of the release. These developments, along with secondary reports of a quarterly trading loss, complicated market reception of the filings.
Looking into early 2026, Coinbase said Q1 showed the highest 24-hour trading volume in over a year and record volumes in gold and silver, decentralized exchange (DEX)-enabled spot trading, and prediction markets. The filing framed these pockets of activity as indicators of product-level momentum supporting the company’s longer-term diversification strategy.
