Coinbase Global (COIN) 于 market close on February 12, 2026 公布了其 Q4 2025 财报（覆盖 2025 年 10 月至 12 月），在更广泛的加密货币市场下行背景下，业绩未能达到华尔街预期。总收入达到 $1.78 billion，低于约 $1.83–$1.85 billion 的分析师预期。调整后每股收益为 $0.66，远低于 $0.86–$1.05 的预期，公司强调运营方面的亮点，如 2025 年交易量市场份额实现翻倍，而交易收入因成交量疲软和加密货币价格下跌而降至 $982.7 million。
A GAAP net loss of about $667 million or -$2.49 per share was driven largely by unrealized losses on crypto holdings and investments, marking a swing from profitability in the year-ago quarter. Subscription and services revenue provided some support at around $727 million, with strengths like Coinbase One growth, USDC-related income, staking, and institutional financing. Looking ahead, management projected Q1 2026 subscription and services revenue in the range of $550–$630 million.
The earnings miss reflected a slowdown in crypto trading activity as Bitcoin and other assets declined into early 2026, reducing fee-based revenue despite solid user engagement in some areas. Coinbase executives stressed that crypto is inherently cyclical and that the current environment isn’t as dire fundamentally as sentiment suggests. The stock fell about 7.9% on February 12, 2026, closing near $141 after trading around $153 previously, with heavy volume signaling investor disappointment. Several firms trimmed price targets post-release, underscoring cautious near-term outlook even as some see potential catalysts like regulatory tailwinds.
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