Coinbase, the largest US crypto exchange, ended the fourth quarter of 2025 with a significant net loss of $667 million. The company's financial results came under severe pressure due to a massive market correction, during which the total market capitalization of digital assets fell by 25%. The release of the report triggered volatility in the exchange's securities, which briefly hit a two-year low.

The main reason for the negative results was a reassessment of the company's crypto portfolio and strategic investments amid a protracted downtrend. Coinbase's total revenue declined 5% to $1.8 billion, with retail revenue suffering the most, falling 13%. However, analysts at Coinbase Institutional remain optimistic, calling the current decline a necessary "reset" that should restore the industry's health before the start of a new growth cycle.

Despite the overall negative trend, the institutional segment demonstrated resilience thanks to the development of derivatives trading and the integration of the Deribit platform. Stablecoin revenue also grew by 3%, reaching $364 million, driven by record USDC balances on the platform. The company's stability is supported by an impressive liquidity reserve of $11.3 billion, allowing Coinbase to continue its aggressive share buyback program, which has already spent approximately $1.7 billion.

Management links the company's future to the concept of a "universal platform" (Everything Exchange), which envisions expansion beyond the crypto market. Near-term plans include the integration of traditional stock and ETF trading, the launch of prediction markets in the US, and the development of Agentic Wallets, an innovative infrastructure for AI agents. Although operating revenue reached $420 million in early 2026, sector volatility and recent share sales by CEO Brian Armstrong are prompting investors to remain cautious.