"Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems," said the company.
What to know:
- Crypto exchange Coinbase reported a fourth quarter earnings miss.Transaction revenue of $982.7 million was down from $1.046 billion the previous quarter and $1.556 billion in the fourth quarter one year ago.In the first quarter of 2026 through Feb. 10, the company has seen about $420 million in transaction revenue.Shares were modestly higher in after-hours trade, though remaining down about 40% year-to-date.
Coinbase (COIN) missed fourth-quarter earnings forecasts on Thursday, thanks to weaker trading activity and lower crypto asset prices.
The U.S.-based crypto exchangeposted total revenueof $1.78 billion against estimates for $1.83 billion. Adjusted EPS of $0.66 was well lower than the consensus $0.86.
Total transaction revenue of $983 million was below forecasts for $1.02 billion and down from $1.046 billion in the third quarter and $1.556 billion in the fourth quarter one year ago.
Subscription revenue of $727.4 million was down from $746.7 million the previous quarter and up from $641.1 million a year earlier.
Through Feb. 10 of the first quarter, the company saw transaction revenue of about $420 million. It guided to full-quarter subscription revenue of $550-$630 million.
“We continue to be optimistic about the long-term trajectory of the crypto industry,” Coinbase said. “Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems. While asset prices can be volatile, under the surface an undercurrent of technological change and crypto product adoption continues.”
Shares are modestly higher in after-hours trading, but fell 7.9% during the regular session, extending year-to-date declines to 40%.
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BlackRock's digital assets head: Leverage-driven volatility threatens bitcoin’s narrative
Rampant speculation on crypto derivatives platforms is fueling volatility and risking bitcoin’s image as a stable hedge, says BlackRock’s digital assets chief.
Lo que debes saber:
- BlackRock digital-assets chief Robert Mitchnick warned that heavy use of leverage in bitcoin derivatives is undermining the cryptocurrency’s appeal as a stable institutional portfolio hedge.Mitchnick said bitcoin’s fundamentals as a scarce, decentralized monetary asset remain strong, but its trading increasingly resembles a "levered NASDAQ," raising the bar for conservative investors to adopt it.He argued that exchange-traded funds like BlackRock’s iShares Bitcoin ETF are not the main source of volatility, pointing instead to perpetual futures platforms.