Coinbase reported a 22% year-over-year drop in Q4 2025 revenue, totaling $1.78 billion, as the cryptocurrency market experienced a significant downturn. The broader crypto market has seen a 47.5% decline since October 2025, with $2.03 trillion in outflows, reducing the total market capitalization to approximately $2.24 trillion by February 2026. In response to the challenging market conditions, Coinbase has expanded its offerings to include commission-free stock and ETF trading for US users, in partnership with Yahoo Finance. The company plans to introduce tokenized US equities and perpetual products, aiming to integrate traditional financial instruments with blockchain technology. Meanwhile, Kraken has launched regulated tokenized equity perpetual futures, available in over 110 countries, offering up to 20x leverage.