Coinbase Global Inc. reported a 20% year-over-year decline in revenue to $1.8 billion for the fourth quarter of 2025, transitioning from a $1.3 billion profit in the previous year to a net loss of $667 million. The downturn was attributed to decreased trading activity and asset impairments due to falling cryptocurrency prices. Coinbase's stock fell nearly 37% over the year. The broader crypto market also faced challenges, with Bitcoin dropping nearly 50% from its October peak, leading to a cooling in retail trading. Other platforms are feeling the pressure, with Gemini Space Station Inc. planning up to 25% layoffs, Payward Inc.'s CFO stepping down, and Robinhood Markets Inc. reporting a 38% decline in crypto trading revenue.