Coinbase reported a net loss of $667 million for Q4 2025, or $2.49 per share, surpassing analyst expectations. The company's revenue for the quarter was $1.78 billion, marking a 5% sequential decline and a 22% year-over-year decrease, missing market forecasts of $1.83 billion to $1.85 billion. Despite these challenges, Coinbase achieved a 156% year-over-year increase in total trading volume, reaching $5.2 trillion for the year. The company's market share doubled to 6.4%, and subscription and services revenue grew by 23% to $2.8 billion. Coinbase also reported nearly 1 million paid subscribers to its Coinbase One service, with platform assets and USDC balances hitting record highs. The company is advancing its "Everything Exchange" strategy, focusing on derivatives and stablecoin payments, and remains optimistic about market recovery in 2026 despite current market pressures.