Coinbase reported a net loss of $667 million in the fourth quarter of 2025, ending the cryptocurrency exchange’s eight-quarter streak of profitability.

In his fourth quarter profits Coinbase reported Thursday that it had earnings per share of 66 cents, missing analysts’ expectations of 92 cents by 26 cents.

The company said its net revenue fell 21.5% year-over-year to $1.78 billion, less than analyst forecasts expectations worth $1.85 billion.

Transaction revenue declined nearly 37% year-over-year to $982.7 million, while subscription and services revenue increased more than 13% year-over-year to $727.4 million.

This is the first net loss reported by Coinbase since the third quarter of 2023 and comes after the cryptocurrency market fell this quarter, with Bitcoin (BTC) falling almost 30% from a high of $126,080 in early October to below $88,500 by December 31.

Bitcoin is down 25.6% this year to $65,760, after rising from a crash to below $60,000 earlier this month.

Despite the lack of performance, shares of Coinbase (COIN) rose 2.9% in after-hours trading on Thursday to $145.18, after falling 7.9% during the trading day to close at $141.1.

In its first-quarter forecast, the crypto platform said it had generated $420 million in transaction revenue as of February 10, but expected subscription and services revenue to decline from $727.4 million to a range of $550 million to $630 million.

Coinbase added that 2025 was a “strong year” for the company, both operationally and financially, with its full-year 2025 revenue up 9.4% from 2024 to $6.88 billion.

Related: Coinbase introduces cryptocurrency wallets designed specifically for AI agents

“In 2025, over 12% of all cryptocurrencies in the world were on Coinbase,” the company said. “We are creating and connecting more products to make it easier for customers to make better use of their resources.”

Coinbase CFO Aleshia Haas he said investors in the wake of the results say the company plans to keep technology, sales and marketing spending relatively unchanged compared to the fourth quarter.

“We will run smoothly throughout the year and look at the opportunities in front of us compared to our expenses,” she said.

Warehouse: The most vital reason why you should never ask ChatGPT for legal advice

Cointelegraph is committed to independent and crystal clear journalism. This news article has been produced in accordance with Cointelegraph’s Editorial Policy and is intended to provide exact and up-to-date information. Readers are encouraged to verify the information themselves. Read our Editorial Policy https://cointelegraph.com/editorial-policy