Episode summary
Coinbase Posts $667 Million Loss, Revenue Declines 20% | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · Hosts: Carol Massar, Tim Stenovec · Guests: Monique Mulima, Eric Weiner, Ed Harrison, Stuart Paul, Steve Moore
Summary
Coinbase’s latest quarter showed how quickly a softer crypto market can hit even the largest U.S. exchange. The company said fourth-quarter revenue missed estimates, adjusted EBITDA fell short, and adjusted EPS came in at 66 cents below expectations. The broader context is a sharp pullback in digital assets: Bitcoin is down more than 40% from its October high, trading volumes have thinned, and analysts think that weakness is still feeding through to Coinbase’s business and share price.
The discussion focused on whether Coinbase can diversify fast enough. The company is pushing into prediction markets, equities trading, and options, while management is still pointing to a well-capitalized balance sheet with $11.3 billion in cash and cash equivalents. Analysts, though, remain bearish because the crypto downturn has reduced transaction activity and led them to cut price targets and earnings estimates.
The episode then widened into a broader market conversation about risk, AI-driven sector swings, and geopolitics. One guest argued that markets are being driven by de-risking and momentum selling, while Bloomberg Economics outlined how conflict around Taiwan or the Middle East could inflict massive global economic damage. The final segment turned to trade, energy, and Fed politics, with a debate over tariffs, coal, and the likely independence of Kevin Warsh as a potential Fed nominee.
Key takeaways
- Coinbase reported a weaker-than-expected quarter as falling crypto prices cut trading activity and pressured revenue.
- Analysts are turning more cautious on Coinbase because Bitcoin is down more than 40% from its October peak and crypto volumes are still depressed.
- The company is trying to diversify beyond crypto with prediction markets, equities trading, and options, but analysts want clearer progress.
- Bloomberg Economics said a Taiwan conflict could hit global GDP by trillions of dollars, with especially severe damage to China, the U.S., and Asia.
- A market strategist said recent selling has a momentum-driven, de-risking feel, with investors asking questions later rather than waiting for clarity.
Notable quotes
“We continue to be optimistic about the long-term trajectory of the crypto industry”
“So 2025 was a mixed year for Coinbase”
“We've seen six analysts cut their price targets um on Coinbase this month alone”
“When you get these selling pressures, you often see the VIX bump of over 20”
“if we were to just think strictly about the consequences of global conflict, really any conflict that takes place in the South China Sea”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Business Week Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenbec on Bloomberg Radio.
I'm looking at shares of uh Coinbase in the after hours. They're taking a leg lower. And like you said, Carol, this stock was under pressure, but still down 1.72% bouncing around, but uh in the red as we speak.
In terms of fourth quarter total revenue, that missed estimates. The company expects headcount to growth slightly higher than in Q4. Fourth quarter adjusted EBA came in below estimates.
fourth quarter adjusted EPS came in at 66 cents below estimates. What are you seeing?
I'm looking at the release looking forward to 2026. We continue to be optimistic about the long-term trajectory of the crypto industry. Uh and they also said it was a strong year in 2025 for Coinbase both operationally and financially. And so uh yeah, they say as regulatory uh clarity emerges, we believe crypto will update all financial services and Coinbase is well positioned to capitalize on that transition. So uh you know, but connection
Stock underperformed. It was down 9% in 2025. So even if it was a good year financially for the company, investors didn't reward it. — Yeah. Let's see what Monnique Molima has to say. She's Bloomberg News equities reporter. She's in Toronto, follows this name. Um, was 2025 a strong year for Coinbase? And does 2026 um, should they be Coinbase optimistic about the year and the long-term trajectory of the crypto industry at this point in time?
So 2025 was a mixed year for Coinbase.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- crypto exchange earnings
- bitcoin price decline
- ai and tech profits
- us economic and monetary policy
- geopolitical disruption costs
Companies and tickers mentioned
- COIN
- HOOD
- Coinbase Global Inc.
- Gemini
- Kraken
- Robinhood Markets Inc.
- Unleash Prosperity
Watch the episode
Watch “Coinbase Posts $667 Million Loss, Revenue Declines 20% | Bloomberg Businessweek” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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