New York, Feb 12, 2026, 18:49 EST — After-hours
- Coinbase slid 7.9% after hours, with shares falling following an unexpected quarterly loss.
- Transaction revenue dropped to $982.7 million with trading activity slowing down, while subscription and services revenue came in at $727.4 million
- Eyes turn to the initial Q1 revenue numbers, with Friday’s U.S. inflation reading also in the spotlight.
Coinbase Global (COIN.O) dropped 7.9% in after-hours to $141.09 on Thursday, hit by an unexpected quarterly loss. Shares ranged from $134.29 to $154.39 during the session.
The numbers give an immediate sense of whether the crypto trading slowdown is letting up or deepening. Coinbase remains largely dependent on transaction fees; those revenue streams can evaporate in a hurry if prices drop and clients stop trading.
That’s relevant right now because the company is signaling weaker subscription and services revenue this quarter—the segment that was expected to be more stable. So, traders are zeroed in on early February, watching closely, with crypto prices likely to influence sentiment heading into next week.
Coinbase reported a net loss of $666.7 million, or $2.49 per share, with fourth-quarter revenue coming in at $1.78 billion. Transaction revenue slid to $982.7 million. Subscription and services brought in $727.4 million, of which $364.1 million was from stablecoin revenue—these digital tokens are typically pegged to the U.S. dollar to maintain value. Looking ahead to Q1, Coinbase put its outlook for subscription and services revenue between $550 million and $630 million, a range it attributed to both softer crypto prices and lower interest rates. So far, through Feb. 10, the company has logged about $420 million in transaction revenue. Coinbase cautioned investors: “Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems.” 1
Chief Executive Brian Armstrong said “The Everything Exchange is working,” highlighting close to 1 million paying Coinbase One subscribers and wider trading activity on the platform’s lineup. Chief Financial Officer Alesia Haas described 2025 as “a strong year for Coinbase, both operationally and financially,” adding the company hit its revenue and expense targets every quarter. 2
This marks Coinbase’s first quarterly loss since Q3 of 2023. Analysts surveyed by LSEG were looking for a 55-cent per share profit, but the crypto exchange cited sluggish markets and a hit of over 45% in consumer transaction revenue. Digital assets have lost steam since early October, as U.S. President Donald Trump’s new tariffs on Chinese imports and the talk of export restrictions pressured markets. Bitcoin is now trading at nearly half its Oct. 6 high. U.S. spot bitcoin ETFs — which hold the coin itself — posted outflows: roughly $7 billion in November, $2 billion in December, and above $3 billion in January. “It’s all about the company’s diversification and shock absorbers,” said Zacks strategist David Bartosiak, highlighting Coinbase’s USDC stablecoin earnings through its Circle (CRCL.N) partnership, even with the Clarity Act stalled in Congress. Shares of COIN have dropped about 40% year-to-date. 3
Monness, Crespi, Hardt pulled Coinbase down to Sell from Buy ahead of the report, slapping on a $120 target. The team called expectations for a steady bounce-back by 2026 “foolish and facile.” Their new take: softness sticks around into mid-2026, but they’re still betting on stablecoins and tokenized real-world assets for the long haul. 4
CFO Alesia Haas unloaded roughly 364,600 Coinbase shares on Feb. 6, Form 4 filings dated Feb. 10 show. The stock moved mostly in the $151.57 to $157.04 range, with Haas using a 10b5-1 trading plan to execute. According to the filing, these sales were made to take care of option exercise costs and required tax withholding. 5
Bitcoin traded near $66,167. Crypto-tied stocks lagged: Robinhood Markets shed 8.9%, Circle slipped 2.1%, and Strategy lost 2.5% in the session.
But those “shock absorbers” won’t fix everything if the broader picture stays rough. Should rates continue dropping and crypto prices stay sluggish, even the steadier businesses — stablecoins, staking, subscriptions — could take a hit.
Friday brings a focus on Coinbase, as traders look to see if the company maintains the early-quarter revenue pace it highlighted. After the recent drop, crypto prices are also under scrutiny. Coming up next: the U.S. January consumer price index lands at 8:30 a.m. ET, Friday, Feb. 13. 6
