According to Bloomberg, Coinbase Global Inc. reported a 20% year-over-year decline in revenue to $1.8 billion in Q4 2025, shifting from a profit of $1.3 billion in the same period last year to a net loss of $667 million, primarily due to the decline in cryptocurrency asset prices affecting trading activity and asset impairments; the stock price has fallen nearly 37% year-to-date. During the same period, Bitcoin retreated nearly 50% from its October high, retail trading cooled down, and several platforms faced pressure, including Gemini Space Station Inc. planning to cut staff by up to 25%, Payward Inc. CFO resigning, and Robinhood Markets Inc. reporting a 38% decrease in crypto trading revenue.