# Loss Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Loss", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Q4 Net Loss of $667 Million, Yet Stock Soars 16%, Don't Buy Coinbase Now

Coinbase reported a net loss of $667 million in Q4 2025, with revenue of $1.78 billion falling short of expectations. Despite this, its stock surged 16.46% the next day, reflecting short-term market confidence. However, analysts caution against investing in Coinbase at this time, citing high cyclicality and near-term headwinds. The company’s revenue is split between transaction-based income (56%) and subscription & services (44%). Transaction revenue relies heavily on retail trading spreads, which remain vulnerable to crypto market volatility. Subscription revenue includes stablecoin-related income (mainly from USDC interest sharing), staking, and emerging services like Coinbase One and Base L2. Key challenges include Coinbase’s high correlation with Bitcoin’s, regulatory uncertainty in the U.S., and growing competition from decentralized exchanges (DEXs) globally. Although Coinbase maintains a dominant position in the U.S. due to its regulatory compliance and trust, analysts expect continued pressure on brokerage fundamentals through 2026. Earnings are projected to underperform consensus estimates by 14% in 2026, with potential downside in a prolonged crypto downturn. While regulatory clarity may eventually benefit Coinbase, its effects are likely too slow to offset near-term financial weakness. Analysts advise waiting for a better entry point, as current risk-adjusted returns appear unfavorable.

marsbit17h ago

Q4 Net Loss of $667 Million, Yet Stock Soars 16%, Don't Buy Coinbase Now

marsbit17h ago

Q4 Net Loss of $667 Million, Yet Stock Soars 16%, Don't Buy Coinbase Now

Coinbase reported a net loss of $667 million in Q4 2025, with revenue of $1.78 billion falling short of expectations. Despite this, its stock surged 16.46% the next day, reflecting short-term market optimism. However, analysts caution against investing in Coinbase at this time, citing high cyclicality and near-term headwinds. Revenue is split between transaction-based income (56%) and subscription/services (44%). Transaction revenue relies heavily on retail trading spreads, which are under pressure due to declining crypto prices and reduced volatility. Subscription revenue, led by USDC interest income and staking, offers diversification but remains sensitive to interest rates and market conditions. Key debates include whether Coinbase can reduce its dependence on crypto market cycles, the sustainability of stablecoin profits, and the impact of future regulations. While the company holds a dominant position in the U.S. market due to its regulatory compliance and trust, it faces growing competition from decentralized exchanges globally. Analysts project underperformance in 2026, with earnings potentially 14% below consensus due to compressed client assets and trading activity. Although regulatory clarity may benefit Coinbase long-term, it is unlikely to offset immediate financial pressures. Valuation scenarios range from a negative IRR in a bear case to a high IRR in an optimistic rebound, but near-term risks currently outweigh potential returns.

Odaily星球日报17h ago

Q4 Net Loss of $667 Million, Yet Stock Soars 16%, Don't Buy Coinbase Now

Odaily星球日报17h ago

From High Growth to Hard Reality: The Q4 Stress Test for Coinbase and Robinhood

Coinbase and Robinhood faced significant challenges in Q4 2025, revealing their continued heavy dependence on cryptocurrency market cycles despite efforts to diversify. Robinhood reported record annual revenue of $4.5 billion and a net profit of $1.9 billion, with strong growth in traditional trading and options. However, its crypto transaction revenue plummeted 38% year-over-year to $221 million, and app trading volume fell 57% in January 2026. Despite its broader financial offerings, the market still views Robinhood as a Bitcoin-dependent asset, causing its stock to drop 50% from recent highs. Coinbase experienced a steeper decline, with revenue falling 21.6% to $1.78 billion and a net loss of $667 million due to crypto asset depreciation. Retail trading volume collapsed to $59 billion, far below institutional volume of $237 billion. While stablecoin revenue and institutional services provided some support, the sharp drop in high-fee retail activity exposed Coinbase’s vulnerability to crypto market downturns. Both companies illustrate the broader industry issue: declining active users and over-reliance on crypto volatility. Their valuations remain tightly correlated to Bitcoin’s performance. Key takeaways include the necessity of stable revenue streams (like interest and stablecoins), excess infrastructure amid shrinking user demand, and the urgent need for sustainable business models beyond pure crypto speculation. Survival in 2026 will depend on financial resilience rather than growth.

比推Yesterday 05:43

From High Growth to Hard Reality: The Q4 Stress Test for Coinbase and Robinhood

比推Yesterday 05:43

Quarterly Loss of $12.4 Billion: Why Can’t It Stop Strategy from Frantically Buying Bitcoin?

MicroStrategy (now Strategy) reported a staggering net loss of $12.4 billion in Q4 2025, primarily due to the adoption of a new fair value accounting standard that required marking its holdings to market amid Bitcoin’s sharp decline to around $65,000. Despite the loss, the company aggressively expanded its Bitcoin position, purchasing an additional 41,002 BTC in January 2026, bringing its total holdings to 713,502 BTC — approximately 3.4% of Bitcoin’s total supply — with an average cost of $76,052 per coin. The firm’s core software business, though profitable with $123 million in Q4 revenue, was overshadowed by its Bitcoin-centric strategy. Strategy raised over $25.3 billion in capital during 2025, leveraging financial instruments to amplify its Bitcoin exposure. It maintains $2.25 billion in cash reserves to cover dividends and interest for 2.5 years. CEO Phong Le acknowledged risks, stating that if Bitcoin fell to $8,000, the company might need to restructure debt rather than sell BTC. The firm’s "Bitcoin flywheel" model relies on continuous capital raising and BTC appreciation, but compressed mNAV (1.07) and high-yield preferred shares (STRC, 11.25% dividend) reflect market skepticism. A prolonged downturn could trigger a negative feedback loop: falling BTC value → reduced ability to raise capital → potential forced BTC sales. Executive Chairman Michael Saylor emphasized long-term optimism, citing supportive U.S. policy and institutional adoption, while downplaying quantum computing risks as a decade away. Strategy remains a high-risk, high-reward bet on Bitcoin’s future.

比推02/06 14:44

Quarterly Loss of $12.4 Billion: Why Can’t It Stop Strategy from Frantically Buying Bitcoin?

比推02/06 14:44

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