q4

Coinbase released its Q4 and full-year financial report for 2025. Despite the overall downturn in the crypto market, Coinbase achieved several historical highs, with trading volume and market share doubling, although Q4 revenue slightly missed expectations and recorded a net loss.In Q4, Coinbase reported a net loss of $667 million, with a loss per share of $2.49, far exceeding analyst expectations. Total revenue was $1.78 billion, a decrease of 5% quarter-over-quarter and approximately 22% year-over-year, falling short of market expectations of $1.83 billion to $1.85 billion. Adjusted earnings per share were $0.66, with adjusted net income of $178 million and adjusted EBITDA of $566 million.Q4 was challenging for Coinbase, but the full-year performance was strong, with total trading volume reaching $5.2 trillion, a year-over-year increase of 156%. The crypto trading market share doubled to approximately 6.4%, and subscription and service revenue grew by 23% to about $2.8 billion. The number of Coinbase One paid subscribers approached 1 million, and platform assets and USDC balances reached all-time highs.Coinbase stated that it is advancing its "Everything Exchange" strategy, which includes the expansion of derivatives and stablecoin payments. Despite short-term pressures from the bear market, Coinbase still views 2025 as a strong year and remains optimistic about product innovation and market recovery in 2026.

According to the official announcement, cryptocurrency mining company Bitdeer ($BTDR) released its Q4 2025 financial report. The data shows that in this quarter, Bitdeer achieved revenue of $224.8 million, a year-on-year increase of 226%; net profit reached $70.5 million, an increase of $602.4 million year-on-year; adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was $31.2 million, an increase of $35.5 million year-on-year.In terms of operations, Bitdeer's total hash rate reached 71.0 EH/s, a year-on-year increase of 229%; self-mining yielded 1,673 BTC, a year-on-year increase of 257%; mining machine efficiency improved to 17.9 J/TH, a significant improvement compared to the previous 30.4 J/TH. Additionally, Bitdeer has a 3.0 GW portfolio, prioritizing hosting services for artificial intelligence and high-performance computing at large sites, while continuing to expand GPU-as-a-service business opportunities.

Messari released the BNB Chain Q4 2025 report, stating that the year-end market capitalization of BNB reached $118.9 billion, a year-on-year increase of 17.8%, making it the third largest cryptocurrency asset; the average daily trading volume in Q4 increased by 30.4% to 17.3 million transactions, and the number of active addresses rose to 2.6 million.RWA has become the main growth engine, with an on-chain scale of $2 billion, a quarter-on-quarter increase of 228% and a year-on-year increase of 555%, second only to Ethereum; the market capitalization of stablecoins increased by 9.2% to $15.2 billion, and the DeFi TVL was $6.6 billion, with PancakeSwap accounting for 33.5%.

Cryptanalysis provider CoinMetrics senior researcher Tanay Ved expects Coinbase's total revenue for the fourth quarter of 2025 to be $1.77 billion, a 5% decrease from $1.87 billion in the third quarter, as declines in trading volume and asset prices offset growth in derivatives trading and USDC.Trading revenue is expected to be $978 million (a 6% quarter-over-quarter decline), with Deribit's contribution throughout the quarter driving growth in institutional business.Subscription and services revenue remains resilient at $723 million, with the growth in USDC supply offsetting the impact of the Federal Reserve's interest rate cuts and reduced staking rewards.The firm forecasts Coinbase's total revenue for the fiscal year 2025 to be approximately $7.2 billion, reflecting Coinbase's ongoing revenue diversification and strategic expansion into the derivatives space.It is reported that Coinbase will announce its fourth quarter and full-year financial results for 2025 after the market closes on February 12 (Wednesday).

Canaan, a Bitcoin mining machine manufacturer (NASDAQ: CAN), announced its Q4 2025 financial report, with revenue reaching $196 million, a year-on-year increase of 121%, marking a new quarterly sales high in three years. The growth was primarily driven by large-scale mining machine orders in North America, with Canaan delivering a total of 14.6 EH/s of computing power this quarter.During the quarter, the company's mining business generated $30.4 million in revenue, mining a total of 300 Bitcoins, with an implied price of approximately $101,000 per coin. Additionally, Canaan increased its Bitcoin reserves through its self-operated mining business, holding about 1,750 Bitcoins and 3,951 Ethereum by the end of 2025, with a total value of approximately $165 million. In January 2026, the company mined an additional 83 Bitcoins, bringing the total reserves to 1,778 Bitcoins. Part of the growth came from converting stablecoin earnings from mining machine sales into Bitcoin. Despite the revenue rebound, the company still reported a net loss of $85 million due to fair value losses caused by the decline in cryptocurrency prices.Canaan plans to expand into the energy and computing infrastructure sectors and has launched a 3-megawatt heat recovery pilot project in Canada, utilizing the heat from mining machines for greenhouse heating. Revenue is expected to be between $60 million and $70 million in Q1 2026.

According to the official announcement, Bitcoin treasury company Strategy Inc. has released its financial data for the fourth quarter and the full year of 2025. As of February 1, 2026, it holds a total of 713,502 BTC, with a total cost of $54.26 billion, averaging about $76,052 per Bitcoin. The financing for the fiscal year 2025 amounts to $25.3 billion.The fourth quarter financial data shows that the company incurred a loss of $17.4 billion, with a net loss of $12.4 billion, primarily impacted by the decline in digital assets. As of December 31, 2025, the company holds $2.3 billion in cash and cash equivalents. Strategy has established a $2.25 billion dollar reserve, which can cover approximately 2.5 years of dividend and interest expenses.

The digital asset platform Bullish, listed on the US stock market, has released its latest financial report, disclosing that the digital asset sales for the fiscal year 2025 are $244.8 billion, compared to $250.2 billion in the same period last year. In addition, the digital asset sales for the fourth quarter were $64.3 billion, down from $66 billion in the same period last year. Furthermore, the trading volume of Bitcoin options in the fourth quarter of 2025 exceeded $9 billion, with an open interest of $4 billion, making it the second-largest exchange by open interest in Bitcoin options.

According to Tether's Q4 report, USDT set multiple new records in the fourth quarter of 2025:Market capitalization reached $187.3 billionAchieved over 30 million user growth for the eighth consecutive quarterThe number of wallets holding USDT on-chain saw the largest single-quarter increaseMonthly active on-chain users reached an all-time highBoth the number and value of on-chain transfers hit historical highsThe market capitalization of USDT grew by $12.4 billion in the fourth quarter of 2025, reaching $187.3 billion. In October, it increased by 4.9% month-over-month, but the growth rate slowed due to the liquidation storm on October 10. Tether's total reserves increased by $11.7 billion in the fourth quarter, reaching $192.9 billion, achieving a net asset of $6.3 billion (assets greater than liabilities).Total reserves include 96,184 bitcoins (an increase of 9,850 in the fourth quarter) and 127.5 metric tons of gold (an increase of 21.9 metric tons in the fourth quarter). In the fourth quarter of 2025, the estimated total number of USDT users grew by 35.2 million, reaching 534.5 million, marking the eighth consecutive quarter of user growth exceeding 30 million.

According to The Block, driven by the expansion of its cryptocurrency business, SoFi Technologies, one of the largest online lending institutions in the United States, reported its first-ever quarterly revenue exceeding $1 billion in the fourth quarter, with a profit of $174 million.The company stated that it added 1 million new members in the fourth quarter, a record high, bringing the total membership to 13.7 million, a 35% increase compared to the same period last year.The San Francisco-based lending institution recently became the first nationally chartered bank to launch consumer cryptocurrency trading, and subsequently introduced the SoFiUSD stablecoin and blockchain-integrated remittance services in over 30 countries.

According to sources familiar with the matter, OpenAI has held informal talks with several Wall Street banks and has hired key financial experts, including Chief Accounting Officer Ajmere Dale, in preparation for an IPO in the fourth quarter of 2026. The company is concerned that Anthropic, founded by former OpenAI employees and making continuous progress with its Claude model, may go public first after raising over $10 billion in funding.Both companies face challenges such as AI infrastructure development and lawsuits. CEO Sam Altman admitted to mixed feelings: he feels no excitement about becoming the CEO of a public company, but going public does have some benefits for OpenAI itself.

According to Jinshi News, Tesla (TSLA.O) rose 2.6% in pre-market trading, with its fourth-quarter earnings exceeding market expectations.

Tesla's fourth-quarter financial report shows that its Bitcoin holdings remain at 11,509 coins, with no changes. However, due to the price of Bitcoin dropping from about $114,000 to $88,000 in the fourth quarter of last year, Tesla recorded an after-tax impairment loss of approximately $239 million in the report. Based on the current Bitcoin price of about $89,000, the value of the Bitcoin held by the company is approximately $1 billion.Tesla first disclosed its holding of 43,200 Bitcoins in February 2021, valued at about $1.7 billion at that time. Subsequently, it sold about 75% of its holdings near the bottom of the bear market in 2022, and the holding amount has remained relatively stable since that sale.In terms of the fourth-quarter financial report, Tesla's revenue of $24.9 billion was slightly below the expected $25.1 billion, but the adjusted earnings per share of $0.50 exceeded the market expectation of $0.45. In after-hours trading, Tesla's stock price rose by 3.4%.

According to Cointelegraph, a Bitwise report shows that corporate Bitcoin holdings have reached 1.1 million BTC, valued at $94 billion, with 19 new publicly traded companies joining.

The Ethereum Foundation ecosystem support project teams announced the list of funded projects and individuals for Q4 2025. The total funding amount granted in the previous quarter reached $7,385,528.84. The funded projects and individuals mainly involve areas such as: protocol growth and support, overall growth and support, developer experience and tools, execution layer, cryptography and zero-knowledge proofs, consensus layer, community and education, and others.

According to the announcement, the JST Q4 2025 report has been officially released today, providing a comprehensive overview of the core operational progress over the past quarter. The report shows that since the community proposal was passed last October, JST has cumulatively burned 1.085 billion tokens, accounting for 10.96% of the total supply, with a burn value of approximately 38.72 million USD. At the same time, the platform has further strengthened its transparency disclosure system, launching a dedicated page to display the dynamics of treasury reserves and repurchase funds in real-time. As the governance and value capture token of the JustLend DAO ecosystem, JST will continue to empower community participation in core protocol decision-making.

Gate released its Q4 2025 report. Focusing on the construction of the Web3 ecosystem, the platform has continued to improve the growth loop from trading to on-chain infrastructure through multi-product line collaboration this quarter. During the quarter, Launchpool launched a total of 28 projects, with a cumulative airdrop scale exceeding $4.8 million; the selected projects on Launchpad saw an oversubscription scale of $149 million in a single season, with an overall oversubscription rate exceeding 2,500%; the HODLer Airdrop launched 23 projects, with annualized airdrop returns exceeding 130%; CandyDrop maintained high-frequency operations, with the platform's cumulative contract trading volume surpassing $51 billion, continuously enhancing user participation and capital activity.On the on-chain and infrastructure level, Gate's Web3 strategy has entered the stage of large-scale implementation. The Gate Layer ecosystem continues to expand, with the total number of on-chain addresses exceeding 100 million and multiple cross-chain capability upgrades completed; Gate Fun has created over 20,000 tokens, with trading volume exceeding 22 million USDT; Gate Perp DEX officially entered the large-scale trading phase in Q4, with the first complete quarter's on-chain trading volume surpassing $10 billion. The GT on-chain destruction mechanism continues to be executed according to established rules, and after completing a new round of destruction in Q4, the cumulative destruction ratio of GT has increased to 61.61%, further reinforcing its long-term value constraint and deflationary attributes within the Gate ecosystem. Through the collaborative advancement of centralized trading, on-chain infrastructure, assets, and incentive mechanisms, Gate is steadily building an integrated Web3 ecosystem.