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tron

Coinbase announces 2025 financial report: Q4 under pressure with a net loss of $667 million, strong performance throughout the year setting multiple new highs

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.

Democratic lawmakers question SEC Chairman, focusing on reduced crypto enforcement and potential political connections

At a hearing of the House Financial Services Committee, several Democratic lawmakers questioned SEC Chairman Paul Atkins regarding the recent reduction in enforcement actions against the cryptocurrency industry by the U.S. Securities and Exchange Commission (SEC), expressing concerns about whether these decisions are linked to Trump and his connections to the crypto industry.Lawmakers specifically mentioned the SEC's suspension of the case against Tron founder Justin Sun and the withdrawal of the lawsuit against Binance. Democratic Congressman Stephen Lynch stated during the hearing that the decline in SEC enforcement has impacted the agency's reputation and demanded an explanation for why the related cases were not pursued further. The SEC had previously sued Justin Sun in 2023 for allegedly issuing unregistered securities and manipulating trading volumes, but later in 2025, it applied to pause the case to explore settlement possibilities; in May of the same year, the SEC withdrew its lawsuit against Binance under Atkins's leadership.Data shows that in 2025, the SEC's overall enforcement actions decreased by about 30% compared to the previous year, with crypto-related cases dropping by approximately 60%, which is viewed by outsiders as a signal of a shift in regulatory focus. In response, Atkins stated that the SEC still maintains a "strong enforcement presence" and noted that some changes are part of the normal adjustments following a change in regulatory leadership.

Chief Trade Research Department Deputy Director Eric Chong: High-net-worth investors have a strong demand for secure and compliant cryptocurrency channels

At the recent "Build and Scale in 2026" themed forum held in Hong Kong, Eric Chong, Deputy Director of the Chief Trade Research Department, delivered a speech on the topic "Connecting Finance and Web3: Building the Next Era of Investor Confidence." He stated that based on Chief Trade's 46 years of experience in financial services, there is a strong demand from high-net-worth investors for secure and compliant channels for cryptocurrency, which is the core driving force for traditional financial institutions to enter the Web3 space.Eric Chong pointed out that Hong Kong's comprehensive regulatory framework provides a safe environment for institutional participation in the crypto market, but investors are more concerned about how to engage in this emerging asset class through regulated and compliant means. To this end, Chief Trade will focus on three main directions: providing regulated crypto trading services, expanding the digital asset product line, and enhancing investor education.He believes that the advantages of traditional financial institutions in financial credibility, compliance frameworks, and ecological connections will help guide investors to enter the digital asset space steadily, while the integration of Web3 and traditional finance has become an irreversible structural trend.
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