Since its Nasdaq debut as a publicly traded company, Coinbase Global (COIN 2.72%) has been one of the best ways to invest in the rise of cryptocurrencies. The company is a leading crypto exchange, so buying Coinbase stock is a way to -- hopefully -- profit from crypto's evolution without holding actual coins.
With President Donald Trump's embrace of the crypto space, one might think this is a great time to buy Coinbase stock. But cryptos have been weak in recent months. Bitcoin and Ethereum, the two leading cryptocurrencies, have both been down more than 20% over the last year.
NASDAQ: COIN
Key Data Points
That's been a big part of the 40% drop in Coinbase stock over the last 12 months. But as the company prepares for its Feb. 12 earnings report covering the fourth quarter of 2025, this is a good time to take a fresh look at the stock and see whether it still has a place in your portfolio.
About Coinbase Global
Coinbase has a broad reach, operating in more than 100 countries and claiming $516 billion in assets on its platform as of Sept. 30, 2025. Its platform makes it easy to buy and sell a variety of assets overseas and, at this writing, supports 370 tradable assets.
Image source: Getty Images.
In addition to providing a platform for cryptocurrency trading, Coinbase also offers a premium service, Coinbase One, with subscription plans as low as $5 a month and zero-fee trades, rewards, and benefits.
Net revenue in the third quarter was $1.86 billion, up 55% from the previous year; trading volume was $295 billion, up 24% from the previous quarter. And while cryptocurrency transaction revenue remained strong, it's notable that there's been a significant shift away from Bitcoin over the last year toward other assets, such as XRP.
|
Transaction Revenue (% of Total) |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Q3 2025 |
|---|---|---|---|---|---|
|
Bitcoin |
35% |
27% |
26% |
34% |
24% |
|
Ethereum |
16% |
10% |
10% |
12% |
17% |
|
Solana |
11% |
7% |
10% |
7% |
7% |
|
XRP |
6% |
14% |
18% |
13% |
14% |
|
Other assets |
32% |
42% |
36% |
34% |
38% |
Data source: Coinbase.
So, even though the cost of cryptocurrencies is going down, Coinbase revenue has been solid. Plus, it's seeing benefits from the growing adoption of stablecoins, which are digital currencies pegged to the value of a physical asset, such as the dollar.
What can you expect from Coinbase earnings?
Cryptocurrencies are having a tough time right now -- according to CoinGecko, digital assets have lost nearly $500 billion in market value since Jan. 29. Bitcoin is among the biggest losers, trading at its lowest level since Election Day 2024.
COIN Revenue (TTM) data by YCharts.
Analysts surveyed by Yahoo! Finance have a consensus revenue estimate of $1.86 billion for Coinbase when it reports Q4 earnings, and earnings per share of $1.39. Its sales estimate is down 18% from what it posted a year ago, so I would not be surprised to see the stock take a short-term hit after its earnings call on Feb. 12.
However, I've never believed that trying to time the market is a winning strategy. For a long-term investor, Coinbase is attractive as it's expected to grow its revenue substantially in the next several quarters, and it's becoming more diversified in its offerings.
I still believe that Coinbase has a solid investment thesis and is a good way to gain indirect exposure to the crypto market.
