Coinbase Posts $667 Million Loss, Revenue Declines 20%

Feb 12, 2026

Steve Moore, Co-founder of Unleash Prosperity and former Trump economic advisor, offers views on U.S. trade, energy and monetary policy. Stuart Paul, Bloomberg Economics U.S. and Canada economist, explains the economic costs of geopolitical conflicts. They discuss Coinbase’s steep Q4 revenue drop and loss, market jitters from AI-driven selling, prediction markets, Taiwan’s semiconductor risk, and implications for U.S. trade and energy policy.

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INSIGHT

Prediction Markets Carry Regulatory Risk

Prediction markets present regulatory uncertainty, especially for sports-related betting, and could face new CFTC rules.
Coinbase expects this regulatory ambiguity but sees it as familiar territory compared with crypto's broader uncertainty.

INSIGHT

AI Scare Fuels Momentum Selling

Markets show an 'AI scare' where sentiment-driven selling hits unrelated sectors as algos amplify rotations.
Short-term momentum and algorithmic trading can cause broad, sometimes illogical, market moves around AI themes.

INSIGHT

VIX Above 20 Isn't Always Permanent

A VIX spike above 20 signals increased fear but must hold to indicate sustained market stress.
Short-lived jumps can reflect one-day downdrafts rather than persistent panic.

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Coinbase Global Inc. showed how quickly a cooling crypto market can pressure even one of the industry’s most diversified exchanges.

Revenue in the fourth quarter tumbled a more-than-estimated 20% to $1.8 billion. The company swung to a net loss of $667 million compared with a $1.3 billion profit from the same period last year, as falling token prices drained trading activity across digital assets and forced Coinbase to mark down the value of its crypto holdings.

The results arrive as Bitcoin has fallen nearly 50% from October’s high, a retreat that has left many retail traders sitting on the sidelines and revived comparisons to earlier crypto downturns. Those cycles have often forced exchanges to retrench quickly, and early signs suggest this one may follow a similar pattern.

Rival exchange Gemini Space Station said last week that it plans to cut up to 25% of its workforce and scale back international operations, underscoring how rapidly weaker markets can translate into operational pressure. Kraken’s chief financial officer departed the exchange, which reported sequentially lower fourth-quarter revenue. Robinhood Markets Inc. said this week its revenue from crypto trading declined 38%.

Today's show features:

Bloomberg New Equities Reporter Monique Mulima breaks down quarterly earnings from Coinbase
Bloomberg News Senior Editor, Equities Americas Eric Weiner and Senior Editor Ed Harrison on continued Wall Street jitters due to concern over technology profits and the impact of AI on various sectors
Bloomberg Economics US and Canada Economist Stuart Paul on a new report from his team breaking down the potential economic costs of various geopolitical ruptures
Steve Moore, Co-Founder of Unleash Prosperity and a former Trump Economic Advisor, on the US economic and monetary policy outlook

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