This Week in Fintech Coinbase Q4 '25 Earnings: A conversation with Coinbase CFO Alesia Haas
Feb 13, 2026
11:08
This Week in Fintech's Nik Milanovic sat down on February 12th, 2026 to talk with Coinbase CFO Alesia Haas about 2025 year-end earnings.
Some topics they covered:
- Market Expansion: Coinbase doubled trading volume and market share in 2025, diversifying beyond crypto with Deribit acquisition.
- Revenue Resilience: Despite market softness in Q4, Coinbase showed strength through diversified revenue, supported by retail investors’ “buy the dip” behavior.
- On-Chain Vision: Coinbase aims to lead the shift to on-chain financial services, blending traditional and crypto assets for a tokenized future.
- Institutional Growth: Thousands of institutional clients are driving increased trading and demand for cross-margining products, with custody for 80% of ETF balances.
- Stablecoin Strategy: USDC holdings grew to $18 billion, enhancing trading and payment services while driving growth in Coinbase One membership.
- Future Focus: Heavy investment in derivatives as key growth area, emphasizing diversification to meet evolving customer needs and market trends.