Coinbase stock price continued its freefall this week as the crypto exchange released its financial results. COIN plunged to a low of $141 on Friday, its lowest level since February 2024. It has plunged by 68% from its all-time high.
Coinbase business deteriorated in the fourth quarter
The COIN stock price remained under pressure after its financial results provided more color on its business amid the ongoing crypto market crash.
Financial results showed that its transaction revenue tumbled in the fourth quarter to $982 million, down sharply from the $1.5 billion it made in the same period last year.
This decline was partially offset by a jump in its service and subscription revenue, which rose from $641 million to $724 million.
Coinbase’s annual revenue came in at $6.88 billion in 2025 from the $6.2 billion in the previous year.
These numbers meant that Coinbase’s diverse business model helped it reduce its weakness during the quarter.
For example, its stablecoin revenue jumped to $364 million from the previous $225 million. Most of this revenue came from its soaring USDC holdings.
Coinbase also reported a big loss as its expenses jumped and the valuation of its crypto holdings, like Ethereum and Bitcoin, slipped. Its operating expenses jumped to over $1.5 billion, up from $.27 billion in the same period last year. Annual expenses jumped to over $5.7 billion.
Coinbase revenue and profits to retreat
Wall Street analysts believe that Coinbase will remain under pressure in the foreseeable future as the crypto market crash gains steam. Bitcoin price has dropped by about 50% from its all-time high, while the market capitalization of all coins dropped from a record high of $4.3 trillion to $2.3 trillion.
Worse, some analysts believe that Bitcoin has more downside to go before bouncing back eventually. In a note on Thursday, Standard Chartered analysts lowered their estimate for the stock from $150,000 to $100,000. They warn that the coin will drop to $50,000 this year.
Coinbase stock always drops whenever the crypto market is in a strong freefall. That’s because a Bitcoin price crash often leads to more weakness among other crypto prices. Therefore, there is a likelihood that its business will come under pressure in the first quarter.
The average estimate is that its first-quarter revenue will be $1.88 billion, up by 408% YoY, mostly because of its recent acquisition of Deribit, a top company in the futures market. They expect the second quarter revenue to come in at $2 billion, down by 70% YoY.
Wall Street analysts are bearish on the company, with analysts at HC Wainwright slashing the estimate from $425 to $350. Compass Point slashed the target to $220 and downgraded the rating to sell.
Coinbase stock price technical analysis
The weekly timeframe chart shows that the COIN stock price has come under pressure in the past few months, moving from $450 in July last year to the current $140. It has plunged below the key support level at $143, its lowest level in September 2024 and April last year.
The stock has plunged below all moving averages and is along the lower side of the Bollinger Bands. Also, the stock is approaching the ultimate support level of the Murrey Math Lines tool.
It is also approaching the 61.8% Fibonacci Retracement level at $191. Also, the Relative Strength Index (RSI) and the Stochastic Oscillator have continued falling.
Therefore, the stock will likely continue falling as sellers target the important support level at $100.
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