Researcher: It is expected that Coinbase's total revenue in 2025 will be approximately $7.2 billion, with a 5% quarter-over-quarter decline in Q4 revenue

Cryptanalysis provider CoinMetrics senior researcher Tanay Ved expects Coinbase's total revenue for the fourth quarter of 2025 to be $1.77 billion, a 5% decrease from $1.87 billion in the third quarter, as declines in trading volume and asset prices offset growth in derivatives trading and USDC.

Trading revenue is expected to be $978 million (a 6% quarter-over-quarter decline), with Deribit's contribution throughout the quarter driving growth in institutional business.

Subscription and services revenue remains resilient at $723 million, with the growth in USDC supply offsetting the impact of the Federal Reserve's interest rate cuts and reduced staking rewards.

The firm forecasts Coinbase's total revenue for the fiscal year 2025 to be approximately $7.2 billion, reflecting Coinbase's ongoing revenue diversification and strategic expansion into the derivatives space.

It is reported that Coinbase will announce its fourth quarter and full-year financial results for 2025 after the market closes on February 12 (Wednesday).