Coinbase Posts $667 Million Net Loss, Revenue Declines 20%

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 as falling token prices drained trading activity across digital assets. After registering an unrealized loss to mark down the value of its crypto holdings and investments, the company posted a net loss of $667 million, compared with a $1.3 billion profit from the same period last year. The stock - down nearly 37% for the year - edged higher in after-hours trading.