🥛 Is Coinbase dying or evolving 🧬

GM. This is Milk Road, your crypto co-pilot in a market that sometimes feels like trying to assemble IKEA furniture without the instructions.

Here’s what we’ve got for you today:

✍️ Coinbase Q4 2025 earnings.
🎙️ The Milk Road Show: Crypto Fear Hits EXTREME (5): Is This a Massive Opportunity? w/ John Gillen.
🍪 Inflation just dropped to its lowest level in nearly 5 years.

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Prices as of 2:00 p.m. ET. Trade today with Milk Road Swap.

COINBASE Q4 2025 EARNINGS 💰

Coinbase posted their Q4 earnings after market close last night.

We think it was one of their most important earnings reports to date.

… other folks? They, er, did not agree.

And it’s no surprise as to why - look at these headline numbers:

Revenue down 22%.
Consumer transaction revenue down 45%.
A $2.49 loss per share when analysts expected $1 profit.

Source: @earnings_guy

Looks terrible, right?

Here's the (bullish) reality everyone is either missing entirely, or straight up ignoring:

Coinbase isn't the same company it was in 2021.

They now have 12 (twelve!) different products generating over $100M annually.

Source: @brian_armstrong

Meaning their planned transformation from ‘crypto exchange’ to ‘financial super app’ is not only being taken seriously - it’s well underway.

And if you zoom out beyond the Q4 miss - you’ll see this transformation materializing in the numbers.

Lemme cook real quick…

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COINBASE Q4 2025 EARNINGS (P2) 💰

The long-term numbers are making us restless with excitement.

(The kind of ‘restless’ that’d make your dad pull over halfway into a road trip and threaten to turn around.)

Market share doubled to 6.4% in 2025.
Trading volume hit $5.2T for the year (up 156% year over year).
Their subscription and services revenue reached $2.8B (that's 5.5x higher than the peak of the last bull cycle).

Source: @brian_armstrong

Want more? Here, have more!

Almost 1M people now pay for Coinbase One subscriptions (this has tripled in three years).

Coinbase acquired Deribit and became the global leader in crypto derivatives by open interest and options volume.

They launched prediction markets…

They launched equities trading…

Oh, and are handling crypto custody for over 150 government agencies.

The Q4 "miss" happened because consumer transaction revenue dropped.

Translation: retail wasn't aping into memecoins as hard in Q4.

That's supposed to be bearish?

The entire thesis against Coinbase has always been that they're too dependent on retail speculation during bull markets.

This earnings report shows they've been systematically fixing that problem.

The broader idea being: they’re building toll roads, not casinos.

When the next wave of institutional adoption hits, they’ll be the incumbent - and when the next wave of retail mania hits, they'll capture that too!

The beautiful part of all this is: now they won't be relying on either to survive.

This is what transformation looks like.

One quarter's miss during a downturn doesn't change the trajectory.

The "Everything App" thesis is playing out.

P.S. You can read our PRO report on Coinbase, here!

BITE-SIZED COOKIES FOR THE ROAD 🍪

Tax season is just around the corner. If you’re not sure how to go about it, SUMM is a tax software built specifically for crypto.

Hell yeah! Inflation just dropped to its lowest level in nearly 5 years, beating expectations.

We asked Real Vision: When do prices recover, and when that happens, what do we buy?

Blacklisted: The Pentagon just made a blacklist that flags Chinese companies believed to be helping China's military (and it’s tanking a bunch of share prices).

This seems too good to be true. Nexo’s “Zero-interest credit” lets you borrow $BTC or $ETH with no yearly interest or fee.*

*this is sponsored content.