Coinbase reports $667M Q4 loss while Robinhood's prediction markets hit $300M annual revenue

Coinbase reported a net loss of $667 million in the fourth quarter of 2025, with adjusted profit of $178 million and adjusted EBITDA of $566 million after booking $718 million in unrealized losses on crypto holdings and a $395 million impairment on its Circle investment, according to its report. The company's 2025 Subscription and Services revenue totaled $2.8 billion, while USDC held in Coinbase products reached $17.8 billion in the fourth quarter with 18% sequential growth. Robinhood reported average revenue per user rose 27% year over year to $191 in the fourth quarter as paying users grew 7%, with other trading revenue up 300% year over year to $147 million on prediction markets and options revenue up 41% to $314 million. CEO Vladimir Tenev said prediction markets became the company's fastest-growing line with $300 million in annualized revenue and $12 billion in first-year contract volume, and Robinhood acquired MIAXdx through Rothera LLC in January 2026 to operate a CFTC-licensed exchange and clearinghouse.