Episode Details

Coinbase reported a headline net loss driven by crypto write-downs, yet management signaled aggressive confidence by buying back nearly three times that amount in stock.

In ~10 minutes:

* Rev $1.78B (-5% QoQ), Adj. EBITDA $566M 📉

* Net Loss $(667)M driven by unrealized paper losses

* Institutional revenue +37% while Consumer volume slowed

* Repurchased $1.7B in stock; authorized $2B more

* Q1 Outlook: Sub & Services revenue expected to drop ~20%

Susie and Miro unpack the "Everything Exchange" pivot as the company tries to diversify away from volatile crypto cycles. They discuss the accounting change classifying USDC as "cash," the legislative risks threatening stablecoin rewards, and Brian Armstrong’s futuristic bet on AI agents using wallets.

Coinbase Global, Inc. (COIN) | Q4 FY2025

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