USDT/USD

In the early hours in Beijing on Feb 13, after the US close, $Coinbase(COIN.US) reported its Q4 2025 results. The quarter was weak, missing Street expectations.

However, the stock has largely decoupled from the print. Since Feb, COIN has sold off alongside a deeper crypto pullback, while most Street estimates were set in Jan.

Stepping back from near-term estimates, the company is in an investment-led expansion phase, entering stock trading, equity perpetuals, and prediction markets via M&A and in-house builds. As a result, opex has risen meaningfully...