Coinbase Hit a Record. Then Its Stock Fell 60%.

Business Onion · 2:57

On July 18, 2025, Coinbase's stock closed at a record $419.78. Within a year it had lost about 60% of its value, the company had posted three losing quarters in a row, and it had cut about 700 jobs. The finale of THE COINBASE STORY: how Coinbase actually makes money, why trading dried up, and what happened when a broker with 39 million accounts started selling bitcoin for half the price. Numbers & sources: COIN closes $419.78 (18 Jul 2025) and $157.12 (17 Jul 2026), via Yahoo Finance. GENIUS Act signed 18 Jul 2025. Net losses in Q4 2025, Q1 2026 and Q2 2026 (Coinbase filings; the losses include mark-downs on crypto holdings, and adjusted net income was also negative in Q1 and Q2 2026). About 700 jobs: 8-K, 5 May 2026. "About $1.50 per $100" is our arithmetic from Coinbase's reported Q2 2025 consumer transaction revenue ($650M) and consumer trading volume ($41.5B) in its Q2 2026 earnings deck; it is an average, not a published price. Transaction revenue was 56.5% of 2025 revenue. Bitcoin: about $126,000 on 6 Oct 2025, down more than half by 1 Jul 2026. Transaction revenue fell 22% year on year in Q2 2026. Schwab: Rick Wurster on CNBC, 18 Jul 2025; spot bitcoin at 0.75% from May 2026, phased rollout. Deribit: $700M cash plus about 11 million shares, signed 8 May 2025. Figures as of 10 Oct 2026. Some scenes are cinematic reconstructions of documented events. All quotes, dates, and figures are verified.