The biggest U.S. crypto exchange reports a 22% drop in revenue during the fourth quarter, when prices of bitcoin and other digital assets fell sharply.

Coinbase posted a surprise quarterly loss on Thursday, marking its first since the third quarter of 2023, as the cryptocurrency exchange was hit by weaker trading volumes during a period of broad digital-asset selloff.

Coinbase reported adjusted earnings of 66 cents per share, down from $3.70 per share in the fourth quarter of 2024, on revenue of $1.781 billion, down 21.6% year-over-year. Analysts had been expecting earnings of $1.

Though the crypto industry began on the promise of decentralization, several crypto exchanges like Coinbase run on centralized servers like AWS and Cloudflare. While these central