The company said full-year 2025 total revenue rose 9% year over year to $7.2 billion. Total revenue for Q4 was $1.8 billion, down 5% from the prior quarter, and the net loss for Q4 was $667 million.

1. 01

   The company said full-year 2025 total revenue rose 9% year over year to $7.2 billion. Total revenue for Q4 was $1.8 billion, down 5% from the prior quarter, and the net loss for Q4 was $667 million.

2. 02

   The company said the net loss for Q4 was $667 million, and it attributed the loss to a $718 million loss on its crypto asset investment portfolio, which was mostly unrealized, and a $395 million loss on its strategic investments, including its investment in CRCL. Adjusted Net Income was $178 million and Adjusted EBITDA was $566 million.

3. 03

   The company said transaction revenue for Q4 was $983 million, down 6% from the prior quarter, and subscription and services revenue fell 3% to $727 million. Institutional transaction revenue was $185 million, up 37% from the prior quarter.

4. 04

   The company said it had cash and cash equivalents of $11.3 billion at the end of 2025. In Q4, it repurchased about 3.3 million shares for $850 million. In January 2026, its board approved an additional $2.0 billion repurchase authorization, and $2.3 billion remained available as of February 10, 2026.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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