Coinbase Global reported that its spot trading volumes fell by 18% in the fourth quarter as the average daily price of Bitcoin declined by more than 25% from its year-to-date peak. The company’s overall transactional revenue dropped to $1.4 billion over the period, down from $1.9 billion in the prior quarter. Management attributed the bulk of the decline to reduced retail activity, with monthly active users falling by 12% to 9.2 million. The slowdown in core trading volumes has placed pressure on the firm’s top line and has driven quarterly net income margins down from 45% to 38%.

Coinbase highlighted that revenue from its stablecoin rewards program grew by 32% year-over-year, contributing $210 million in the quarter, and now represents 15% of total non-transactional revenue. The company also reported that assets under management in its DeFi staking products rose from $1.8 billion to $2.5 billion in three months, a 39% increase driven by new listings of Ethereum-based tokens and partnerships with decentralized finance protocols. These emerging revenue streams helped cushion the impact of lower spot trading income and accounted for roughly $450 million in service and custodial fees during the period.

Director Frederick Ernest Ehrsam III sold a combined 14,000 shares over five separate transactions between November and January, generating gross proceeds of $4.2 million. Additionally, CFO Alesia Haas disposed of 8,050 shares for approximately $2.0 million in mid-January, according to Securities and Exchange Commission filings. While insider selling is not uncommon, these exits follow a period in which Coinbase’s stock underperformed a broad crypto index by nearly 30%, prompting some investors to question whether management has full confidence in near-term growth prospects.