"Coinbase launched via direct listing in April 2021, opening at roughly $381 before the crypto market turned. The stock spent much of the next four years whipsawing with Bitcoin prices, leading to a net loss in Q4 2025 due to a $718 million crypto asset markdown."
"Robinhood's stock cratered after its July 2021 IPO at $38 per share but rebuilt, achieving full-year 2025 revenue of $4.473 billion and net income of $1.883 billion, significantly broadening its revenue base beyond meme stocks."
"Coinbase is down nearly half from its IPO open, while Robinhood has more than doubled IPO investors' money and crushed the S&P 500 over the past year, despite both stocks being well off their 2025 highs."
Coinbase and Robinhood both went public in 2021, but their outcomes have diverged significantly. Coinbase's stock has struggled, with a notable net loss in Q4 2025 due to a large crypto asset markdown. In contrast, Robinhood has rebounded from a poor IPO performance, achieving record revenue and net income in 2025. While Coinbase's trading volume grew, its stock is down nearly half from its IPO, whereas Robinhood has more than doubled its IPO value. Both companies face challenges in the current market environment.
Read at 24/7 Wall St.
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