Coinbase (NASDAQ:COIN) shares lost 6% after-hours on Thursday despite a strong Q4 beat, with EPS and revenues coming in at $3.32 and $2.49 billion, above the consensus estimates of $1.80 and $1.89 billion, respectively.

The company’s Monthly Transacting Users and Verified Users at the end of the year were 11.4 million and 89 million, respectively. Trading volumes rose 67% to $547 billion in Q4, with retail trading representing 32% of volumes and cryptocurrencies accounting for 68% of total trading.