Crypto exchange Coinbase (COIN) topped fourth-quarter earnings estimates Tuesday evening, but shares are sharply lower Wednesday alongside a sizable pullback in crypto.

The company reported fourth-quarter revenue of $605 million, up 5% from the previous quarter and beating the consensus estimate of $588 million. The exchange’s Q4 loss of $2.46 per share topped forecasts for a loss of $2.52.

The exchange's stock, however, continues to pull back after a big run higher to start the year – COIN is down 6.1% Wednesday and 13% over the past week, but still ahead 75% for the year to date. Bitcoin (BTC) is lower by nearly 4% to $23,700 as it continues to retreat from the $25,000 level touched earlier this week.

Wall Street analysts on balance had a favorable view of Coinbase’s report. Oppenheimer’s Owen Lau called the company’s outlook “encouraging,” and said the restructuring it put in place earlier this year puts Coinbase on track to become profitable.

JPMorgan’s Devin Ryan wrote that management’s “shift in tone around profitability is particularly notable,” but that this focus won’t limit the company in any way.

Speaking during the Tuesday earnings call, Coinbase CEO Brian Armstrong said his “top priority” for 2023 is policy, and he plans on spending plenty of time in Washington, D.C., to make his case with regulators and lawmakers.