Coinbase Global Swings to Loss Amid Softer Crypto Market

By Elias Schisgall

Coinbase Global swung to a loss in the first quarter, as a weak crypto market weighed on the company's top line.

The cryptocurrency exchange on Thursday posted a loss of $394.1 million, or $1.49 a share, compared with a profit of $65.6 million, or 24 cents a share, a year earlier. The loss included a $482.4 million loss on the value of crypto assets held for investment.

Revenue fell to $1.41 billion from $2.03 billion. Analysts were expecting $1.49 billion in revenue. The company said its sequential revenue decline, down 21% quarter-over-quarter, was less than the 28% sequential decline in crypto market volumes and the 37% drop in spot volumes.

"We executed well on what was in our control in Q1," Chief Executive Officer Brian Armstrong said. Chief Financial Officer Alesia Haas said that the market environment was softer during the quarter, but that the company had strong fundamentals.

Shares fell 4.7% to $183.91 in after-hours trading Thursday.

For the current second quarter, the company said it expects subscription and service revenue between $565 million and $645 million. It said transaction revenue has been roughly $215 million during the quarter, as of Tuesday.

The company is also expecting restructuring costs between $50 million and $60 million during the quarter, relating to a layoff of roughly 700 employees.

Armstrong announced the layoffs earlier this week, as part of a push to cut costs and rely more on artificial-intelligence agents to conduct company work. The layoffs are also a response to a "down market" for crypto, Armstrong said.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

May 07, 2026 17:03 ET (21:03 GMT)