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Coinbase Q1 Revenue Falls to $2 Billion, Net Income Drops to $66 Million, Announces $2.9B Deribit Acquisition

10 posts • GPT (4.1)

Updated May 9, 2025, 12:49 PM

Coinbase reported first-quarter 2025 revenues of $2 billion, missing Wall Street estimates of $2.12 billion, as trading volumes and net income declined. The company’s net income fell to $66 million, down 94% from the previous quarter and from $1.2 billion a year earlier. Earnings per share declined to $0.26 from $4.84 in the same period last year, while GAAP EPS was $0.24. Trading revenues, which account for over 60% of Coinbase’s total revenue, dropped 19% quarter-over-quarter to $1.26 billion, with total trading volume falling 10% sequentially to $393.1 billion. Subscription and services revenue, driven by stablecoin and staking services, rose 9% quarter-over-quarter to $698 million, with stablecoin revenue up 32% and average USDC balances rising 49% to $12 billion. Coinbase’s adjusted net income was $527 million and adjusted EBITDA reached $930 million. The company processed $315 billion in institutional trading volume and added 39 new perpetual contracts to its international exchange, pushing global derivatives trading volume above $800 billion. The company attributed weaker results to macroeconomic uncertainty, global trade policy impacts, and lower crypto asset prices, with Bitcoin declining about 10% during the quarter and the total crypto market cap falling 19% to $2.7 trillion. Coinbase expects subscription and services revenue in the second quarter to be between $600 million and $680 million, and operating expenses to remain stable. Coinbase’s stock fell nearly 2% in after-hours trading following the earnings release and is down about 17% year-to-date. Analysts including JPMorgan and Barclays have cut their price targets and ratings on the stock. The company announced the $2.9 billion acquisition of crypto derivatives exchange Deribit, including $700 million in cash and 11 million Coinbase shares, to expand in institutional and derivatives trading. The partnership with Circle contributed $297 million in revenue, up from $197 million a year earlier, as USDC adoption on Coinbase increased tenfold over two years. The total stablecoin balance on Base, Coinbase’s Ethereum Layer 2 network, climbed 12% to $4 billion, and Base transaction volume rose 16% quarter-over-quarter. Coinbase reported $9.9 billion in USD resources and a $25 billion increase in average assets under custody during the quarter.

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#Coinbase #Wall Street #Bitcoin #JPMorgan #Barclays #Deribit #Circle #USDC #Base #Ethereum

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Sources

decrypt.co(2)ooc.bz bolsamania.com blog.mukundmohan.online

Open Outcrier

@OpenOutcrier

$COIN (-1.6% pre) Coinbase shares fall after first-quarter revenue misses Wall Street estimates https://t.co/iu6eVqMZGa

Bolsamanía

@bolsamania

Coinbase suffers on the stock market after disappointing with its results and forecasts https://t.co/2Y05ov2k5U

Hardik Shah

@AIStockSavvy

$COIN | 𝐂𝐨𝐢𝐧𝐛𝐚𝐬𝐞 (COIN): KBW maintains 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐞𝐫𝐟𝐨𝐫𝐦, 𝐫𝐚𝐢𝐬𝐞𝐬 𝐏𝐓 𝐭𝐨 $𝟐𝟎𝟓 (from $183). Despite Q1 misses, crypto price surge drives out-year optimism and PT boost. https://t.co/mcXZ9hxMTp https://t.co/wB9RjVCFGE