In the first quarter of 2025, the revenue of the cryptocurrency exchange Coinbase decreased by 10% compared to the previous quarter, to $2 billion, which is 4.1% lower than industry forecasts.
Net profit fell by 95%, from $1.29 billion to $66 million, largely due to a loss of $596 million on crypto assets. However, earnings per share of $1.94 exceeded the Zacks consensus forecast ($1.85).
Subscription and service revenues grew by 8.9% to $698.1 million. Coinbase reported an increase in its share of spot and derivatives trading, as well as strengthening its positions in several countries. Additionally, the company entered into the largest deal in the industry to acquire the derivatives platform Deribit for $2.9 billion. This decision will help Coinbase expand its presence in the futures and options market.
