Coinbase posted a internet lack of $394 million, or $1.49 per share, for the primary quarter of 2026, badly lacking analyst expectations of a $0.04 normalized EPS revenue.
Whole income got here in at $1.41 billion, down 31% year-over-year and in need of the Wall Avenue consensus of $1.48 billion.
The income collapse
Transaction income was the largest wound, slumping roughly 40% to $756 million in comparison with a 12 months earlier.
A $482 million drag from unrealized losses on crypto belongings held for funding—tied largely to bitcoin’s slide in the course of the quarter—compounded the ache.
Subscription and companies income additionally fell, dropping 13.5% to $583.5 million as risk-averse buyers pulled again on discretionary crypto publicity.
CFO Alesia Haas was blunt concerning the atmosphere on the earnings name:
“Macro circumstances had been genuinely robust. Whole crypto market cap and whole crypto buying and selling quantity had been each down greater than 20% quarter-over-quarter.”
Vibrant spots in a down quarter
Not every thing was grim.
On a non-GAAP foundation, adjusted EBITDA got here in at $303 million, marking Coinbase’s thirteenth consecutive constructive quarter on that metric.
Derivatives buying and selling quantity surged 169% year-over-year, and prediction markets hit $100 million in annualized income inside simply two months of launch.
Coinbase additionally reached an all-time excessive crypto buying and selling market share of 8.6%.
CEO Brian Armstrong pointed to stablecoin momentum as one other tailwind:
“We hit a brand new all-time excessive in USDC held in Coinbase merchandise and noticed 10x year-over-year development in stablecoin transactions on Base.”
Layoffs and authorized headwinds
Forward of earnings, Coinbase introduced it could minimize roughly 700 jobs—about 14% of its international workforce—citing crypto market cyclicality and AI’s rising impression on productiveness.
Armstrong framed the cuts as essential to:
“Emerge leaner forward of the following crypto cycle.”
The corporate additionally confronted two lawsuits heading into the print.
New York Legal professional Common Letitia James sued Coinbase on April 21, alleging its prediction market platform constitutes unlawful playing below state legislation and searching for forfeiture of income plus treble damages.
A second go well with, filed Could 4 by a dealer recognized solely as “D.B.,” alleges Coinbase froze stolen DAI stablecoin funds traced to one among its retail accounts however refused to return them with out a court docket order.
Readability act outlook
Coinbase’s Chief Authorized Officer Paul Grewal provided a assured learn on the Readability Act, the laws geared toward establishing a transparent regulatory framework for digital belongings:
“We’re assured that the invoice goes to go to markup this month, with a ground vote to observe in early summer season. All that interprets to our confidence that we’re going to see a signed piece of laws by the tip of the summer season.”
COIN shares closed 2.53% decrease at $192.96 on the day of the report and have misplaced almost 15% of their worth thus far in 2026.