Coinbase Q1: – The main exchange of crypto CPINBASE published a quarterly report for the first quarter of 2025. With a total turnover of $ 2.00 billion, the exchange experienced a 24% increase over one year.
However, on the metric of a quarter on site, income decreased by 10%. His transaction income also fell 19% Q / Q to $ 1.3 billion.
Overall, income has missed Wall Street estimates of 2.1 billion dollars. The subsequent disappointment has reflected in its NASDAQ-LKSTED (Coin) actions testifying to the drop of 4%.
Why have the expectations of analysts have missed
According to the Coinbase Q1 report, the company highlighted macroeconomic uncertainty as a reason for the decrease.
This includes change in American trade policy and geopolitical tensions led by US President Donald Trump. These tensions, in particular Trump's American prices, were slipped into market volatility and consumer appetite for cryptographic trading.
Bitcoin reached a new summit in all in January, but the gains proved in the short term while the prices of cryptography have slipped with a larger market. At the end of the first quarter, the total market capitalization of the cryptocurrency had dropped by 19% compared to its end-of-year level, landing at 2.7 billions of dollars.
In this context, transaction revenues in the first quarter of Coinbase reached $ 1.3 billion – a quarter of 19%.
The total volume of points exchanges dropped by 10% to 393.1 billion dollars, although this has always exceeded the contraction of the volume of 13% of the world market over the same period.
Interestingly, its Stablecoin revenues increased by 9% Q / Q, reflecting the increase in income from its partner and the Stablecoin Circle USDC transmitter.
Read also: Crypto market in Q1
What is the next step for the giant
In T2 2025, Coinbase expects macro uncertainty, including around global trade policy, continues to have an impact on consumers' feeling.
This can contribute to the smaller crypto markets and down the prices of assets as it enters the second quarter.
For the T2 2025, Coinbase provides subscription and services revenues from $ 600 to $ 680 million and $ 215 to $ 315 million in sales and marketing, including around $ 15 million in stock remuneration.
According to Ryan Rasmussen, head of research in Bitwise Invest, “Coinbase is a sleeping giant”. It is the goalkeeper of the US Crypto ETF with the most successful L2 network. His web financing company which supports crypto investments at an early stage – Coinbase Ventures – also makes good progress.
Check the shareholders' letter
“In five years, we want to be the application of n ° 1 financial services in the world.”
– Brian Armstrong when asked what Coinbase looks like in 5 years.
– Ryan Rasmussen (@Rasterlyrock) May 8, 2025
The recent deribit acquisition to dominate cryptographic derivatives still illustrates its dominant status. Especially in the first quarter, it resulted in 803.6 billion dollars in world volume for derivatives while it continues to develop its market share with recent acquisition.
Warning: The content may include the personal opinion of the author and is subject to market conditions. Do your market studies before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
