Coinbase reported wider-than-expected Q1 loss as crypto trading slows

Coinbase Global Inc (NASDAQ:COIN) reported weaker-than-expected first-quarter 2026 results, as lower crypto trading activity and investment-related losses weighed on and earnings.

For the quarter ended March 31, Coinbase posted an adjusted loss of $1.49 per share, far below estimates of earnings per share of $0.27.

Revenue came in at $1.41 billion, below the consensus of $1.52 billion.

The result also marked a 30.5% decline from $2.03 billion in the same period a year earlier, reflecting softer crypto market conditions and reduced trading volumes.

Coinbase also recorded an unrealized loss of $482 million on investments during the quarter.

Despite the weaker headline figures, the company highlighted growth in several areas of its platform. Coinbase said its crypto trading volume market share reached a record 8.6%, supported by gains in derivatives activity and broader product expansion.

Retail derivatives revenue on an annualized basis exceeded $200 million, while derivatives trading volumes rose sharply year over year.

The company also pointed to early traction in newer products, including prediction markets, which it said reached an annualized revenue run rate of $100 million within two months of launch.

Coinbase added that its stablecoin and payments ecosystem continued to expand, with USDC usage and onchain activity increasing across its Base network.

“The market environment this quarter was softer, but the underlying fundamentals of our business remain strong," Coinbase chief financial officer Alesia Haas said in a statement.

"We’ve now delivered 13 consecutive quarters of positive Adjusted EBITDA spanning both bull and bear markets, alongside 12 consecutive quarters of native unit inflows.”

Shares edged about 1% lower following the release.