COIN Q1 2025

Q4 2025 Q3 2025 Q2 2025 Q1 2025

Earnings

Coinbase posted a revenue miss in Q1 2025, with total revenue of $2.00 billion falling 4.62% short of the $2.10 billion consensus estimate, even as the top line grew 22.1% year-over-year. The headline story behind the shortfall was a sharp pullback i… Read more Coinbase posted a revenue miss in Q1 2025, with total revenue of $2.00 billion falling 4.62% short of the $2.10 billion consensus estimate, even as the top line grew 22.1% year-over-year. The headline story behind the shortfall was a sharp pullback in crypto trading activity, transaction revenue declined 19% quarter-over-quarter to $1.30 billion as total crypto market cap fell 19% to $2.70 trillion by quarter-end, pressuring both consumer volume ($78.10 billion, down 17% Q/Q) and institutional volume ($315.00 billion, down 9% Q/Q). GAAP net income of $66.00 million was further weighed down by $597.00 million in pre-tax losses on Coinbase's crypto investment portfolio, though adjusted EBITDA of $930.00 million offered a cleaner read on operating performance. Subscription and services revenue provided a partial offset, rising 9% Q/Q to $698.00 million on record USDC market cap levels. The quarter's defining strategic move was the agreement to acquire Deribit for approximately $2.90 billion, as management flagged macro uncertainty and softer trading conditions heading into Q2, guiding subscription and services revenue of $600.00–$680.00 million.