Coinbase Global (NASDAQ: COIN) reported first-quarter 2025 results that missed Wall Street expectations, as declining transaction volumes weighed on revenue and earnings. Shares slipped 1.40% in pre-market trading following the release.
The cryptocurrency exchange posted revenue of $2.03 billion, below the consensus forecast of $2.2 billion. Adjusted earnings per share (EPS) came in at $0.24, significantly missing analyst expectations of $2.09.
Transaction revenue declined 19% from the prior quarter to $1.3 billion amid subdued trading activity in a volatile crypto market. Meanwhile, subscription and services revenue rose 9% sequentially to $698 million, supported by growth in stablecoin-related revenue as the market cap of USDC reached new highs.
Despite the headline miss, Coinbase reported gains in global spot and derivatives trading market share. Average assets under custody increased by $25 billion quarter-over-quarter, reaching $212 billion.
The company ended the quarter with $9.9 billion in USD resources and generated $930 million in adjusted EBITDA, alongside $66 million in net income.
Looking ahead, Coinbase guided for second-quarter subscription and services revenue between $600 million and $680 million. Management cautioned that macroeconomic uncertainty and continued weakness in crypto trading volumes could impact future performance.
In addition to its earnings report, Coinbase announced a $2.9 billion deal to acquire crypto derivatives exchange Deribit to expand its presence in the options market.
As of the latest update, Coinbase Global (NASDAQ: COIN) shares have fallen 17% in 2025. The stock is down 1.40%, trading at $203.60 in pre-market trading.
David Kirakosyan is a seasoned financial journalist with nearly a decade of hands-on experience in covering the U.S. stock markets. Since 2016, he has written thousands of equity news articles, detailed market analyses, and investment insights for trusted platforms like Benzinga, Investing.com, and StreetInsider. David holds a Master of Science in Finance and is a Level 2 CFA® candidate, reflecting his deep commitment to financial expertise and ethical standards. His reporting combines real-world market experience with a strong academic foundation, helping readers make informed decisions backed by reliable information. Read Full Bio
