Overview

• Coinbase reported $2 billion in Q1 2025 revenue, falling short of analysts' $2.12 billion forecast, with net income plummeting 94% to $66 million from the prior quarter.
• Transaction revenue, which accounts for over 60% of Coinbase's total revenue, declined 19% quarter-over-quarter to $1.26 billion due to weaker trading activity.
• The company finalized a $2.9 billion acquisition of derivatives exchange Deribit, aiming to expand its global trading services and diversify revenue streams.
• Revenue from Coinbase's stablecoin partnership with Circle rose to $297 million, a 51% year-over-year increase, supported by growing USDC adoption and regulatory progress.
• Despite the earnings miss, Coinbase remains optimistic about the industry's future, citing favorable policy developments, including the dismissal of an SEC lawsuit.