Coinbase Q1: Breaking news—Coinbase, everyone’s favorite crypto rollercoaster operator, just dropped their Q1 2025 report. Drumroll, please: the exchange raked in a total of $2.00 billion revenue. That’s a 24% year-on-year climb—insert single, lonely party popper here. 🎉
Before anyone starts buying celebratory NFTs: on a quarter-over-quarter basis, Coinbase’s revenue belly-flopped by a chunky 10%. Transaction revenue? Down 19% from last quarter, now parked at $1.3 billion. Yes, crypto trading can give you motion sickness. 🚀📉
And for anyone whose party hat is still on: Coinbase missed Wall Street’s $2.1 billion estimate. Apparently, disappointment is contagious; the NASDAQ-listed stock (COIN) promptly went on a 4% diet.
Last quarter—those glory days of Q4 2024—Coinbase actually beat revenue predictions by a jaw-dropping 22%, reporting $2.27 billion. Someone was definitely popping champagne then. 🍾
Why Q1 Revenue Came Up Shorter Than a Ramen Noodle Budget
Wall Street analysts, ever the optimists, forecasted Coinbase would dazzle with $2.1 billion in Q1. They figured Americans would wake up, smell the crypto, and toss out $1.39 billion on transactions, plus $702 million on all those mysterious subscription services that nobody actually understands but everyone pretends to.
Coinbase, clutching its pearls, blamed “macroeconomic uncertainty.” Which, in this case, boiled down to U.S. trade shenanigans and geopolitical flexing by President Donald Trump. If you blinked, you missed the Trump Tariffs plot twist. Bottom line: politics happened, crypto traders clutched their hardware wallets and scuttled away.
All true, sadly. Bitcoin briefly blasted off to an all-time high in January, but then—classic crypto—fell face-down into the savings account. At Q1’s end, the total crypto market cap had tumbled 19%, crashing down to a mere $2.7 trillion. (Still more than the GDP of several countries, but whatever.)
Against this post-party backdrop, Coinbase’s transaction revenue clocked in at $1.3 billion, a 19% quarter-over-quarter drop—about as welcome as a wet coin in your pocket.
Total spot trading volume shrunk 10% to $393.1 billion, though for what it’s worth, that was marginally better than the global market’s 13% nosedive. Silver linings, right?
In an unexpected twist, stablecoin revenue actually went up—9% quarter-over-quarter. Circle USDc is apparently having a moment. 💸
What’s Next for the Not-Yet-Extinct Dino
Looking ahead to Q2 2025, Coinbase expects more of the same: macro-uncertainty (the vibes are off everywhere), anxious investors, and a general sense that “maybe this quarter will be better?”
They’re prepping for softer crypto trading and—brace yourself—potentially lower asset prices. Subscriptions and services revenue is forecast between $600–$680 million, with $215–$315 million headed for sales and marketing (and $15 million in stock-based compensation because those Moncler vests don’t buy themselves).
Ryan Rasmussen from Bitwise Invest is channeling full-on hype man energy, calling Coinbase a “sleeping giant.” Not to mention, it’s the Bouncer of U.S. crypto ETFs, with Base (the most successful L2 network) and Coinbase Ventures backing next-gen crypto wonders. And if you’re looking for profit-sharing pals, Circle’s here with USDC and some pumped-up subscription revenue.
Check the Shareholder Letter
Coinbase is a sleeping giant…
– Custodian to the U.S. crypto ETF market
– Most successful L2 (Base)
– Profit-sharing with Circle (USDC)
– Fast-growing subscriptions business (Coinbase One)
– Scaling staking at institutional level
– Acquired Deribit to dominate crypto…— Ryan Rasmussen (@RasterlyRock) May 9, 2025
Oh, and about that dominance: Coinbase just grabbed Deribit (the top crypto derivatives exchange) to corner the market in yet another game. In Q1 alone, global derivatives trading volume soared to $803.6 billion. Not bad for a company that supposedly naps through earnings calls. 😴
Turn the page? Or just HODL on for dear life.
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2025-05-09 13:53