Coinbase (COIN) reported first-quarter earnings that missed analysts’ expectations, and shares dropped in extended trading on the heels of a Bitcoin-driven rally Thursday.
The cryptocurrency exchange reported revenue of $2.03 billion, up 24% year-over-year but below below the analyst consensus from Visible Alpha. Adjusted net income of $526.63 million, or $1.94 per share, fell from $679.2 million, or $2.53 per share, a year earlier, well short of estimates.
Coinbase shares slid close to 3% in extended trading following the release, after jumping 5% during Thursday’s regular session as the price of Bitcoin surged above $100,000 for the first time in months. The stock was down about 17% for 2025 through Thursday’s close.
Looking ahead, Coinbase said it expects second-quarter subscription and services revenue to land between $600 million and $680 million. Analysts had called for $704 million.
“Macro uncertainty, including around global trade policy, is impacting consumer sentiment and may contribute to softer crypto trading markets,” the company said in a letter to shareholders.
Separately, Coinbase announced ahead of Thursday’s earnings report that it agreed to acquire Deribit, a crypto options exchange, for $2.9 billion in cash and stock.
CORRECTION—May 8, 2025: This article has been updated since it was first published to reflect Coinbase agreed to acquire Deribit for $2.9 billion.
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