Coinbase Stock Crashes 5% Amid $394M Loss

Coinbase Reports $394M Q1 Loss Amid Trading Slowdown

• Coinbase shares fell approximately 5% in after-hours trading following a reported Q1 net loss of $394 million.
• Total revenue for the quarter was $1.4 billion, with transaction revenue at $756 million.
• Revenue declined from $2.03 billion the previous year, missing analysts’ expectations of about $1.49 billion.
• Stablecoin revenue reached $305 million, driven by USDC market cap growth and record average USDC held in Coinbase products of $19 billion.
• The company reported $303 million in adjusted EBITDA, marking its 13th consecutive quarter of positive adjusted EBITDA.

Coinbase experienced a significant financial reversal in Q1 2026, reporting a net loss of $394 million compared to last year’s profit. Despite this, the company maintained positive adjusted EBITDA and saw substantial growth in stablecoin revenue due to increased USDC holdings.