Coinbase Q1 Revenue Drops 31%, Posts $394M Loss
Coinbase reported Q1 2026 revenue of $1.41 billion, down 31% year-over-year, and a $394.1 million net loss as trading volumes and markdowns on crypto holdings weighed on results.
Coinbase reported first-quarter 2026 revenue of $1.41 billion and a net loss of $394.1 million, as trading activity declined and the company recorded markdowns on crypto held for investment. The results cover the quarter ended March 31, 2026.
Transaction revenue totaled $755.8 million, while subscription and services revenue reached $583.5 million. Both figures came in below analysts’ estimates. Subscription and services accounted for 44% of net revenue, the highest share on record for the company.
Total crypto market capitalization fell more than 20% during the quarter, reducing retail order flow and pressuring spot trading on the platform, which slid 37% during the period. Overall transaction revenue declined 23% sequentially, compared with an industrywide trading volume decline of about 28%.
Consumer transaction revenue was $567 million. Institutional transaction revenue dropped 27% to $136 million.
The company recorded an unrealized loss of $482.4 million on crypto held for investment, a markdown that contributed to the quarterly net loss. A peer company posted a substantially larger Q1 loss tied to its bitcoin holdings.
Adjusted EBITDA remained positive at $303.3 million, marking the 13th consecutive quarter in positive adjusted EBITDA, though the figure fell 46% sequentially. Coinbase’s crypto trading market share reached a record 8.6% during the quarter.
Stablecoin-related revenue contributed $305 million. Coinbase reported that USDC’s market capitalization was about $80 billion and that average USDC held in Coinbase products was $19 billion, up 55% year-over-year. For the second quarter, management guided subscription and services revenue between $565 million and $645 million.
The company expects $50 million to $60 million in restructuring charges linked to a previously announced 14% workforce reduction. Management highlighted cost reductions and growth in recurring revenue as elements of the company’s operating focus.
Coinbase shares fell to about $193 after the results were released.
