Coinbase Misses Estimates on Q1 Revenue, $400M Loss

Coinbase shares slid Thursday after the US crypto exchange reported a steep first-quarter loss while revenue missed Wall Street expectations.

Coinbase reported a net loss of $394.1 million in Q1, its second consecutive quarterly loss after reporting a $667 million loss in Q4 2025. It swung from a $65.6 million profit a year earlier. 

“Macro conditions were genuinely tough,” Coinbase chief…