First-quarter results reflect weaker crypto prices and lower trading volumes, reversing a $66 million profit from the prior year.
Coinbase recorded a $394 million net loss in the first quarter of 2026, swinging from a $66 million net income in the same period last year. Revenue declined 31% year-over-year to $1.41 billion, extending a 20% drop from the previous quarter.
The company attributed the decline to lower crypto prices and reduced trading activity. Earlier this year, Coinbase announced plans to cut 14% of its workforce, with restructuring costs estimated at up to $60 million.
Competitive pressures intensified as Morgan Stanley launched lower-fee crypto trading on its E*Trade platform.