Coinbase Global COIN Reports First-Quarter Total Revenue of $2.03 Billion, Missing Street Consensus Estimate of $2.12 Billion

Coinbase reported first-quarter total revenue of $2.03 billion. It missed a Street consensus estimate of $2.12 billion, according to data from Benzinga Pro.

Cryptocurrency company Coinbase Global (NASDAQ:COIN) reported first-quarter financial results Thursday evening that missed expectations for revenue and earnings. Here are the highlights.

What Happened: Coinbase reported first-quarter total revenue of $2.03 billion, which missed a Street consensus estimate of $2.12 billion, according to data from Benzinga Pro.

Total revenue was up from $1.64 billion in last year's first quarter and down 10% from $2.27 billion in the fourth quarter.

Transaction revenue was $1.26 billion in the first quarter, up from $1.08 billion in last year's first quarter and down 19% quarter-over-quarter.

Subscription and services revenue was $698.1 million, which was in the company's previous guidance range of $685 million to $765 million. This revenue segment was up 9% quarter-over-quarter.

Adjusted earnings per share of $1.94 missed a Street consensus estimate of $2.11 for the quarter.

"This quarter, we made meaningful progress against our 2025 priorities of driving revenue, driving utility, and building the foundations to empower the next decade of growth," the company said.

Coinbase said it gained market share in global spot and derivatives in the quarter.

Bitcoin (BTC) made up 27% of trading volume and 26% of transaction revenue, nearly identical to 27% for both metrics in the fourth quarter. Ethereum (ETH) was 11% of trading volume and 10% of transaction volume, compared to 10% for both in the fourth quarter.

Solana (SOL) represented 10% of transaction revenue in the first quarter and was less than 10% in the prior month.

XRP Token (XRP) represented 11% of trading volume and 18% of transaction revenue. In the fourth quarter, the crypto was 14% of transaction revenue and less than 10% of trading volume.

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What's Next: Coinbase highlighted sector progress, citing President Donald Trump's executive to establish a Strategic Bitcoin Reserve.

The company also said the dismissal of the SEC lawsuit against Coinbase was a "major judicial win."

"With growing regulatory clarity, we're accelerating our vision towards economic freedom," the company said.

Coinbase also highlighted its previous announced planned acquisition of Sentilia B.V (Deribit), a leading crypto options exchange. The planned acquisition is expected to close by the year-end.

Guidance from Coinbase calls for second-quarter subscription and services revenue in a range of $600 million to $680 million.

April transaction revenue for the company was $240 million.

COIN Price Action: Coinbase stock is down 2.4% to $201.51 in after-hours trading Thursday. Its 52-week trading range is $142.58 to $349.75.

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