PANews reported on May 8th that, according to The Block, Coinbase reported a net loss of $394 million in the first quarter, primarily due to a $482 million investment loss on its digital assets held on its balance sheet caused by a sharp decline in cryptocurrency prices. This compares to a net profit of $66 million in the same period last year. This marks Coinbase's second consecutive quarterly net loss. Total revenue for the first quarter was $1.41 billion, a 31% year-over-year decrease. Transaction revenue fell 40% year-over-year to $756 million, and subscription and service revenue declined 14% to $584 million.

Coinbase CEO Brian Armstrong stated that despite the sluggish crypto market, the fundamentals of the on-chain economy are growing strongly, and the company is transforming from a "spot-centric crypto platform" into one where users can trade multiple asset classes, including derivatives, commodities, futures, and prediction market event contracts. Furthermore, Coinbase's stablecoin revenue grew 11% to $305 million. The company's global crypto market share reached 8.6%, with adjusted EBITDA of $303 million. Following the earnings release, Coinbase's stock price fell approximately 6% to $182 in after-hours trading.