According to Fixygen, Coinbase Global, the operator of the largest cryptocurrency exchange in the U.S., reported a net loss in the first quarter of 2026 due to a decline in the value of its digital currency assets.
According to the company’s press release, the net loss for January–March was $394.1 million, or $1.49 per share, compared to a profit of $65.6 million, or $0.24 per share, for the same period the previous year.
The figure includes a $482.4 million decline in the value of the company’s cryptocurrency holdings.
Coinbase’s quarterly revenue fell to $1.41 billion from $2.03 billion a year earlier. Analysts surveyed by FactSet had forecast revenue of $1.49 billion on average.
The company’s revenue from transaction fees in the past quarter was $755.8 million, compared to a forecast of $805.2 million. Revenue from subscription sales was $583.5 million, instead of the expected $619.3 million.
Coinbase shares fell 4.6% in after-hours trading on Thursday. Since the start of this year, the company’s market capitalization has dropped by nearly 15%, to $52.28 billion.
