Coinbase Q1 revenue falls 10% to $2.0 billion; net income $66 million
Coinbase reported first-quarter 2025 total revenue of $2.0 billion, down 10% from the prior quarter, and net income of $66 million, with results weighed down by $597 million in pre-tax losses on its crypto investment portfolio. The letter also announced an agreement to acquire Deribit for approximately $2.9 billion, paid in $700 million cash and 11 million shares, which shareholders should weigh against the lower quarterly profit.
Key points
- Q1 total revenue was $2.0 billion, down 10% from Q4 2024; transaction revenue was $1.3 billion, down 19%
- Net income was $66 million, compared with $1.29 billion in Q4 2024; Adjusted EBITDA was $930 million
- Subscription and services revenue rose 9% to $698 million, driven mainly by stablecoin revenue
- Agreement to acquire Sentillia B.V. (Deribit) for about $2.9 billion, expected to close by year-end, subject to regulatory approvals
The filing
Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 08, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.