From Yahoo Finance: 2025-05-08 17:54:00

Coinbase Global Inc. saw first-quarter revenue rise 24% to $2 billion, but net income fell 94% to $66 million due to marking crypto holdings to market price. The company’s shares dropped 2% in after-hours trading and are down 17% this year. Coinbase is expanding services and acquiring Deribit for $2.9 billion.

Coinbase reported its second-highest monthly transacting users, showing growth and utility. The company is launching a pilot program for stablecoin payments amid Senate Democrats blocking stablecoin legislation. Revenues from Circle’s USDC stablecoin rose 32% sequentially to $298 million, partially offset by lower interest rates.

The acquisition of Deribit marks Coinbase’s push into the lucrative crypto derivatives market, with total trading volumes nearly doubling to $1.2 trillion last year. The deal comes as Bitcoin hits $100,000 for the first time since February. Analysts see this as an A+ acquisition for Coinbase, the largest crypto M&A deal in history.

In April, Coinbase generated $240 million in total transaction revenue. The company expects second-quarter subscription and services revenue to be within $600-$680 million range, with stablecoin revenue growth offsetting a decline in blockchain rewards revenue. Cryptocurrencies have rallied with easing global trade tensions, rebounding from recent dips.

Read more: Coinbase Posts Jump in Revenue, Drop in Quarterly Earnings