Coinbase Q1 revenues up 40% YoY to $2 billion, while net income down

05/09/2025 06:45
Coinbase Q1 revenues up 40% YoY to $2 billion, while net income down

The falling profit is directly related with the crypto market downturn in Q1, as Coinbase's Q4 gains were significantly bolstered by unrealized returns on its crypto portfolio.

Coinbase Q1 revenues up 40% YoY to $2 billion, while net income down Coinbase Q1 revenues up 40% YoY to $2 billion, while net income down 58 seconds ago · 1 min read

The decline in net profit is directly related with the crypto market downturn during the first quarter.

1 min read

Updated: May. 8, 2025 at 11:59 pm UTC

Coinbase Q1 revenues up 40% YoY to $2 billion, while net income down

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Coinbase reported $2 billion in total revenue for the first quarter, compared to $1.6 billion in the first quarter of 2024.

Meanwhile, the exchange posted $66 million in net income, compared to $1.2 billion, including unrealized gains of $737 million, during the same period last year.

Coinbase reported $930 million in adjusted EBITDA for the quarter, with adjusted net income reaching $527 million.

Subscription and services revenue rose 9% quarter-over-quarter to $698 million, reflecting increasing user demand for non-trading income sources.

Coinbase reported $9.9 billion in USD resources, including cash, cash equivalents, and USDC. Meanwhile, average assets under custody climbed by $25 billion over the quarter.

Derivatives volume

Coinbase processed $315 billion in institutional trading volume in the first quarter and reported a $25 billion increase in average assets under custody. 

Additionally, the exchange added 39 new perpetual contracts to its international exchange (INTX), pushing its global derivatives trading volume above $800 billion.

The move further cements Coinbase’s role as the platform of choice for active crypto traders seeking access to advanced financial instruments.

Coinbase will release its full 10-Q filing with the SEC on May 9, detailing reconciliations between GAAP and non-GAAP metrics used in its earnings presentation.

Institutional trends and stablecoin growth

Coinbase also revealed that 86% of surveyed institutional investors either held digital assets or planned to make allocations this year.

Stablecoins emerged as a major growth segment for Coinbase. The average USDC balance held in Coinbase products rose 49% quarter-over-quarter to $12 billion, with USDC revenue up 32%.

The total stablecoin balance on Base, Coinbase’s Ethereum Layer 2 network, climbed 12% to $4 billion, contributing to record demand as USDC market cap hit $60 billion.

Base itself saw a 16% quarter-over-quarter rise in transaction volume, reinforcing its position as the most active Ethereum L2 by user engagement.

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