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A Coinbase letter to shareholders details the list of first quarter accomplishments apart from the strong earnings the company says positions it to drive further innovation and long-term growth.
Coinbase generated $2 billion in total revenue, $66 million in net income, $527 million in adjusted net income (excluding the tax-effected impact of crypto investment asset gains/losses) and $930 million in adjusted earnings before interest, taxes, depreciation and amortisation.
The letter read: “Total transaction revenue was $1.3 billion and subscription and services revenue was nearly $700 million, driven by growth in stablecoin revenue and Coinbase One.
“With $9.9 billion in total $USD resources, we are well-positioned to drive further innovation and long-term growth.
“This quarter, we made meaningful progress against our 2025 priorities of driving revenue, driving utility and building the foundations to power the next decade of growth. We continued to gain market share in both global spot and derivatives.
“USDC, the #2 dollar-backed stablecoin in the world, saw continued momentum, with its market cap reaching new all-time highs of over $60 billion, and further supported by growing balances among both our retail and institutional users. We also deepened our global presence, earning critical registrations in Argentina and India.”
Coinbase said it expanded access to trading through global derivatives growth and advanced tools.
It said it drove significant progress in shaping the US policy landscape for crypto, advocating for bipartisan regulation, achieving pivotal court victories and engaging with top government officials.
“Landmark developments, such as directing the establishment of the Strategic Bitcoin Reserve and Digital Asset Stockpile, validated digital assets as sovereign financial infrastructure.
“We secured the dismissal with prejudice of our [US Securities and Exchange Commission] SEC lawsuit. With crypto now a central topic in Washington, we are a key voice advocating for innovation-friendly regulation and positioned to help shape a clear and responsible regulatory framework for the future.”
The company expects quarter over quarter growth in stablecoin revenue to be more than offset by a decline in blockchain rewards revenue due to lower asset prices.
• For more on the Coinbase Q1 letter to shareholders, see Related Media
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