Coinbase Q1 Net Loss of $394.1 Million, CEO Seeks to Reduce Reliance on Spot Crypto Trading Business
Coinbase Reports Q1 Earnings: Net Loss, Revenue Decline Amid Crypto Volatility
(May 8) — Coinbase posted a net loss of $394.1 million in its first-quarter financial report, driven by a sharp drop in cryptocurrency prices that hammered the value of digital assets on its balance sheet. The exchange recorded a $482 million loss on crypto holdings earmarked for investment.
CEO Brian Armstrong remains bullish, however, arguing “all finance” will eventually migrate to the blockchain and Coinbase is positioned to capitalize on that shift. “Despite the crypto market downturn, the on-chain economy’s fundamental growth remains strong,” he said. Coinbase is also transitioning from a “spot-first crypto platform” to one offering multiple asset classes, including derivatives, commodities, futures, and event contracts.
Recent Performance Context:
- In Q1 2025, Coinbase (COIN) reported a net profit of $66 million.
- The latest quarter marks its second consecutive net loss, following a $66
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Coinbase Executive: The **CLARITY Act** Review Process Could Begin as Early as Next Week
On May 8, Kara Calvert, Coinbase’s Vice President of U.S. Public Policy, stated the **CLARITY Act** could enter deliberations in the U.S. Senate Banking Committee as early as next week.
Speaking at the Consensus 2026 conference, Calvert noted: *“My prediction is we’ll have a markup next week.”* She emphasized the bill would need at least 60 Senate votes to pass and bipartisan support to become law.
*“That means we need Democrats,”* she said. *“We need a bipartisan bill—and we’ve been working hard to maintain that cooperation. The biggest question right now is how the votes will shape up in the coming days.”*
A HarrisX survey released Thursday found broad, consistent demand for clear federal rules:
- Over 70% of voters believe the U.S. should already have explicit cryptocurrency legislation;
- 62% say it’s critical for the U.S. to set global digital finance standards.
Calvert also highlighted that **inconsistent tax policies are a key barrier to institutional crypto adop
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US Military: Attacked While Crossing the Strait, Strikes Iran, No Intention to Escalate Situation
U.S. Central Command (CENTCOM) announced Wednesday (May 8) that Iranian forces launched an unprovoked attack on U.S. Navy assets transiting the Strait of Hormuz to the Arabian Gulf on Tuesday (May 7).
The guided-missile destroyers USS Truxtun, USS Rafael Peralta and USS Mason were in the international waterway when Iran fired multiple missiles, deployed drones and sent several small boats in the attack. No U.S. military assets sustained damage, CENTCOM confirmed.
U.S. forces intercepted the incoming threat and conducted retaliatory self-defense strikes targeting Iranian military facilities responsible for the attack—including missile and drone launch sites, command and control (C2) centers, and intelligence, surveillance and reconnaissance (ISR) nodes.
CENTCOM emphasized it does not seek to escalate the situation but has made necessary preparations and stands ready to protect U.S. forces.
(Source: FX Street)
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Trump Responds to Strike on Iran: Just a Minor Setback, Ceasefire Still Holds
On May 8, ABC News reported that U.S. President Trump called the retaliatory strike on Iranian targets a "minor setback." When asked if the ceasefire had ended, Trump said it remains in place and is working effectively. (Xinhua)
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Trump Says US Destroyer Successfully Passes Through Strait, Threatens Iran to Quickly Reach Deal
On May 8, U.S. President Trump tweeted:
“Three U.S. destroyers just successfully transited the Strait of Hormuz and were attacked as they did. They sustained no damage, but Iranian attackers took heavy losses—all their small boats were destroyed. Missiles targeted the U.S. Navy destroyers but were easily intercepted. Likewise, drones tried to attack but were shot down mid-air. Any normal country would’ve let these destroyers pass—but Iran is anything but normal.
“They’re led by madmen. If they had a chance to use nukes, they wouldn’t hesitate—but they’ll never get that chance. Just like we crushed them again today, if they don’t sign an agreement quickly, we’ll hit them harder and more brutally down the line.”
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The U.S. Court Rules Against Trump's 10% Global Tariff
**May 8 (Thursday) – The U.S. Court of International Trade ruled Thursday that former President Trump’s 10% tariff is invalid, as it lacks a legal basis.**
**Background: On Feb. 20 this year, the U.S. Supreme Court held that the Trump administration’s broad tariff actions under the International Emergency Economic Powers Act (IEEPA) lacked clear legal authority.**
**In response, on the same day as the Supreme Court ruling, Trump invoked Section 122 of the Trade Act of 1974 to announce a 10% "Global Import Tariff" on goods from all countries and regions, set to last 150 days.**
**(Source: FX678)**
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