Coinbase Stock Price Drops 33% in Q1, Marking Worst Quarterly Performance Since FTX Derivatives Exchange Crash

On April 1st, the U.S.-based cryptocurrency exchange Coinbase witnessed its worst quarterly performance since the 2022 FTX exchange crash. Despite having strong revenue expectations, its Q1 2025 stock price declined by 33%. Coinbase is anticipated to release its 2025 financial data in early May. The company's recent shareholder letter indicates that as of February 11th, it has generated approximately $7.5 billion in transaction revenue and anticipates that the subscription revenue will be between $6.85 billion and $7.65 billion. Although Coinbase has not disclosed its Q1 profit data yet, MarketBeat's analysis estimates its profit to be around $1.87 billion. Coinbase is not the only one. Most publicly listed crypto companies also reported similar results in Q1 2025. The major crypto mining company Marathon Digital Holdings saw its stock price near $17.5 at the beginning of the first quarter and dropped to $11 at the close, representing a loss of over 37%. Not only the crypto industry but the entire stock market has also been significantly affected. This is largely attributed to recent geopolitical changes. The U.S. stock market index S&P 500 was at 5890 points at the start of this quarter and closed at 5610 points, resulting in a loss of over 4.75%. Market participants feel uncertain as U.S. President Donald Trump continues to wage trade wars on multiple fronts. Reports this week suggest that concerns over a global trade war continue to weigh on traditional and crypto markets, and investors are preparing for the U.S. tariff policy expected to be announced on April 2nd.