Coinbase Reports Q1 2026 Revenue of $1.41 Billion, Missing Estimates as Trading Volumes Decline

May 8, 2026

Coinbase reported Q1 2026 revenue of $1.41 billion, a 31% decline that missed Wall Street estimates, and posted a net loss of $394.1 million. Despite the revenue drop, the company achieved Adjusted EBITDA of $303.3 million and captured 8.6% crypto trading volume market share, a new all-time high. The results reflect slumping trading volumes across the crypto market during the quarter.

Q1 2026 financial results

▪Coinbase Global, Inc. reported a net loss of $394.1 million for Q1 2026.
▪Coinbase Global, Inc. filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 with the SEC on May 7, 2026.
▪Coinbase Global, Inc. securely stores 12% of global crypto assets.
▪Coinbase Global, Inc. has 12 product lines each generating over $100 million in annualized revenue.
▪Coinbase Global, Inc. reported Q1 2026 revenue of $1.41 billion.
▪Coinbase Global, Inc. has delivered 13 consecutive quarters of positive Adjusted EBITDA spanning both bull and bear markets.
▪Coinbase Global, Inc. saw $1 billion year-over-year growth in Borrow/Lend balances.
▪Coinbase Global, Inc. reported Adjusted EBITDA of $303.3 million for Q1 2026.

Derivatives trading volume growth

▪Coinbase Global, Inc. saw a 2x increase in decentralized exchange (DEX) trading volume quarter-over-quarter.
▪Coinbase Global, Inc. retail derivatives annualized revenue exceeded $200 million, a new all-time high.
▪Coinbase Global, Inc. crypto trading volume market share increased to 8.6%, a new all-time high.
▪Coinbase Global, Inc. derivatives trading volume grew 169% year-over-year on a trailing twelve month basis.

Prediction markets revenue milestone

▪Coinbase Global, Inc. prediction markets reached $100 million in annualized revenue within the first two full months after U.S. launch.
▪Coinbase Global, Inc. prediction markets reached $100 million in annualized revenue in March 2026.

USDC distribution leadership

▪Coinbase Global, Inc. holds more than 25% of total USDC in circulation, approximately $19 billion average USDC held in Coinbase products.
▪More than 99% of x402 transactions on Coinbase Global, Inc. were completed using USDC.
▪Coinbase Global, Inc. processed 100 million+ payments via Coinbase's x402 protocol.

Base blockchain transaction dominance

▪Base, Coinbase's layer-2 blockchain, processed 62% of total global onchain stablecoin transaction volume, exceeding all other chains combined.

Agentic commerce infrastructure

▪Coinbase Global, Inc. is the #1 platform for onchain agentic commerce.
▪More than 90% of onchain agentic stablecoin transaction volume was on Base, Coinbase's layer-2 blockchain.