Cryptocurrency companies reported weak first-quarter 2026 earnings as Robinhood's crypto trading revenue collapsed 47%, Coinbase missed expectations, and Strategy posted a $12.5 billion net loss amid falling bitcoin prices and fading retail participation. Despite the downturn, firms are pivoting toward diversification and disciplined management: Coinbase saw derivatives revenue surge 169%, Gemini's credit card revenue jumped 292%, and Robinhood's event contracts grew 320% to $147 million. Major strategic moves include Bullish's $4.2 billion acquisition of Equiniti to become a capital markets infrastructure company, Gemini's $100 million investment in expansion into predictions and stocks, and Strategy abandoning its 'never sell' bitcoin policy for active management. The shift signals industry maturation as crypto firms build sustainable revenue streams beyond speculative trading, with Circle's Arc blockchain for AI-driven economy and diversified financial services gaining investor confidence.
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