Coinbase reported $430 million Q1 net loss
The largest cryptocurrency exchange in the USA, Coinbase, announced a net loss of $429.7 million in the first quarter of 2022, far greater than the $47 million expected by Wall Street analysts. According to the report, the main reasons are volatility and low crypto-asset prices.
Coinbase’s shareholder letter revealed that the firm generated $1.16 billion in net income during the period. Wall Street’s revenue estimate was just under $1.5 billion.
Revenue derived from transaction fees still made up the lion’s share of the total at 87%. The rest came from subscriptions and services.
Trading volume on the platform fell from $547 billion in Q4 2021 to $309 billion for the first quarter of 2022. Of this total, just 24% were retail traders, with the vast majority being institutional. It reported that institutional trading volume was $235 billion, a decrease of 37% compared to Q4.
Subscribe now:
t.me/therussianmarket
