1d ago
Coinbase Posts $667M Quarterly Loss as ETF Outflows Mount and Custody Role Faces Scrutiny
Coinbase reported quarterly revenue of about $1.78 billion but ended the period with a net loss of $667 million, while adjusted EBITDA remained positive at $566 million. Trading income dropped to roughly $983 million as spot Bitcoin ETFs, which collectively hold about 7% of Bitcoin's maximum supply through Coinbase custody, saw billions in outflows. Subscription and services revenue climbed to $727 million, driven mainly by stablecoin-related activity, and the company highlighted ongoing political negotiations over market structure and stablecoin rewards.