Coinbase reports $394.1M Q1 net loss as transaction revenue falls 40%

Coinbase said on May 11, 2026 that it posted a first-quarter net loss of $394.1 million after a crypto market slide reduced trading revenue and lowered the value of digital assets held on its balance sheet. Total revenue fell 31% year over year to $1.41 billion, with transaction revenue down 40% to $756 million, while stablecoin revenue rose 11% to $305 million.