Coinbase had a net loss of $394 million in the first quarter, marking two consecutive quarters of losses.

Techub News, according to Bitcoinist, cryptocurrency exchange Coinbase reported its first-quarter financial results, with a net loss of $394.1 million ($1.49 per share), turning from profit to loss year-on-year, marking the second consecutive quarter of losses. Trading revenue fell 40% year-on-year to $755.8 million, while subscription and services revenue declined 13.5%. Despite macroeconomic pressures, the company's market share rose to a record high of 8.6%, and derivatives trading volume increased 169% year-on-year. CEO Brian Armstrong stated that the growth in the company's derivatives business was driven by the "all-asset exchange" strategy. CFO Alesia Haas said that both the total market capitalization and trading volume of the cryptocurrency market fell by more than 20% quarter-on-quarter during this period.