انخفضت قيمة Coinbase لأكثر من 5 ساعات بعد فقدان الأرباح. لا يزال المضاربون على الصعود يرون طريقًا إلى 300 مليار دولار بحلول عام 2030

Coinbase , the largest US-based exchange , ended a difficult first quarter with a fresh test of investor confidence after the crypto exchange missed Wall Street estimates by reporting another quarterly loss, and later suffered a service disruption tied to an Amazon Web Services (AWS) outage . The sequence gave investors a sharp reminder of the company’s two competing narratives. Coinbase remains heavily exposed to crypto trading cycles, which weakened in the first three months of the year as Bitcoin and other digital assets retreated from recent highs. At the same time, the company is asking the market to value it less as a simple token exchange and more as the infrastructure layer for stablecoins, derivatives, prediction markets, and artificial intelligence-driven payments. Trading slowdown hits first-quarter results Coinbase reported revenue of $1.41 billion for the quarter ended March 31, below Wall Street expectations of about $1.52 billion. The company posted a loss of $1.49 per share, compared with expectations for a profit, as weaker trading activity weighed on its largest revenue stream. The company reported a net loss of $394.1 million, marking its second consecutive quarterly loss after a $667 million loss in the fourth quarter of 2025. A year earlier, Coinbase had posted a profit of $65.6 million. The weakness was clearest in transaction revenue, which remains closely tied to customer trading activity. Coinbase generated $755.8 million in transaction revenue, below analyst estimates of about $805 million. Consumer transaction revenue fell 23% from the previous quarter to $567 million, driven by a 35% decline in consumer spot trading volume. Institutional transaction revenue declined 27% to $136 million, while other transaction revenue fell 17% to $53 million. The pullback can be linked to a weaker quarter for crypto markets. Data from CoinGlass showed Bitcoin finished the first quarter down over 20%, reducing the kind of speculative activity that typicall