Source: Cointelegraph Original: "{title}"
The US-listed cryptocurrency exchange Coinbase experienced its worst quarterly performance since the FTX exchange collapse in 2022 during the first quarter of 2025.
According to market data, Coinbase's stock opened at $257 on January 2, 2025, and closed at around $172 by March 31, marking a quarterly decline of 33%.
This made the first quarter of 2025 the worst quarter for Coinbase's stock performance since the FTX collapse in November 2022. In the fourth quarter of 2022, its stock price fell from $66 on October 3 to $35.4 on December 30, a decline of 46.4%.
Coinbase's stock price year-to-date chart. Source: Google Finance
Coinbase holds a significant position in the cryptocurrency market, with notable influence. Some industry experts recently told Cointelegraph that Coinbase's rise as the largest node operator on the Ethereum network may raise concerns about network centralization.
Coinbase is expected to release its financial report in early May 2025. According to the company's recent shareholder letter, Coinbase generated approximately $750 million in trading revenue as of February 11, and subscription revenue is expected to be between $685 million and $765 million. Although Coinbase has not yet disclosed its first-quarter profit data, MarketBeat's analysis estimates its profit to be around $1.87 billion.
In the first quarter of 2025, most publicly listed cryptocurrency companies performed poorly. Major cryptocurrency mining company Marathon Digital Holdings opened the quarter at nearly $17.50 and closed at $11, a decline of over 37%.
Competitor cryptocurrency mining company Riot Platforms opened the first quarter at less than $10.50 and closed at $7.12, a decline of over 32%. Energy infrastructure and cryptocurrency mining company Bitfarms opened the year at $1.56 and fell to $0.7882 by the end of the first quarter, nearly losing half of its market value.
Data center and cryptocurrency mining company Hut 8 started the year with a stock price of $21.10, which dropped to $11.62 by the end of the quarter, a decline of nearly 45%. Despite the company's recent collaboration with the sons of former President Trump to launch the "American Bitcoin" project, aiming to create the world's largest Bitcoin mining operation and establish strategic reserves, its stock price continues to decline.
Similar situations have occurred with other mining companies. Data center and mining company Hive Digital Technologies saw its stock price drop from $2.97 to $1.45 in the first quarter, losing over 50%. Mining machine manufacturer Canaan Creative's stock price fell from $2.11 at the beginning of the quarter to $0.8778 at the end, a decline of 58.4%.
It's not just the cryptocurrency industry; the entire stock market was also significantly impacted in the first quarter of 2025, a situation widely attributed to recent geopolitical changes. The US stock market index S&P 500 opened the quarter at 5890 points and closed at 5610 points, a decline of over 4.75%.
Market participants generally feel uncertainty as former President Trump continues to wage trade wars across multiple sectors. Reports this week indicate that concerns over a global trade war continue to exert pressure on both traditional and cryptocurrency markets, with investors preparing for a potential announcement of a new round of US tariff policies on April 2.
Alex Obchakevich, founder of Obchakevich Research, told Cointelegraph in an interview: "Trump's tariff policies have put heavy pressure on the market, making it as unpredictable as possible." He noted that Strategy (formerly MicroStrategy) showed unexpectedly strong performance in the first quarter of 2025, only declining about 3.95%, from $300.11 to $288.27. Alex explained:
"The company's stock price has been maintained mainly due to its bet on Bitcoin and a 400% growth performance in 2024."
Related: Trump's sons collaborate with Hut 8 to support a new Bitcoin mining venture.
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