Coinbase's stock price fell 33% in Q1, marking the worst quarterly performance since the FTX crash

According to BlockBeats, on April 1st, the US listed cryptocurrency trading platform Coinbase experienced its worst quarterly performance since the FTX exchange crash in 2022. Despite strong revenue expectations, its stock price still fell 33% in the first quarter of 2025. Coinbase is expected to release its 2025 financial data in early May. The company's recent shareholder letter shows that as of February 11th, the company has generated approximately $750 million in transaction revenue and expects subscription revenue to be between $685 million and $765 million. Although Coinbase has not yet released its first quarter profit data, MarketBeat analysis estimates its profit to be around $1.87 billion. Coinbase is not an isolated case, as most publicly traded cryptocurrency companies reported similar results in the first quarter of 2025. The main cryptocurrency mining company Marathon Digital Holdings had a stock price close to $17.5 at the beginning of the first quarter, but closed at $11, with a loss of over 37%. Not only the cryptocurrency industry, but also the entire stock market has been significantly impacted, largely due to recent geopolitical changes. The S&P 500 stock market index in the United States was 5890 points at the beginning of this quarter and closed at 5610 points, with a loss of over 4.75%. Market participants feel uncertain as US President Donald Trump continues to wage a trade war on multiple fronts. This week, it was reported that concerns over the global trade war continue to put pressure on traditional markets and cryptocurrency markets, and investors are preparing for the possible release of US tariff policies on April 2nd.