Coinbase said that for the 3 months ended March 31, 2025, net revenue was $2.0 billion, including $1.3 billion in transaction revenue and $0.7 billion in subscription and services revenue, net income was $65.6 million, and Adjusted EBITDA was $0.9 billion. For the same period in 2024, net revenue was $1.6 billion, net income was $1.2 billion, and Adjusted EBITDA was $1.0 billion.

1. 01

   Coinbase said that for the 3 months ended March 31, 2025, net revenue was $2.0 billion, including $1.3 billion in transaction revenue and $0.7 billion in subscription and services revenue, net income was $65.6 million, and Adjusted EBITDA was $0.9 billion. For the same period in 2024, net revenue was $1.6 billion, net income was $1.2 billion, and Adjusted EBITDA was $1.0 billion.

2. 02

   The company cited a 39% increase in consumer trading volume as a factor in the rise of consumer transaction revenue by $366.5 million for Q1 2025, adding that a lower average blended fee rate partially offset this with a decrease of $206.2 million.

3. 03

   Coinbase said subscription and services revenue for Q1 2025 increased by $105.1 million due to higher average USDC balances held in Coinbase products, and by $67.9 million due to higher average USDC off-platform balances. It said average interest rates declined 96 basis points, resulting in a decrease of $68.5 million.

4. 04

   The company said net cash used in operating activities for Q1 2025 increased by $594.2 million compared to the prior-year period, citing higher cash used to purchase USDC of $735.9 million to reflect increased customer demand as a key factor. It added that the increase in total revenue of $396.7 million was a partial offset.

Key figures

Quarter ended March 31, 2025

Revenue

$2.0B

Operating income

$706M

Net income

$66M

EPS

$0.24

Operating cash flow

−$183M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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