Coinbase Suffers Second Consecutive Quarterly Loss Due to Market Volatility

Coinbase Global has reported a net loss of $394.1 million for the quarter ended March 31, which marks its second consecutive quarterly loss.

The company's shares have declined around 5% in extended trading, while total crypto market cap and trading volume have dropped more than 20%. This decline is attributed to decreased trading volumes caused by market volatility, with rising Middle East tensions driving a broad risk-off shift in global markets.

Coinbase's transaction revenue fell significantly, down 40%, to $756 million from the previous year. The company's subscription and services unit also saw a decline of 13.5% to $583.5 million.