The crypto exchange’s stock has lost more than 80 percent since its record high in November 2021.
(Photo: imago images/UPI Photo)
Dusseldorf The growing skepticism of investors towards digital currencies like Bitcoin is not only causing prices to fall. Companies such as the US crypto exchange Coinbase are also recording significant losses: the company reported a net loss of $429.7 million in the first quarter. Coinbase announced this on Tuesday evening after the market closed. In the same period last year, the company had made a profit of $387.7 million.
Revenue fell 27 percent from $1.60 billion to $1.17 billion in the first quarter. On average, analysts had only expected a drop to $1.48 billion. Trading volume fell to $309 billion from $335 billion in January-March, and the number of monthly active retail investors fell to 9.2 million from 11.4 million in the fourth quarter.
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