Coinbase 1Q26 Review: Revenue Under Pressure, Execution Still Visible
Coinbase’s 1Q26 report is not about a strong crypto market.
The environment remained weak:
Total revenue: US$1.41bn, -31% YoY
Adjusted EBITDA: US$303mn, below consensus
Transaction revenue: US$756mn, -40% YoY
But execution signals were still visible:
trading volume market share rose to 8.6%
derivatives volume grew 169% YoY
Prediction Markets annualized revenue exceeded US$100mn
stablecoin revenue grew 11% YoY to US$305mn
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