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Coinbase Stock Tumbles 6%; Bitcoin Also Lower
Wednesday’s move lower may have less to do with the company’s earnings and more to do with a 4% slide in the price of bitcoin.
By Helene Braun
Updated May 9, 2023, 4:08 a.m. Published Feb 22, 2023, 6:19 p.m.
Crypto exchange Coinbase (COIN) topped fourth-quarter earnings estimates Tuesday evening, but shares are sharply lower Wednesday alongside a sizable pullback in crypto.
The company reported fourth-quarter revenue of $605 million, up 5% from the previous quarter and beating the consensus estimate of $588 million. The exchange’s Q4 loss of $2.46 per share topped forecasts for a loss of $2.52.
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The exchange's stock, however, continues to pull back after a big run higher to start the year – COIN is down 6.1% Wednesday and 13% over the past week, but still ahead 75% for the year to date. Bitcoin (BTC) is lower by nearly 4% to $23,700 as it continues to retreat from the $25,000 level touched earlier this week.
Wall Street analysts on balance had a favorable view of Coinbase’s report. Oppenheimer’s Owen Lau called the company’s outlook “encouraging,” and said the restructuring it put in place earlier this year puts Coinbase on track to become profitable.
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JPMorgan’s Devin Ryan wrote that management’s “shift in tone around profitability is particularly notable,” but that this focus won’t limit the company in any way.
Speaking during the Tuesday earnings call, Coinbase CEO Brian Armstrong said his “top priority” for 2023 is policy, and he plans on spending plenty of time in Washington, D.C., to make his case with regulators and lawmakers.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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