Coinbase sees worst quarter since FTX collapse amid industry bloodbath

Publicly traded US-based crypto speech Coinbase saw its worst 4th since the illness of crypto speech FTX successful 2022.

Coinbase shares started 2025 trading astatine conscionable implicit $257 connected Jan. 2 and ended the 4th astatine a small implicit $172 connected March 31, a dip of 33%, according to marketplace data.

This makes the archetypal 4th of 2025 the worst for Coinbase’s banal show since the illness of FTX successful November 2022. In Q4 of that year, its stock terms went from astir $66 connected Oct. 3 to $35.4 connected Dec. 30, a nonaccomplishment of 46.4%.

Coinbase shares year-to-date terms chart. Source: Google Finance

Coinbase has gained a important foothold successful the crypto market. Its prevalence is important capable that immoderate manufacture experts precocious told Cointelegraph its emergence arsenic the Ethereum network’s largest node relation raises concerns astir web centralization.

Related: South Carolina dismisses its staking suit against Coinbase, joining Vermont

Coinbase is expected to merchandise its 2025 financials successful aboriginal May. The firm’s caller shareholder missive shows that the institution has generated astir $750 cardinal successful transaction gross done Feb. 11 and expects subscription gross of $685 cardinal to $765 million. While Coinbase has not yet released its Q1 nett figures, MarketBeat investigation estimates them to beryllium astir $1.87 billion.

A large-scale crypto downturn

Most publically traded crypto companies reported akin results successful the archetypal 4th of 2025. Major crypto mining steadfast Marathon Digital Holdings started Q1 astatine astir $17.50 and closed it astatine $11.00, a nonaccomplishment of implicit 37%.

Competing crypto mining steadfast Riot Platforms opened Q1 2025 astatine conscionable nether $10.50 and closed it astatine $7.12, a nonaccomplishment of implicit 32%. Bitfarms, an vigor infrastructure and crypto mining firm, opened the twelvemonth astatine $1.56 and closed the archetypal 4th astatine $0.7882, losing astir fractional its value.

Related: Riot appoints advisor with acquisition pivoting BTC mining assets to AI

Datacenter and crypto mining steadfast Hut 8 started the twelvemonth astatine $21.10 and ended the 4th astatine $11.62, resulting successful a nonaccomplishment of astir 45%. The steadfast continues coating reddish candles astatine the clip of penning contempt its caller concern with US President Donald Trump’s sons to motorboat American Bitcoin, aiming to physique the world’s biggest Bitcoin mining operation with strategical reserves.

The database continues. Datacenter and mining steadfast Hive Digital Technologies saw its banal spell from $2.97 to $1.45 successful Q1, losing much than fractional its price. Lastly, mining hardware shaper Canaan Creative started the 4th astatine $2.11 and ended astatine $0.8778 for a nonaccomplishment of astir 58.4%.

Geopolitics plays a role

The broader banal market, not conscionable the crypto industry, has besides taken a important deed wide attributed to caller geopolitical shifts. United States banal marketplace scale S&P 500 opened the 4th astatine $5,890 and closed astatine $5,610 — losing implicit 4.75%.

Market participants consciousness uncertain arsenic US President Donald Trump continues waging a commercialized warfare connected aggregate fronts. This week, reports suggest that concerns implicit a planetary commercialized warfare proceed to unit accepted and cryptocurrency markets arsenic investors brace for a potential US tariff announcement connected April 2.

Founder of Obchakevich Research, Alex Obchakevich, told Cointelegraph: “Trump’s tariffs are weighing heavy connected the market, making it arsenic unpredictable arsenic possible.” He pointed retired that Strategy (formerly MicroStrategy) is holding up amazingly well, with its terms losing conscionable nether 3.95% arsenic it went from $300.11 down to $288.27 during Q1 2025. He said:

Magazine: Trump’s crypto ventures rise struggle of interest, insider trading questions