Coinbase posts $394M loss as trading drops, but stablecoins and subscriptions boost revenue.

Coinbase reported a $394 million net loss in Q1 2026 due to weaker crypto market conditions that reduced trading volumes and asset values. Despite the loss, core operations remained profitable with adjusted EBITDA of $303 million. Stablecoins and subscription services now make up 44% of total revenue, helping to offset declines in trading revenue, which fell 23% quarter-over-quarter. The company is shifting its business model away from trading dependence, focusing more on stablecoins, subscriptions, and on-chain services while maintaining a strong cash position to support growth.