Its consumer transaction volume jumped 14 percent.
The share price of the firm skyrocketed following the results.
Coinbase (Nasdaq: COIN) closed the first quarter of 2023 with total revenue of $773 million, which is higher than market expectations of $655 million. Additionally, the figure jumped from the previous quarter's $629 million.
A Strong Quarter for Coinbase
The net revenue of the cryptocurrency exchange for the quarter between January and March came in at $736 million, which was 22 percent higher quarter-over-quarter but dropped 36 percent when compared to Q1 2022.
The New York-listed company reported a net loss of $79 million and adjusted EBITDA of $284 million. Its adjusted loss significantly narrowed to $0.34 per share from $2.45 per share, also beating the analysts' expectation which was a loss of $1.45 per share.
A Drop in Institutional Demand
The recovering demand in the cryptocurrency market is visible from the trading volume of the crypto exchange. Coinbase handled $145 billion in trading volume in the first quarter, which came in flat quarter-over-quarter, while the crypto asset volatility increased by 8 percent. The consumer trading volume on the platform went up 5 percent, while the institutional volume declined 1 percent.
The transaction revenue of the exchange came in at $375 million in the first quarter, which is 16 percent higher quarter-over-quarter. Moreover, the consumer transaction volume jumped 14 percent to $352 million, while the institutional transactional volume at $22 million was 67 percent higher.
"Notwithstanding the backdrop of turbulent markets, we continued to see institutions engaged with this asset class and pushing forward with their long-term plans," Coinbase stated in its shareholders' letter. "The 'flight to quality' theme that began in Q4 continued in Q1, where we saw elevated institutional onboarding and a healthy pipeline of demand. Prime trading volumes grew to their highest level on record and helped offset some of the volume declines driven by the rollback of our LP program discounts."
Meanwhile, the markets have already reacted to the healthy earning of the cryptocurrency exchange. While Coinbase share price gained 1.51 percent by the end of Thursday's market closure, it improved 9.1 percent in after-hours trading as the results were announced. However, the share price of the exchange is still trading much lower than its peak in 2021.
Coinbase share price on Thusday
Coinbase (Nasdaq: COIN) closed the first quarter of 2023 with total revenue of $773 million, which is higher than market expectations of $655 million. Additionally, the figure jumped from the previous quarter's $629 million.
A Strong Quarter for Coinbase
The net revenue of the cryptocurrency exchange for the quarter between January and March came in at $736 million, which was 22 percent higher quarter-over-quarter but dropped 36 percent when compared to Q1 2022.
The New York-listed company reported a net loss of $79 million and adjusted EBITDA of $284 million. Its adjusted loss significantly narrowed to $0.34 per share from $2.45 per share, also beating the analysts' expectation which was a loss of $1.45 per share.
A Drop in Institutional Demand
The recovering demand in the cryptocurrency market is visible from the trading volume of the crypto exchange. Coinbase handled $145 billion in trading volume in the first quarter, which came in flat quarter-over-quarter, while the crypto asset volatility increased by 8 percent. The consumer trading volume on the platform went up 5 percent, while the institutional volume declined 1 percent.
The transaction revenue of the exchange came in at $375 million in the first quarter, which is 16 percent higher quarter-over-quarter. Moreover, the consumer transaction volume jumped 14 percent to $352 million, while the institutional transactional volume at $22 million was 67 percent higher.
"Notwithstanding the backdrop of turbulent markets, we continued to see institutions engaged with this asset class and pushing forward with their long-term plans," Coinbase stated in its shareholders' letter. "The 'flight to quality' theme that began in Q4 continued in Q1, where we saw elevated institutional onboarding and a healthy pipeline of demand. Prime trading volumes grew to their highest level on record and helped offset some of the volume declines driven by the rollback of our LP program discounts."
Meanwhile, the markets have already reacted to the healthy earning of the cryptocurrency exchange. While Coinbase share price gained 1.51 percent by the end of Thursday's market closure, it improved 9.1 percent in after-hours trading as the results were announced. However, the share price of the exchange is still trading much lower than its peak in 2021.
Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well.
His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report.
Area of coverage:
1. CFD broker-related news
2. Industry-related Regulatory updates and developments
3. New retail trading trends
4. Prop trading industry updates
5. Executive interviews
Education:
Bachelor of Technology - National Institute of Technology, Agartala (India)
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FP Markets Winner Spotlight 🏆 | Global Broker of the Year 2025 #Trading #Broker #Innovation #Shorts
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FP Markets takes the spotlight as Global Broker of the Year 2025 at the Finance Magnates Awards.
Martin Stoilov, Head of Client Experience, shares that trust, innovation, and people played a key role in the company’s success, supported by a strong foundation of integrity and client-centricity.
Following this milestone, FP Markets continues to focus on growth, technology investment, and its core values of transparency and excellence.
👉 Be part of FM Awards 2026: https://awards.financemagnates.com/#nominate
FP Markets takes the spotlight as Global Broker of the Year 2025 at the Finance Magnates Awards.
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Following this milestone, FP Markets continues to focus on growth, technology investment, and its core values of transparency and excellence.
👉 Be part of FM Awards 2026: https://awards.financemagnates.com/#nominate
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We cover the broker’s overall offering, including account options, trading environment, platforms like MT4 and MT5, and additional services such as managed accounts and fast withdrawals.
Watch the full video to see if Hola Prime Markets fits your trading needs.
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In this video, we review @HolaPrimeMarketsOfficial, a multi-asset forex and CFDs broker offering different account types, trading platforms, and flexible trading conditions.
We cover the broker’s overall offering, including account options, trading environment, platforms like MT4 and MT5, and additional services such as managed accounts and fast withdrawals.
Watch the full video to see if Hola Prime Markets fits your trading needs.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
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#HolaPrime #ForexBroker #CFDTrading #FinanceMagnates #Trading #Forex #BrokerReview
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In this video, we review @HolaPrime_Global, a proprietary trading firm offering evaluation programs and performance-based payouts in simulated market environments.
We cover how the challenge model works, including account types, profit splits (up to 95%), trading rules, and what it takes to reach a funded account. You’ll also learn about available platforms like MT4, MT5, cTrader, and more, along with insights into payouts, support, and trading conditions.
Watch the full video to see if Hola Prime fits your trading style.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
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▶️ YouTube: /@financemagnates_official
#HolaPrime #PropFirm #Trading #FinanceMagnates #Forex #FuturesTrading #TradingReview #PropFirmReview
In this video, we review @HolaPrime_Global, a proprietary trading firm offering evaluation programs and performance-based payouts in simulated market environments.
We cover how the challenge model works, including account types, profit splits (up to 95%), trading rules, and what it takes to reach a funded account. You’ll also learn about available platforms like MT4, MT5, cTrader, and more, along with insights into payouts, support, and trading conditions.
Watch the full video to see if Hola Prime fits your trading style.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
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#HolaPrime #PropFirm #Trading #FinanceMagnates #Forex #FuturesTrading #TradingReview #PropFirmReview
Axi Winner Spotlight 🏆 | Global Most Innovative Broker 2025 #Innovation #Trading #Fintech #Broker
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Axi takes the spotlight at the Finance Magnates Awards, winning Global Most Innovative Broker 2025.
Olivia Xenofontos and Ivanna Openko share how the team will feel: proud, motivated, and ready to keep delivering.
They also describe the night as well-organized, focused, and enjoyable for all.
👉 Be part of FM Awards 2026.
Axi takes the spotlight at the Finance Magnates Awards, winning Global Most Innovative Broker 2025.
Olivia Xenofontos and Ivanna Openko share how the team will feel: proud, motivated, and ready to keep delivering.
They also describe the night as well-organized, focused, and enjoyable for all.
👉 Be part of FM Awards 2026.
Recognition that matters.
Built on transparency.
Driven by the industry.
The Finance Magnates Awards 2026.
Nominations are now open.
🔗 https://awards.financemagnates.com/?utm_source=SM&utm_medium=social&utm_campaign=recognition-matters
Recognition that matters.
Built on transparency.
Driven by the industry.
The Finance Magnates Awards 2026.
Nominations are now open.
🔗 https://awards.financemagnates.com/?utm_source=SM&utm_medium=social&utm_campaign=recognition-matters
