Coinbase recorded its worst quarter since the FTX collapse, with shares plunging 33% from over $257 to roughly $172 between January 2 and March 31, 2025. This reflects a stark decline for the crypto exchange's stock performance, echoing the turmoil faced after FTX's downfall in 2022. Other publicly traded crypto firms also experienced significant losses during this period, such as Marathon Digital Holdings and Riot Platforms, both losing over 30% of their value. Geopolitical factors, particularly the ongoing trade tensions and tariffs imposed by U.S. President Donald Trump, are cited as contributors to the overall market uncertainty affecting both traditional and cryptocurrency markets. The S&P 500 index similarly dropped over 4.75% in the first quarter, indicating widespread financial strain. Despite these setbacks, Coinbase aims to report financials in May, having generated significant transaction revenue by mid-February, raising expectations around its forthcoming results.

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