The largest cryptocurrency exchange in the USA, Coinbase, announced a net loss of $ 430 million in the first quarter of 2022.
Coinbase’s shareholder letter revealed that the firm generated $1.16 billion in net income during the period. Wall Street’s revenue estimate was just under $1.5 billion.
The exchange’s net income in the fourth quarter of 2021 was $2.49 billion. The following statements were included in the shareholder letter:
Transaction volumes fell to $309 billion in the first quarter of the year, compared to $547 billion in the fourth quarter of 2021.
In a shareholder letter, Coinbase said, “We believe these market conditions are not permanent and we remain focused on the long-term.” The firm emphasized that they will continue to invest in wallet and NFT plans in the future.
Coinbase’s shares also continue to decline. $COIN price slumped to $62.82 after closing the Tuesday trading session down 12.6% to $72.99.