crypto

Yaël Bizouati-Kennedy5/8/25

Coinbase earnings miss the mark, sending shares lower despite mammoth $2.9 billion deal

Coinbase, the largest crypto exchange in the US, reported first-quarter earnings today and missed both revenue and earnings-per-share estimates, sending shares lower in the aftermarket.

The company reported Q1 revenue of $2 billion, down 10% quarter over quarter, and earnings per share of $0.24, well below consensus estimates of $2.1 billion and $1.93 EPS, according to FactSet.

Meanwhile, transaction revenue was $1.3 billion, down 19% quarter over quarter.

Earlier today, Coinbase announced the acquisition of Deribit, the world’s biggest trading platform for bitcoin and ethereum options, for a massive $2.9 billion — the biggest crypto deal ever.

Mark Palmer, managing director at Benchmark Equity Research, told Sherwood News that while Coinbase’s subscription and services revenue was a bit light during the quarter, “it feels like we’re picking nits when the company this morning announced the largest deal ever in the digital assets space.”

“The Deribit deal is poised to boost Coinbase both in terms of its international presence and its institutional offering, so a few million less revenue than consensus on the subscription and services line shouldn’t matter in the bigger picture,” he added.

The deal “outshines even Ripple’s Hidden Road acquisition from just two weeks ago,” Nic Puckrin, founder of Coin Bureau, said.

In its shareholder letter, Coinbase also thanked the crypto-friendly administration, citing several milestones like the executive order to establish a Strategic Bitcoin Reserve, and said, “Advancements in bipartisan crypto legislation demonstrated progress toward clearer frameworks.”

“The dismissal of the SEC lawsuit against Coinbase marked a major judicial win for balanced, innovation-friendly regulation, and our efforts to make crypto mainstream,” the shareholder letter reads.

Last month, Benchmark Equity Research initiated coverage of the company, assigning a “buy” rating and a $252 price target, an over 25% premium from current prices.

More Crypto

Yaël Bizouati-Kennedy6h

Crypto liquidations reached $1.2 billion in the past 24 hours, according to CoinGlass data, as bitcoin continued its downward trajectory. Bitcoin suffered $458.24 million in liquidations, with the bulk of them — over $334 million — in long positions. Meanwhile, the second-biggest crypto, ethereum, saw the second-biggest figure for liquidations yesterday, with $278 million.

Bitcoin slipped as far as $103,856 early Friday morning, its lowest level since July, and is down 13% in the past seven days. The sell-off dragged the total crypto market cap down to $3.67 trillion, down 5.5%. Underscoring the market anxiety, CoinMarketCap’s fear and greed index is now at 28.

Bitcoin ETFs also suffered, registering $536 million in outflows on Thursday. The Ark 21 Shares Bitcoin ETF took the biggest hit, with $275.15 million in outflows. Since Monday, bitcoin ETFs have seen $864.5 million in outflows.

Maja Vujinovic, CEO and cofounder of digital assets at FG Nexus, told Sherwood News that bitcoin’s slump looks like a classic risk-off chain reaction.

“Credit jitters and trade tensions pushed money into gold at record highs while leveraged crypto longs were forced to unwind. Once the liquidations exhaust and policy fog clears, the same macro buyers chasing safety today are likely to hunt value in BTC again,” Vujinovic said.

SharpLink Gaming announces $76.5 million capital raise and potential to more than double that

An analyst noted that “flows and positioning, not fundamentals, are shaping the ETH story right now.”

Money in fist

Yaël Bizouati-Kennedy

Desperately Seeking Uptober

Bitcoin drops below $110,000, while treasuries slow down acquisitions

Glassnode analysts wrote that “the market is in a reset phase.”

Bitcoin sign balloon deflated

Ethereum ETFs flip black as the token rebounds above $4,000

SharpLink Gaming generated 488 ethereum tokens worth about $2 million from staking last week, while ETHZilla announced a reverse stock split at a 1-for-10 ratio.

Two Basketball Players

Yaël Bizouati-Kennedy10/15/25

The US government seized 127,271 bitcoin, worth $15 billion, in what it calls the Department of Justice’s “largest ever forfeiture action.”

The indictment against Chen Zhi, chairman of Cambodian conglomerate Prince Group, alleges that he engaged in wire fraud conspiracy using forced labor in Cambodia.

“Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as ‘pig butchering’ scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large,” according to a DOJ press release.

This is “exactly the kind of outcome the Strategic Bitcoin Reserve was designed to enable,” Zack Shapiro, managing partner at Rains Law and head of policy of the Bitcoin Policy Institute, said on X.

This significantly increases the size of the US’s strategic reserve, which held over 197,000 bitcoin before the seizure. As of today, Arkham Intelligence data shows it’s holding 324,780 bitcoin, worth over $37 billion.

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