CEO Brian Armstrong added that Deribit’s acquisition is his company’s “biggest move yet” to expand internationally.

For the quarter ended March 31, Coinbase reported adjusted earnings per share of $1.94, down from $2.53 per share in the same quarter of 2024, on revenue of $2.04 billion, up 24% year-over-year. The results were mixed, as earnings per share came in just ahead of the $1.93 expected by analysts, but revenue fell short of an expected $2.1 billion.

Coinbase reported a 24% jump in Q1 revenue, but profits dropped sharply as rising costs and market volatility weighed on results.