---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40537995.md"
description: "Coinbase 1Q26 First Take: Q1 came in soft, with most key metrics missing, reflecting a dull trading tape since early Jan. BBG aggregates are somewhat lagging and do not capture the latest shifts in flows, while crypto-exposed stocks tend to move ahead of prints, tracking the market in real time. We also reference Barclays' Q1 preview. While some lines still miss, the gap vs. actuals is far less dramatic. 1) Trading revenue saw the steepest decline: down 40% YoY, with trading volume down 36%. COIN gained modest share among centralized exchanges, but its overall trading share fell industry-wide, implying ongoing DEX penetration. 2) Stablecoin holding share continued to rise QoQ: stablecoin revenue grew 2% in Q1. USDC market cap increased from $7.58bn to $7.70bn, and Coinbase's held share rose by approx. 100bps to 24.7%. 3) Subscription revenue guidance is turning up: despite market sensitivity, management expects Q2 subscription revenue to recover alongside the recent crypto rally. It could materially exceed the original Q1 guide. 4) Profit under pressure; driving team efficiencies: with revenue sliding against relatively fixed costs, profitability was squeezed. Incremental R&D and product launches pushed core OP down over 90% YoY. The company is cutting 14% of headcount (~700 roles, mainly ops/admin), targeted for Q2, with approx. $50mn in severance. 5) Buybacks accelerated: COIN repurchased nearly $1.1bn of stock in Q1, a faster pace than last quarter. $1.3bn remains under the authorization. 6) Near-term catalysts still hinge on policy: Middle East tensions have eased, but a sustained recovery depends on the CLARIFY Act's passage. The stablecoin incentive dispute will likely settle via compromise; otherwise the bill remains stalled. $Coinbase(COIN.US)"
datetime: "2026-05-08T00:52:46.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40537995.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40537995.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40537995.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# Coinbase 1Q26 First Take: Q1 came in soft, with mo…


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## Comments (4)

- **JiageNG · 2026-05-08T01:53:03.000Z**: Has the trading volume dropped by 64%?
- **飞行员老萧 · 2026-05-08T00:59:44.000Z**: Translated by AI? The stablecoin issuance amount is written incorrectly.
  - **Dolphin Research** (2026-05-08T01:16:30.000Z): Oops, I wrote the unit wrong, thanks for the reminder, fixed it!