Coinbase Shares Plummet 35% Since Start of Year

Shares of the exchange Coinbase fell by 34.8% in the first quarter of 2025. This marks the company’s worst performance since the collapse of the trading platform FTX in November 2022.

At the time of writing, the stock price stood at $174.52, whereas at the beginning of the year, it was trading at $257.

Other public crypto companies, such as MARA Holdings and Riot Platforms, also recorded significant losses in the first quarter. MARA lost 37%, and Riot more than 32%.

In a letter to shareholders, Coinbase stated that it received approximately $750 million from transactions as of February 11. The company expects subscription revenue to range from $685 million to $765 million.

The exact financial results for the first quarter are expected to be published in May.

Regulators continue to withdraw claims against Coinbase. On February 27, the U.S. Securities and Exchange Commission (SEC) closed a case against the platform for operating without registration.

On April 1, the Kentucky Department of Financial Institutions dropped claims against Coinbase related to its staking rewards program. 

Previously, regulators in Vermont and South Carolina also closed cases against the exchange.

Additionally, the social network X, owned by Elon Musk, demanded to block the U.S. Internal Revenue Service (IRS) from accessing Coinbase user data.

On Friday, the company filed an amicus curiae brief in support of James Harper, a client of the exchange whose data was requested by the IRS in 2020.

Back in March, Coinbase requested information on how much the SEC spent on enforcement actions under former head Gary Gensler. The request was made under the Freedom of Information Act (FOIA).