Coinbase Global Inc.’s first-quarter revenue jumped while profit declined as the largest US crypto exchange navigated the volatile price swings of the digital asset market. Revenue increased about 24% to $2 billion from the year-ago period,

Crypto exchange Coinbase reported a drop in first-quarter profit on Thursday as a steep rise in costs more than offset revenue growth in its transaction and subscription units.

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.