“Crypto is eating financial services.” That was what Coinbase CEO Brian Armstrong told investors on Thursday’s (May 8) first quarter 2025 earnings call. Coinbase revenue for the quarter reached $2.03 billion, down 10% from the prior quarter but ahead of consensus expectations. Adjusted EBITDA came in at $930 million, while net income fell sharply to $66 million, impacted by a $597 million pretax loss on its crypto investment portfolio, primarily unrealized. But arguably the most transformational part of Coinbase’s Q1 wasn’t financial — it was political. After years of regulatory uncertainty in the U.S., executives ... (full story)