The company reported a net loss of $394.1 million in the first quarter of 2026, impacted by declining cryptocurrency prices and reduced trading activity. Of this, $482 million was lost on investment-grade digital assets. Total revenue was $1.41 billion, a 31% year-over-year decrease; trading revenue was $756 million, a 40% year-over-year decrease; and subscription and service revenue was $584 million. CEO Brian Armstrong stated that the company is shifting from a spot crypto platform to a multi-asset platform encompassing derivatives, commodities, futures, and prediction market contracts. Furthermore, stablecoin-related revenue grew 11% to $305 million, representing an 8.6% market share in the global crypto trading market. Following the earnings release, the company's stock price fell approximately 6% in after-hours trading.