Coinbase Shares Plunge 35% Year-to-Date Amid Regulatory Developments

Coinbase’s stock plummeted by 34.8% in the first quarter of 2025, marking the company’s worst performance since the collapse of the FTX trading platform in November 2022.

As of the time of writing, shares were priced at $174.52, down from $257 at the beginning of the year.

Other publicly traded crypto companies, such as MARA Holdings and Riot Platforms, also reported significant losses for the first quarter. MARA’s stock decreased by 37%, while Riot’s fell by over 32%.

In a letter to shareholders, Coinbase stated that it earned approximately $750 million from transactions by February 11. The company anticipates subscription revenue ranging from $685 million to $765 million.

The precise financial results for the first quarter are expected to be released by Coinbase in May.

Regulatory bodies have continued to drop claims against Coinbase. On February 27, the U.S. Securities and Exchange Commission (SEC) closed its case against the platform for operating without registration.

On April 1, the Kentucky Department of Financial Institutions also dismissed claims against Coinbase concerning its staking rewards program.

Additionally, regulators in Vermont and South Carolina previously concluded their cases against the exchange.

Moreover, social media platform X, owned by Elon Musk, has sought to block the IRS’s access to user data from Coinbase.

On Friday, the company filed an amicus curiae brief to support the interests of James Harper, a Coinbase customer whose information was requested by the IRS in 2020.

On March 3, Coinbase requested data under the Freedom of Information Act (FOIA) regarding how much the SEC spent on enforcement actions during former Chairman Gary Gensler’s tenure.