On April 1, U.S. listed crypto trading platform Coinbase experienced its worst quarterly performance since the 2022 FTX exchange crash, and despite strong revenue expectations, its share price fell 33% in the first quarter of 2025.

Coinbase is expected to release its 2025 financial data in early May. The company had generated approximately $750 million in transaction revenue as of February 11 and expected subscription revenue to be between $685 million and $765 million, the company's recent shareholder letter showed. While Coinbase has not released first-quarter profit data, MarketBeat analysis estimates its profit to be approximately $1.87 billion.

Coinbase is not an isolated case, with most publicly listed crypto companies reporting similar results in the first quarter of 2025. Marathon Digital Holdings, a major crypto mining company, saw its share price approaching $17.50 in the early first quarter, while closing at $11, losing more than 37%.

Not only the crypto industry, but the stock market as a whole have also been significantly impacted, largely due to recent geopolitical changes. The U.S. Stock Market Index S&P 500 was 5890 points at the beginning of the quarter and closed at 5610 points, with a loss of more than 4.75%. Market participants feel uncertain as U.S. President Donald Trump continues to launch a trade war on multiple fronts. This week there were reports that concerns about the global trade war continued to put pressure on traditional and cryptocurrency markets, and investors were preparing for the possible U.S. tariff policy on April 2.