According to Bloomberg, Coinbase's revenue in the first quarter of 2026 decreased by 31% year-over-year to $1.41 billion, a decline that exceeded market expectations, following a 20% drop in revenue in the previous quarter. Affected by falling cryptocurrency prices and reduced trading activity, the company recorded a net loss of approximately $394 million for the quarter, compared to a net profit of $66 million in the same period last year. Coinbase had previously announced layoffs of about 14%, involving roughly 700 positions, and plans to further focus on AI-related businesses and streamline management levels, with estimated restructuring costs of up to $60 million. The report also mentioned that Morgan Stanley has launched low-fee cryptocurrency trading services on the E*Trade platform, which could further intensify industry competition.