Coinbase Posts Jump in Revenue, Drop in First-Quarter Earnings

(Bloomberg) — Coinbase Global Inc.'s first-quarter revenue jumped while profit declined as the largest US crypto exchange navigated the volatile price swings of the digital asset market.
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Revenue increased about 24% to $2 billion from the year-ago period, though it was around 10% sequentially lower from the fourth quarter, the San Francisco-based company said in a blog post Thursday. Revenue was expected to be $2.105 billion, according to the average forecast of analysts surveyed by Bloomberg.
Net income fell 94% to $66 million, or 26 cents per share. Coinbase's shares fell about 3% in after-hours trading. The stock is down 17% so far this year.
Coinbase has been seeking to lessen its reliance on positive investor sentiment to adding services and expanding into new sectors. Earlier Thursday, Coinbase said it agreed to acquire Deribit, the world's largest exchange for Bitcoin and Ether options, for $2.9 billion.
The acquisition marks Coinbase's most ambitious push yet into the lucrative crypto derivatives market, with Deribit's total trading volumes nearly doubling last year to almost $1.2 trillion. It also comes on a day when Bitcoin hit $100,000 for the first time since February amid easing global trade tensions.
'This is the largest crypto M&A deal in history,' Cantor analyst Brett Knoblauch said in a note Thursday, adding, 'We believe this is an A+ acquisition for COIN.'
In a shareholder letter on Thursday, Coinbase said it generated about $240 million of total transaction revenue in April. It expects second-quarter subscription and services revenue to be within $600-$680 million range, as the company expects sequential growth 'in stablecoin revenue to be more than offset by a decline in blockchain rewards revenue due to lower asset prices.'
Revenues from Circle's USDC stablecoin, from which Coinbase receives a share, rose 32% sequentially to $298 million in the first quarter. Growth was partially offset by lower average interest rates, the company said.
Cryptocurrencies rallied earlier this year when crypto-friendly President Donald Trump took office. He quickly replaced key agency heads with crypto-friendly people. The Securities and Exchange Commission closed investigations and cases into a slew of crypto companies. Then the news of global tariffs have begun impacting crypto as well as other asset classes. More recently, though, bellwether Bitcoin has recovered much for its value lost during the dip.
'In the first half of April, it was still pretty weak, but over the last few weeks, it's started to come back,' Owen Lau, an analyst at Oppenheirmer & Co. Inc., said of the crypto market in an interview ahead of the earnings. 'April is still slightly up from March.'
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25 minutes ago

• Yahoo

Social Security's 2026 Cost-of-Living Adjustment (COLA) Estimate Is Getting a "Trump Bump" -- Here's How Much Extra You Might Receive

As many as nine out of 10 retirees rely on their Social Security income to cover some portion of their expenses. Estimates for Social Security's 2026 cost-of-living adjustment (COLA) are climbing, and President Trump's tariff and trade policy looks to be the culprit. Though an above-average COLA for a fifth-consecutive year would be welcome on paper, retirees continue to get the short end of the stick when it comes to annual raises. The $23,760 Social Security bonus most retirees completely overlook › Last month, Social Security's retired-worker benefit made history, with the average payout topping $2,000 for the first time since the program's inception. Although this represents a modest monthly benefit, it's nevertheless proved vital to helping aging workers cover their expenses. In each of the prior 23 years, pollster Gallup surveyed retirees about their reliance on the Social Security income they're receiving. Between 80% and 90% of respondents noted it was a "major" or "minor" income source. In other words, only around one in 10 retirees could, in theory, make do without their Social Security check. For an overwhelming majority of Social Security beneficiaries, nothing is more important than knowing precisely how much they'll receive each month -- and that begins with the program's annual cost-of-living adjustment (COLA), which is announced during the second week of October. This year's COLA announcement will be of particular interest, with President Donald Trump's tariff and trade policies expected to directly affect how much Social Security beneficiaries will receive per month in 2026. But before digging into the specifics of how President Trump's policies are expected to impact the pocketbooks of seniors, survivors, and workers with disabilities, it's important to understand the building blocks of what Social Security's COLA is and why it matters. The program's COLA is effectively the "raise" passed along on a near-annual basis that accounts for the impact of inflation (rising prices) on benefits. For example, if a large basket of goods and services increased in cost by 3% from one year to the next, Social Security benefits would need to climb by a commensurate amount, or buying power for Social Security recipients would decrease. In the 35 years following the issuance of the first retired-worker check in January 1940, COLAs were assigned at random by special sessions of Congress. Only a total of 11 COLAs were passed along during this timeline, with no adjustments made in the 1940s. Beginning in 1975, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was adopted as Social Security's inflationary measure that would allow for annual cost-of-living adjustments. The CPI-W has over 200 spending categories, each of which has its own unique percentage weighting. These weightings are what allow the CPI-W to be expressed as a single figure each month, which leads to crisp month-to-month and year-to-year comparisons to see if prices are, collectively, rising (inflation) or declining (deflation). When calculating Social Security's COLA, only CPI-W readings from the third quarter (July through September) are taken into consideration. If the average CPI-W reading in the third quarter of the current year is higher than the comparable period of the previous year, inflation has occurred, and beneficiaries are due for a beefier payout. Following a decade of anemic raises in the 2010s -- three years during the decade (2010, 2011, and 2016) saw no COLA passed along due to deflation -- beneficiaries have enjoyed four consecutive years of above-average cost-of-living adjustments and are hoping for this streak to continue. A historic increase in U.S. money supply during the COVID-19 pandemic sent the prevailing rate of inflation soaring to a four-decade high. This resulted in COLAs of 5.9% in 2022, 8.7% in 2023, 3.2% in 2024, and 2.5% in 2025, respectively. For context, the average annual increase in benefits since 2010 is 2.3%. While estimates for Social Security's 2026 cost-of-living adjustment came in below this average shortly after President Donald Trump took office for his nonconsecutive second term, the script has now been flipped. Nonpartisan senior advocacy group The Senior Citizens League (TSCL) was forecasting a 2.2% COLA for 2026 as recently as March. Meanwhile, independent Social Security and Medicare policy analyst Mary Johnson, who retired from TSCL last year, was calling for a 2.2% increase in April following the release of the March inflation report from the U.S. Bureau of Labor Statistics (BLS). After the release of the May inflation report from the BLS, both TSCL and Johnson are now forecasting a 2026 COLA of 2.5%. A 2.5% COLA would increase the average retired-worker benefit by $50 per month next year, as well as lift monthly checks for the typical worker with disabilities and survivor beneficiary by $40 and $39, respectively. This 0.3% increase in both forecasts over the past couple of months is estimated to boost the average Social Security payout (for all beneficiaries) by approximately $5.57 per month in 2026. This "Trump bump" is the result of the president's tariff and trade policies having a very modest inflationary impact on domestic prices. Charging a global import duty on all countries while imposing higher "reciprocal tariff rates" on dozens of countries that have historically run adverse trade imbalances with the U.S. can result in these higher costs being passed along to consumers. Though a lot can change with Trump's tariff and trade policy in the coming weeks and months, its current design points to a modest bump in the 2026 COLA. On paper, a fifth consecutive year where COLAs are above average (compared to the previous 16 years) probably sounds great. With the average retired-worker payout cresting $2,000 per month, an added $50 per month would be welcome in 2026. But the fact of the matter is that a 0.3% bump in COLA estimates since Trump introduced his tariff and trade policy doesn't remotely move the needle when it comes to what retirees have been shortchanged for more than a decade. Though the CPI-W is designed to be an all-encompassing measure of inflation, it has an inherent flaw that can be seen in its full name. Specifically, it tracks the spending habits of "urban wage earners and clerical workers," who, in many instances, are working-age Americans not currently receiving a Social Security benefit. Urban wage earners and clerical workers spend their money very differently than seniors. Whereas the former has a higher percentage of their monthly budgets devoted to things like education, apparel, and transportation, seniors spend a higher percentage on shelter and medical care services. Even though an overwhelming majority of Social Security beneficiaries are aged 62 and above, the CPI-W doesn't factor in this added importance of shelter and medical care services inflation. The end result for retirees has been a persistent decline in the buying power of a Social Security dollar. According to a study conducted by TSCL, the purchasing power of a Social Security dollar has dropped by 20% since 2010. A very modest "Trump bump" isn't going to offset this. What's more, the aforementioned two costs that matter most to retirees -- shelter and medical care services -- have had higher trailing-12-month (TTM) inflation rates than the annually issued Social Security COLA. The BLS inflation report for May showed TTM increases of 3.9% for shelter and 3% for medical care services, respectively. As long as the program's cost-of-living adjustment trails the annual inflation rate for these two key expenses, retirees will continue getting the short end of the stick. If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. Social Security's 2026 Cost-of-Living Adjustment (COLA) Estimate Is Getting a "Trump Bump" -- Here's How Much Extra You Might Receive was originally published by The Motley Fool

New York Post

41 minutes ago

• New York Post

How to buy Bitcoin anonymously in 2025

The New York Post may receive revenue from affiliate/advertising partnerships for sharing this content and/or if you click or make a purchase. Privacy-minded cryptocurrency buyers can follow some best practices to buy and store their Bitcoin anonymously, as long as they're careful to follow local laws. The price of Bitcoin has surged to more than $106,000 as of early June, making investors with significant holdings a ripe target for scammers and thieves. Buyers have a strong incentive to keep a low profile online and use secure, privacy-minded tools like the Best Wallet Anonymous Bitcoin Wallet to store their assets. At the same time, state and federal governments — as well as tax agencies like the IRS — are increasingly focused on regulating crypto transactions. It's crucial to follow all tax reporting obligations to avoid penalties. 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Tools like Best Wallet Anonymous Bitcoin Wallet allow users to create an account without ID and offer private in-app BTC transactions. However, blockchain activity is still publicly visible. It depends on the method and amount. Buying small amounts with cash from another person may be legal, but larger anonymous purchases or those intended to evade taxes may violate federal law. Buying without Know Your Customer (KYC) verification may increase your exposure to scams, limited consumer protections, and legal penalties, depending on your location and transaction amount. New York Post Approved Our No. 1 Pick Best Wallet The Best Wallet app puts security first with biometric logins, two-factor authentication, and full non-custodial control — so you hold your keys, not just your coins. With support for thousands of altcoins across 60+ blockchains, it pairs top-tier security with powerful, user-friendly tools — making it the safest, most innovative way to HODL, swap, and manage your crypto. Learn More 108M+ Users Worldwide Coinbase Coinbase is building a more inclusive financial future for over a billion people, enabling them to trade, stake, spend, and transfer crypto on a secure and trusted platform. It powers the on-chain economy with essential infrastructure, global access, and a commitment to fair, responsible innovation. Learn More 114.9% BTC Reserve Ratio Kraken Kraken takes crypto security seriously, with FIDO2-compliant Passkey logins, encrypted communications, and customizable API permissions that keep your account firmly in your control. With no phone-based recovery, time-locked global settings, and real-time threat monitoring, it's built to protect your assets at every layer. Learn More $232B Platform Assets Robinhood Robinhood Crypto offers a user-friendly platform for trading and transferring digital assets, including the ability to securely and easily send and receive crypto to and from external wallets. With its self-custody Robinhood Wallet, it manages crypto holdings across multiple blockchains, including Ethereum, Bitcoin, and Solana. Learn More 20% of Global Crypto Secured Ledger Ledger is a leading provider of secure hardware wallets, offering devices like the Ledger Nano X and Ledger Stax that protect private keys offline using industry-leading Secure Element chips and a proprietary operating system. Paired with the Ledger Live app, manage over 5,500 digital assets, including cryptocurrencies and NFTs. Learn More 100M+ Users & Growing lets you buy, sell and trade over 400 cryptocurrencies, including Bitcoin and Ethereum, with zero-fee USD deposits, wire, and Apple/Google Pay. With a user base exceeding 140 million, the platform gives advanced trading options, a self-custodial wallet through Onchain, and industry-leading security certifications. Learn More $53T+ in Transactions Uphold Uphold is a multi-asset trading platform that enables users to buy, sell, and swap over 360 cryptocurrencies, 27 fiat currencies, and four precious metals, all in a single step. With features like assisted self-custody via the Uphold Vault, staking rewards up to 16.8%, and real-time reserve transparency, it offers a secure and versatile experience for both beginners and seasoned investors. Learn More The New York Post may receive revenue from affiliate/advertising partnerships for sharing this content and/or if you click or make a purchase.

Miami Herald

an hour ago

• Miami Herald

Europe's growing fear: How Trump might use US tech dominance against it

LONDON -- When President Donald Trump issued an executive order in February against the chief prosecutor of the International Criminal Court for investigating Israel for war crimes, Microsoft was suddenly thrust into the middle of a geopolitical fight. For years, Microsoft had supplied the court -- which is based in The Hague in the Netherlands and investigates and prosecutes human rights breaches, genocides and other crimes of international concern -- with digital services such as email. Trump's order abruptly threw that relationship into disarray by barring U.S. companies from providing services to the prosecutor, Karim Khan. Soon after, Microsoft, which is based in Redmond, Washington, helped turn off Khan's ICC email account, freezing him out of communications with colleagues just a few months after the court had issued an arrest warrant for Prime Minister Benjamin Netanyahu of Israel for his country's actions in the Gaza Strip. Microsoft's swift compliance with Trump's order, reported earlier by The Associated Press, shocked policymakers across Europe. It was a wake-up call for a problem far bigger than just one email account, stoking fears that the Trump administration would leverage America's tech dominance to penalize opponents, even in allied countries like the Netherlands. 'The ICC showed this can happen,' said Bart Groothuis, a former head of cybersecurity for the Dutch Ministry of Defense who is now a member of the European Parliament. 'It's not just fantasy.' Groothuis once supported U.S. tech firms but has done a '180-degree flip-flop,' he said. 'We have to take steps as Europe to do more for our sovereignty.' Some at the ICC are now using Proton, a Swiss company that provides encrypted email services, three people with knowledge of the communications said. Microsoft said the decision to suspend Khan's email had been made in consultation with the ICC. The company said it had since enacted policy changes that had been in the works before the episode to protect customers in similar geopolitical situations in the future. When the Trump administration sanctioned four additional ICC judges this month, their email accounts were not suspended, the company said. Brad Smith, Microsoft's president, said concerns raised by the ICC episode were a 'symptom' of a larger erosion of trust between the United States and Europe. 'The ICC issue added fuel to a fire that was already burning,' he said. Khan has been on leave from the ICC since last month, pending a sexual misconduct investigation. He has denied the allegations. An ICC spokesperson said it was taking steps to 'mitigate risks which may affect the court's personnel' and 'taking extensive measures to ensure the continuity of all relevant operations and services in the face of sanctions.' The episode has set off alarms across Europe about how dependent European governments, businesses and citizens are on U.S. tech companies like Microsoft for essential digital infrastructure -- and how hard it will be to disentangle themselves. Concerns about how else Trump might leverage technology for political advantage has jump-started efforts across the region to develop alternatives. Casper Klynge, a former Danish and European Union diplomat who worked for Microsoft, said the episode was in many ways the 'smoking gun that many Europeans had been looking for.' 'If the U.S. administration goes after certain organizations, countries or individuals, the fear is American companies are obligated to comply,' said Klynge, who now works for a cybersecurity company. 'It's had a profound impact.' The tech debate adds to an increasingly fractious U.S.-European relationship over trade, tariffs and the war in Ukraine. Trump and Vice President JD Vance have criticized how Europe regulates U.S. tech companies, and U.S. officials have made digital oversight and taxation part of ongoing trade negotiations. European regulators have argued that they need to be able to police the biggest digital platforms in their own countries without worrying that they will face political pressure and punishment from a foreign government. 'If we don't build adequate capacity within Europe, then we won't be able to make political choices anymore,' said Alexandra Geese, a member of the European Parliament. Since Edward Snowden's leak of scores of documents in 2013 detailing widespread U.S. surveillance of digital communications, Europeans have sought to diminish their reliance on U.S. tech. Lawmakers and regulators have targeted Apple, Meta, Google and others for anticompetitive business practices, privacy-invading services, and the spread of disinformation and other divisive content. Yet without viable alternatives, institutions across the region have turned to U.S. digital services. Amazon, Google, Microsoft and other U.S. firms control more than 70% of the cloud computing market in Europe, which is the essential way for storing files, retrieving data and running other programs, according to Synergy Research Group. The ICC has been a longtime customer of Microsoft, which provides the court with services including the Office software suite and software for evidence analysis and file storage, according to an ICC lawyer who declined to be identified discussing internal procedures. Microsoft has also provided cybersecurity software to help the court withstand digital attacks from adversaries like Russia, which is being investigated for war crimes in Ukraine. In February, after Trump issued penalties against Khan, Microsoft met with ICC officials to decide how to respond. They concluded that Microsoft's broader work for the court could continue but that Khan's email should be suspended. He switched his correspondence to another email account, said a person who has communicated with him. Sara Elizabeth Dill, a lawyer who specializes in sanctions compliance, said the Trump administration was increasingly using sanctions and executive orders to target international institutions, universities and other organizations, forcing companies to make hard choices about how to comply. 'This is a quagmire and places these corporations in a very difficult position,' she said. How tech companies with global services respond is especially important, she added, 'as the broad repercussions are what people and organizations are primarily worried about.' Microsoft and other U.S. companies have sought to reassure European customers. On Monday, Microsoft CEO Satya Nadella visited the Netherlands and announced new 'sovereign solutions' for European institutions, including legal and data security protections for 'a time of geopolitical volatility.' Amazon and Google have also announced policies aimed at European customers. Still, many institutions are exploring alternatives. In the Netherlands, the 'subject of digital autonomy and sovereignty has the full attention of the central government,' Eddie van Marum, the state secretary of digitalization in the Ministry of Interior Affairs, said in a statement. The country is working with European providers on new solutions, he said. In Denmark, the digital ministry is testing alternatives to Microsoft Office. In Germany, the northern state of Schleswig-Holstein is also taking steps to cut its use of Microsoft. In the European Union, officials have announced plans to spend billions of euros on new artificial intelligence data centers and cloud computing infrastructure that rely less on U.S. companies. Groothuis, the Dutch member of the European Parliament, said lawmakers in Brussels were discussing policy changes that would encourage governments to favor buying tech services from EU-based companies. 'The situation is not tenable, and we see a big push from European governments to become more independent and more resilient,' said Andy Yen, CEO of Proton. European tech companies see an opportunity to win customers from their U.S. rivals. Cloud service providers like Intermax Group, based in the Netherlands, and Exoscale, based in Switzerland, said they had seen a jump in new business. 'A few years ago, everyone was saying, 'They're our trusted partners,'' Ludo Baauw, Intermax's CEO, said of U.S. tech companies. 'There's been a radical change.' This article originally appeared in The New York Times. Copyright 2025