[Coinbase Reports $394 Million Net Loss in Q1, CEO Seeks to Reduce Reliance on Spot Cryptocurrency Trading] According to The Block, Coinbase reported a net loss of $394 million in the first quarter, primarily due to a significant decline in cryptocurrency asset prices, which resulted in a $482 million investment loss on digital assets held on its balance sheet. In the same period last year, the company posted a net profit of $66 million. This marks the second consecutive quarter of net losses for Coinbase. Total revenue for Q1 was $1.41 billion, down 31% year-over-year, with transaction revenue dropping 40% year-over-year to $756 million, and subscription and services revenue declining 14% to $584 million.