Coinbase reported a net loss of $394 million in the first quarter, and its CEO is seeking to reduce its reliance on spot cryptocurrency trading.

CoinFeed reported on May 8th that, according to The Block, Coinbase reported a net loss of $394 million in the first quarter, primarily due to a $482 million investment loss on its digital assets held on its balance sheet caused by a sharp decline in cryptocurrency prices. This compares to a net profit of $66 million in the same period last year. This marks Coinbase's second consecutive quarterly net loss. Total revenue for the first quarter was $1.41 billion, a 31% year-over-year decrease. Transaction revenue fell 40% year-over-year to $756 million, and subscription and service revenue declined 14% to $584 million.