By Dean Seal

 

Shares of Coinbase Global Inc. fell to a 52-week low of $52.80 after the company swung to a $429.7 million first-quarter loss amid a rout in the cryptocurrency markets.

The biggest U.S. cryptocurrency exchange said Tuesday that it was bleeding users as rising investor unease with risky assets has translated into sinking crypto prices. The company had a first-quarter loss of $1.98 a share, compared with earnings of $3.05 a share in the same quarter last year.

Revenue from transaction fees dropped substantially in the first three months of the year, Coinbase said, adding that it expects user numbers and trading volumes to decline again in the second quarter.

The company's stock is down 77% this year. Other major crypto stocks have seen similarly large drops.

 

Write to Dean Seal at dean.seal@wsj.com

 

(END) Dow Jones Newswires

May 11, 2022 10:48 ET (14:48 GMT)

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